Photo credit: Internal Revenue Commission PNG - Revenue Haus in Port Moresby
The Internal Revenue Commission has inaugurated its 2022 annual work plan at the Revenue Haus in Port Moresby, with the subject "Building the basis of a robust, modern, and efficient tax administration by 2025."
Commissioner General Sam Koim of the Internal Revenue Service (IRC) said 2021 would be a difficult year, but with the goal of making IRC a strong, modern, and efficient tax administration by 2025, IRC has dedicated the last few years of his presidency to laying the groundwork for that vision, which is based on seven strategic pillars.
IRC has gathered a lot of activities around these seven pillars, according to him, and its strategic purpose for 2022 remains unaltered.
“IRC has turned a corner in adopting a measured project management discipline in implementing key initiatives, and despite the measured approach, some of the initiatives featured in the last two annual plans remain incomplete.
Therefore, aside from the business as usual priorities, more focus will be given to remaining foundational initiatives,” he said.
Mr Koim stated that IRC's total budget prediction for 2022 is K10.509 billion, up 16 per cent or K1.327 billion from projections for 2021.
He added that gross income for 2021 was K9.221 billion, based on the premise of unrestricted economic circumstances and intensified compliance efforts, but that despite the slowing economy, IRC collected K9.596 billion, exceeding the target by K375 million.
Mr Koim said that the closing of Porgera Mine had a negative impact on tax collection and that the IRC had seen a decrease in employment and commercial activity in general.
He went on to say that the rise in Salaries and Wages taxes, Mining and Petroleum taxes, Debt Swap, and GST raised with the introduction of S65A were all contributing elements to IRC's remarkable performance in 2021.
IRC is optimistic in producing strong results this year, according to Mr Koim, because they have a lot of scheduled projects to complete.
Reference: Kamus, Maxine. Post-Courier (21 February 2022). “IRC Launch 2022 Annual Work Plan”.
