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.
Thank you!
Authorzed by,
Mr. Sam Koim, OBE, Commissioner General, Internal Revenue Commission of Papua New Guinea.
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.
Read more news and stories here. Watch online news and documentaries about Papua New Guinea here.
Time is Money: Why Homeownership Can't Wait. Don't delay homeownership! Property values rise, rent is lost, and equity grows. Start now for financial freedom.
Samuel, a young father and husband, is battling a brain tumor and needs your help. He needs urgent surgery to remove a growing brain tumor. Seizures are becoming more frequent, and he’s racing against the clock. Donate now to give him a chance at life. Help and give him the chance to see his children […]
Seeking Kind Donation: Help Francesca’s mom get life-saving heart surgery in the Philippines. Read more and support! Seeking Donation! Mom Needs Help to Get Life-Saving Heart Surgery in the Philippines – Update. by Francesca Digori Hi everyone, As some of you may know, I recently shared a bit about a personal challenge my family is […]