Mr. Sam Koim has announced a historic tax collection of K1.18 Billion in one day by the Papua New Guinea Internal Revenue Commission. The funds were transferred to Waigani Public Accounts on Tuesday, 3rd April 2022.
PAPUA NEW GUINEA INTERNAL REVENUE COMMISSION (IRC) MADE A HISTORIC COLLECTION OF K1.18 BILLION IN ONE DAY.
BY SAM KOIM – IRC COMMISSIONER.
The Internal Revenue Commission made an historic collection K1.18 billion in one day this week. The funds were transferred to Waigani Public Accounts on Tuesday.
A day transfer of this magnitude is historic!
Our first Prov Tax instalments together with April’s regular collections were projected to be around K1.092 Billion. We, however, transferred K1.144 Billion, thereby exceeding our April target by 5%.
The super collection this week is on top of the April’s collection.
The windfall revenues were collected from the Mining and Petroleum Taxes. The initial budget projections were predicated on a USD60 per barrel. Due to the Ukraine/Russia War induced oil price increase, our team adjusted the Prov Tax Assessments at USD110 per barrel. This was despite the Oil and Gas Companies pitching their assessments between 80 to 90 dollars per barrel.
This illustrates the adroitness and agility of our team, in being in tune with the changing market trends and asserting our position accordingly. The times when IRC officers kowtowing to big corporations with well-paid tax advisors’ interests are over.
With this windfall yet judicious collection, we are confident of beating our half-year revenue target by the end of this month. This is a historic performance!
At this juncture, let me thank all the taxpayers who are faithfully paying their taxpayers.
Mr. Sam Koim, OBE, Commissioner General, Internal Revenue Commission of Papua New Guinea.