Compulsory Tax Identification Numbers or TIN will become a requirement for everyone opening a bank account.
This is one of the main tax regime reforms under the 2018 Budget to identify personal bank accounts being used for business purposes.
Deputy Prime Minister and Treasurer, Charles Abel, says measures have commenced in this budget to tidy up the tax code by key institutions.
The Bank of PNG, Internal Revenue Commission, Investment Promotion Authority and commercial banks are cooperating to enforce compulsory TINs for all new and existing bank accounts.
Abel said commercial banks have agreed to provide information to the IRC regarding bank accounts being operated in a business manner for further scrutiny.