PNG Ports Corporation Limited (PNG Ports) has reported that over the last 18 months, it has paid about K126 million to the State.
This payment represents the taxes for 2019 to 2021 and dividend payments for the 2019 and 2020 fiscal years.
PNG Ports Managing Director, Fego Kiniafa, said these payments have been made since the declaration of the pandemic in March 2020, to help cushion the effects of the pandemic on the PNG economy.
“PNG Ports, as a responsible corporate citizen, has been faithful in paying its dues to the State, through the Internal Revenue Commission and Kumul Consolidated Holdings,” said Kiniafa.
“We have been hard hit by the pandemic because we are demand derived business and depend on the global market trends.
“However PNG Ports chose to be prudent and strategic in our management of business which has enabled us to at least pay something back to the government during these difficult times.”
“Because PNG Ports shares the government’s vision to return SOE’s to stability, efficiency and sustainability, we have picked up on government policies and are strategically implementing these,” he said.
Mr Kiniafa said the K126 million represented taxes paid for the 2019/2020 financial year and 2021, as well as dividends for 2019 and 2020.
“A K21 million dividend was paid for 2019 and K20.9 million dividend paid for 2020. About K43.9 million was paid in taxes for the 2019/2020 financial year, and K40 million in taxes for 2021. This amount excludes all other taxes for income tax, goods and services, and so forth.”
He added that PNG Ports has achieved a number of milestones during the pandemic including the launch of the 30-year Port Infrastructure Master Plan, and the multi-million kina security and safety upgrade project across 15 ports.
“PNG Ports has also invested in five new pilot boats worth AUD2.2 million each in which two have already been delivered.
“The ports modernisation program, and repair and maintenance work are ongoing. Measures to increase productivity and efficiency being implemented and we continue to identify and close revenue leakages.
“Our staff are our greatest asset, and we ensure to remunerate them accordingly and equip them with skills training where necessary,” Mr Kiniafa said.
He commended the board and management for their guidance and visionary leadership in seeing results and thanked staff for their determination in achieving these results.
Mr Kiniafa also praised the frontline workers, especially port operations staff and pilotage teams, for working throughout the pandemic and lockdowns, which resulted in the company’s exceptional performance.