Papua New Guinea
This article was added by the user . TheWorldNews is not responsible for the content of the platform.

IRC prioritises Goods and Services Tax

The Internal Revenue Commission has highlighted the importance of prioritising Goods and Services Tax (GST) during a joint awareness exercise in Lae.

Acting assistant commissioner for the tax audit division Ranzolin Kalokalo said GST is set to become the number one tax revenue earner compared to other taxes and that is the goal of what they are doing in terms of the 65A (GST Act 2003, Section 65A).”

He said GST is a consumption tax type that has a value rate of 10 percent and covers all Papua New Guineans as long as one is paying for a good or a service.

“Why we prioritise Goods and Services Tax is because it will cover everyone in Papua New Guinea as long as they buy something at a shop,” said IRC officer Aramang Wagyag.

“GST provides a stable revenue stream because consumptions remain relatively steady and supports both national and provincial government which 60 percent for provincial government and 40 percent held by the national government.”

The workshop concluded on Wednesday this week.

The program aimed to enhance the understanding and the compliance of the provincial government, provincial health authorities and district development authorities in the Mamose region who have received a notice under the GST section 65A of ‘payment of Tax in special cases’.

He said Tuesday’s session was for authorised withholders, which included provincial governments, the district development authorities and the provincial health authorities.

Wednesday’s session had seen the participation of suppliers or service providers to the provincial governments, the districts and the health authorities.

He said from the awareness carried out in the two days, the participants must execute what they are required to do as from what the IRC has made aware to them through the joint awareness which is in collaboration with the Department of Finance.