Photo Credit: Autonomous Region of Bougainville
After the National Government authorized the transfer, the Autonomous Bougainville Government received K30 million in tax proceeds from the Internal Revenue Commission today.
President Ishmael Toroama, members of his government, and the Bougainville Public Service received the award from IRC Commissioner-General Sam Koim.
The K30 million comes from Bougainville firms' corporate income tax receipts, which is held in trust under the Bougainville Peace Agreement.
Koim urged the Autonomous Bougainville Government to use the cash for projects that will boost Bougainville's budgetary self-sufficiency.
According to Koim, financing the economy would enable Bougainville to fulfill one of the BPA's key pillars: fiscal self-reliance. He informed President Toroama that the Prime Minister had promised him that the money would not be under the National Government's authority.
He went on to say that the money will be released at the ABG's discretion to finance its development goals, but that the funds should not be misused or squandered.
President Toroama thanked the National Government and Prime Minister for releasing the monies to Bougainville as soon as possible.
The K30 million would be utilized to subsidize economic operations on Bougainville in order to start generating money, according to the President.
“It is time to work for the leaders, the public servants and the people of Bougainville to work together and support the ABG's economic development priorities,” President Toroama said.
“With the Sharp Agreement in place we must work on building our capacity to support the drawdown of powers and functions as we prepare for independence,” President Toroama said.
In the meantime, the ABG has failed to receive Custom Duties from PNG Customs, as required by the Bougainville Peace Agreement, as well as tax payments from Bougainville Copper Limited to the IRC, as ordered by a court.
The duties have yet to be transferred to the Taxation Trust Account, which will subsequently be paid to the ABG by the PNG Customs Office.
Reference:
Autonomous Bougainville Government website (22 June 2021). “ABG receives K30 million from IRC”.
