K7.9 billion was the 2018 budget target for the Internal Revenue Commission, or IRC.
The Commissioner of Tax, Dr Alois Daton, said the IRC successfully collected and transferred K8 billion to the Waigani Public Account last year.
The total figure is 8.4 percent higher than government projections at the time of budget 2018, and 5.2 percent higher than government’s revised projections in the Mid-Year Economic Fiscal Outlook.
“In terms of corporate income tax, we brought in K1.7 billion and that is 8 percent above 2017 collections,” outlined Dr Daton.