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Tax Payers in PNG facing penalties for breaching in IRC regulations

Following the detection of the under- reporting of K18 billion in sales income by the 127 large and medium tax paying companies by the Internal Revenue Commission (IRC), severe penalties will be levelled against the tax payers who deliberately breach the regulations of the Internal Revenue Commission.

Former Acting Commissioner General of the Internal Revenue Commission, Mr. AloisDaton when addressing the media on the 18 billion kina under reported sales income detected by the IRC said, for the taxpaying companies who are found to be in breach of tax regulations of the IRC will have an additional 20% tax per annum penalty for under reporting, and for the tax agencies, it will result in deregistration from the registration board.

In an interview with FM100 NEWS, Commissioner for Tax, Ms Pauline Bre said, the Internal Revenue Commission has a very strict penalty regime and under that regime, the taxpayers identified to have under reported their sales income will be penalized with an additional 20% tax per annum on top of the tax assessed by the IRC until their base tax is fully paid.

Ms. Bre further noted that it is in the interest of the taxpaying companies to cooperate with the regulations of the IRC or be faced with such financial burden.

Bre added, complying with the IRC’s Tax System is based on a voluntary system that allowed those taxpaying companies to declare their returns through the Goods and Services Tax and the Corporate Income Tax to the IRC and by law, those companies are required to be honest and truthful with their declarations to the Internal Revenue Commission.

FM100 / PNG Today

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