PNG NEWS BLOG

LANDOWNER COMPANY  SETTLES K120 MILLION LEGACY TAX LIABILITY  Internal Revenue Commission PNG Wednesday, 08 February 2023. Petroleum Resource Kutubu (PRK) presented a mock cheque of K120 million today to mark the completion of its legacy taxes.  PRK’s had tax disputes since 2011, and in 2019, all of these issues were resolved, resulting in a total tax liability of K120,758,504. Given that this was a considerable amount to pay, the Commissioner General placed them on a structured payment plan based on their cash flow. The final monthly repayment was made in January 2023, marking the complete settlement of the debt.  PRK is a subsidiary of Mineral Resources Development Company (MRDC). It was incorporated in 1989 under the Companies Act to hold the landowners and provincial government equity interest in the Kutubu Petroleum Project. PRK currently holds a 6.75% stake in Petroleum Development License 2 (PDL2) and 1% of PNG LNG.  At a small but significant press confe...

The other major product that is part of the IRC Digital Transformation agenda is the QR Coding for all the Tax Compliance Certificates. Mr Koim said the introduction of QR Coding is to addresses the challenges of the production of fake COCs and distribution of fake COCs faced over the years. NEW PRODUCTS FOR TAX PAYERS EXPECTED Post Courier - Wednesday, September 28, 2022 BY LORRAINE WOHI The Internal Revenue Commission is looking at introducing few of its new products to the taxpayers in the coming months, one of which include the Small Business Tax Regime. Internal Revenue Commission (IRC) Commissioner General, Sam Koim said the Small Business Tax Regime (SBT) was introduced to attract those in the Micro, Small & Medium Enterprises (MSME) space and those whose turnover is below K60, 000 to only pay K250 in a year. "SBT will allow you file one page or two page return and you only file once in a year unlike others in the previous regime where you expected to file too many ...

To: PRIME MINISTER JAMES MARAPE We suffer in silence because we need to work and provide for our family and for survival. A lot of working class are struggling and yet the government doesn't care about it. Yes we do understand, government needs money to run the country and tax is one major revenue that funds the annual budgets. Poverty level is very high, beggars every where on the streets, high level of law and order problems, corruption, and the lists goes on and on. 47 years of political independence but we are still struggling financially. Can the government look at other sources of generating revenue and reduce the Salary and Wage Tax from 42% to at least 30% maximum. This will relieve majority of the working population. Meaning people will have at least enough money in their pockets. by: Jeremy Rainald  - Human Resources Manager at Petroleum Industry. Dear Prime Minister, Hon. James Marape, On behalf of all the working class Papua New Guineans,...