Taxes

Commissioner General for the Internal Revenue Commission, Sam Koim, made these remarks when addressing the National Press Club in Port Moresby recently.

A tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities.

Commissioner Koim said every taxpayer in the country has the legitimate right to question how their tax has been used by the Government.

He said any kina that is saved, is a kina earned.

The importer made a false declaration to Customs by grossly under-valuing the taxes payable and under-declaring the goods to Customs.

Customs Chief Commissioner David Towe said the amount recovered included K1,027,167.11 in Customs excise duties and taxes, a 100% penalty of K1,027,167.11 and a K542,344.33 in late penalty fee.

The importer was alleged to have lodged an entry for the importation of 1,864 cartons of soft drinks, water, cider beer and ready mixed alcoholic drinks. The Customs duty on these items totaled K48, 144.66, which the importer had paid.

The team of reporters, researchers and editors across CNN listened throughout the debate and selected key statements from both candidates, rating them true; mostly true; true, but misleading; false; or it's complicated.

Obamacare

Reality Check: Trump on Obamacare premiums

By Tami Luhby, CNNMoney

Trump cited Obamacare as one of the top problems he wants to address if he is elected president.

Facebook (FB, Tech30) disclosed on Thursday that it could owe billions due to an IRS investigation into the way it moved assets to an Irish subsidiary to avoid higher taxes.

The IRS tax penalty could total $3 billion to $5 billion, plus interest, according to a Facebook filing with the Securities and Exchange Commission. If so, Facebook says the penalty could have a "material adverse impact" on its financial position.

He attributes the state of PNG’s economy to the drop in revenue for PNG with the decline in prices for oil, gold and copper.

He says although the government was anticipating growth for the economy, the hard times now mean the country will have to live within its means.