The Internal Revenue Commission (IRC) announced the commencement of a comprehensive tax audit into two major mining companies operating in Papua New Guinea. We understand that mining is a capital-intensive operation and requires significant investment. Be that as it may, our mineral resources are finite and non-renewable, and we will run out one day.
The Government needs to extract a substantial proportion of the value of the resources extracted for the benefit of its citizens, present and the future. This involves the design and implementation of an appropriate contractual and fiscal system. – Sam Koim.