Body to become authority

 PRIME Minister Peter O’Neill says the Internal Revenue Commission will become an independent statutory authority.

He said the commission had done a tremendous job over the years in supporting the State through its revenue collection.

“The last two years have been particularly remarkable as they exceeded expectations with revenue collection,” he said.

“I commend Commissioner Betty Palaso and her team for the excellent job. We have identified certain constraints which when eliminated will allow the organisation to become more efficient and effective.

“We believe those issues and constraints will be better addressed when the IRC is transformed into an independent authority. That process has begun, and is well advanced now.”

The Internal Revenue Commission Bill 2014 will be tabled in Parliament by the Treasurer next month.

“In the long run, a well-resourced IRC will collect more revenue for the country by expanding the tax base and that presents an opportunity for government to reduce various taxes that our people pay daily today for goods and services,” O’Neill said.

The PNG Customs Services is also following suit, and has submitted a proposal to the Government.

The Prime Minister said the submission to change the PNG Customs Services to a statutory authority would be considered on its own merit.