Tax Revenue Collection

IRC achieves revenue growth

Impressively, K7.211 billion was transferred to the Waigani Public Accounts by June 2023, exceeding expectations. Excluding the 2022 carryover balance, the IRC achieved unprecedented heights in revenue collection during the first half of 2023, as per its revenue performance report.

The IRC stated that the K6.891 billion generated surpassed the year-to-date target by an impressive 20 percent and a remarkable 10 percent increase compared to the half-year results of 2022.

The leading tax types that have contributed 90 percent of the 2023 half-year collections are: