The Internal Revenue Commission has announced it collected K9.595 billion exceeding its 2021 target of K375 million.
IRC Commissioner General, Sam Koim said despite the COVID-19 pandemic where there was decline in employment and business activities, IRC managed to surpass its Gross Revenue Projects for 2021.
“Despite the subdued economic conditions, IRC collected K9.596 billion, exceeding the target by K375 million.”
Mr Koim said the exceptional perforce was a result of several factors.
- Salaries and Wages Taxes increased by K360 million in 2021, largely due to the switching off the unverified GST credit offsetting practices.
- Mining and Petroleum Taxes increased by K421 million due to favourable increases in gas and mineral prices.
- GST increased by K120 million due to implementation of the S65A.
- Debt Swap contributed an extra K110 million.
- PRWT increased by K5 million in 2021 due to an administrative payment arrangement change.
He also said IRC key achievements for 2021 is attributed to;
- Configuration of GST S65A into IFMS system with 37 National Government agencies participating.
- First-ever debt swap arrangement successfully facilitated.
- PNG signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAAC). The MAAC is a comprehensive multilateral instrument that facilitates various forms of cooperation regarding all tax types between jurisdictions that are Parties to it.
- First Convictions secured for COC fraud.
- Multiple digital tools installed to monitor and boost the performance of staff.
Launching of the “MyIRC” new website and online payment portal.
