Posted By Staff Reporter
The Internal Revenue Commission and the PNG Customs have been singled out with increased funding, as the Government aims to rake in more revenues from taxes.
Over 9-billion Kina from the 12-point-9 billion Kina 2017 National Budget is from taxes, and the Government is keen on scraping in more of its revenues from taxes.
A recent case study carried out by the IRC with a number of business in Port Moresby, found over K35m in tax defaults, encouraging the Government to tighten up its tax collections. As a result it is funding the I-R-C, K90m in 2017, which is K16m more that its 2016 appropriation, to ensure it improves its compliance service to collect all outstanding and overlooked taxes in the country.
The IRC and Customs are allocated K10m and K20m respectively for the ASYCUDA, CEF and RASII Project and Revenue Raising initiatives, where the Government expects to raise an additional K400m in taxes in 2017. NBC/PNGfacts
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