Customs collects K1.8bil

By HELEN TARAWA
THE PNG Customs Service has collected K1.8 billion so far this year – about 98 per cent of its targeted revenue collection, according to Chief Commissioner Ray Paul.
Paul, pictured, told The National yesterday that they hoped to collect more this week. Government accounts for 2018 will close on Friday.
“From my report last week, we are about 98 per cent to our target. We are hoping to beat that target by the end of this week. Revenue collection at the border had been managed well,” he said.
Deputy Prime Minister and Treasurer Charles Abel said the total taxation take was around K9 billion – K2.7 billion from Customs and K6 billion from Internal Revenue Commission.
“We have the GST (goods and services tax) collections, company tax collections, personal income tax, duties and exercise, and so forth. Overall, we are expecting to come in slightly above target,” he said, adding that there were various sources of revenue.
And one which caused a bit of confusion was the introduction of the Public Money Management Regularisation Act implemented by the Finance department.
The legislation authorised the State to take from its revenue-collection agencies excess revenue.
“It (had) affected dividend collection and there is a big of overlapping which will come out in final consolidated information,” Abel said.
He said there were increased taxation takes related to the petroleum industry which assisted dividends.
“We are anticipating further dividend from KCH (Kumul Consolidated Holding) as per the supplementary budget this month,” he said.
“With cash flow, there is always a potential timing issue. If the cash flow comes in a little bit late, it can also affect the close of accounts.”