Port Moresby, Papua New Guinea– Sam Koim, OBE, Commissioner General of the Internal Revenue Commission (IRC), and Mark Robinson, Group Chief Executive Officer of BSP Financial Group Limited (BSP), jointly announce the successful resolution of the Supreme Court judicial review regarding the PNG Government's imposition of the Additional Company Tax. Following the announcement in December 2022, where BSP deposited PGK190 million into an escrow account with the Bank of PNG pending the judicial review outcome, both parties have agreed to the terms of settlement. The settlement terms include:
The financial implications foresee PGK95 million disbursed to both BSP and the IRC in either the first or second calendar quarter of 2024. Mark Robinson, Group Chief Executive Officer of BSP, expressed satisfaction with the settlement, acknowledging the steadfast support of superannuation fund shareholders. Commissioner General Sam Koim OBE of the IRC commented, "The IRC is pleased to settle this outstanding tax matter with BSP and appreciates the professionalism displayed by all parties involved. Prime Minister Hon James Marape, in his role as the Treasurer, has directed the resolution of this outstanding matter, and we are content to settle on mutually agreed terms." Also read Comments are closed.
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