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IRC urges Companies & Businesses in PNG to pay tax

The Papua New Guinea  Internal Revenue Commission is warning organisations in the country to pay taxes on time or face penalties.

IRC Acting Commissioner General, Sam Koim in a statement today says businesses, companies, and state institutions must pay up the taxes actually deducted from their employees.

Mr. Koim said it is an offense not to remit taxes deducted from employees’ salaries to tax office.

He said managers, directors, and CEOs can be penalized for failing to comply with the tax laws.

The Chief Tax Collector warns that heavy penalties will be applied for non-compliance.

According to the general tax rules, employees earning less than K480 per fortnight should not have deducted their salaries.

Mr. Koim also warns that companies that allow their senior officers to minimise their salaries tax will be heavily penalised.

NBC News/ PNG Today

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