A kina saved is a kina earned, says Koim

Commissioner General for the Internal Revenue Commission, Sam Koim, made these remarks when addressing the National Press Club in Port Moresby recently.

A tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities.

Commissioner Koim said every taxpayer in the country has the legitimate right to question how their tax has been used by the Government.

He said any kina that is saved, is a kina earned.

Customs Recovers K2.6 million

The importer made a false declaration to Customs by grossly under-valuing the taxes payable and under-declaring the goods to Customs.

Customs Chief Commissioner David Towe said the amount recovered included K1,027,167.11 in Customs excise duties and taxes, a 100% penalty of K1,027,167.11 and a K542,344.33 in late penalty fee.

The importer was alleged to have lodged an entry for the importation of 1,864 cartons of soft drinks, water, cider beer and ready mixed alcoholic drinks. The Customs duty on these items totaled K48, 144.66, which the importer had paid.

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Facebook could owe $5 billion in taxes

Facebook (FBTech30) disclosed on Thursday that it could owe billions due to an IRS investigation into the way it moved assets to an Irish subsidiary to avoid higher taxes.

The IRS tax penalty could total $3 billion to $5 billion, plus interest, according to a Facebook filing with the Securities and Exchange Commission. If so, Facebook says the penalty could have a "material adverse impact" on its financial position.

We will take hardline approach to taxes – PM

He attributes the state of PNG’s economy to the drop in revenue for PNG with the decline in prices for oil, gold and copper.

He says although the government was anticipating growth for the economy, the hard times now mean the country will have to live within its means.