Abel: Businesses also owe govt a lot in tax

TREASURER and Deputy Prime Minister Charles Abel says the Government owes some businesses in Port Moresby money.
Abel, who is in the United States capital of Washington for a series of meetings, told The National that businesses too owed the Government a lot in tax.
He recently met members of the Port Moresby Chamber of Commerce and Industry to discuss the K290 million owed by the Government to 16 companies in the capital city.
The meeting was to find ways to sort out the amount the State owed and the outstanding
taxes owed by companies.
Chamber president Rio Fiocco said in a statement the chamber also had a “frank discussion” with the Internal Revenue Commission on the companies
being pursued for outstanding taxes.
“This often involved penalties applied on the outstanding tax. We asked that there be some level of compromise and fairness applied to the system,” Fiocco said.
He said Abel and the IRS agreed to improve the communication between the chamber and the IRC to address tax issues.