Customs eyes K3,414 million

Business

By DALE LUMA
The total revenue collections projected this year for Customs is K3,414.3 million, according to the agency.
Chief commissioner David Towe told The National that this would include duties and excise from imported goods and services tax to the Internal Revenue Commission (IRC).
“This comprised K2,285.5 million in customs duties and excise taxes for the Waigani public accounts and K1,128.8 million from import GST to IRC for its treatment,” Towe said.
“These figures don’t include log export levies we collect and remit to the national Forestry Service and fuel excise levy we collect and transfer to the Road Authority.
“These tax collections are dependent on fuel consumption and log exports.”
Customs fines has also increased to K1.5 million or a jail term of 20 years for those importing counterfeit products. This is part of amendments to the Customs Act passed in Parliament last year.
Most penalties range from K100,000 to K500,000.
“Previous penalties were only a slap on the wrist,” Towe said.
“We are not trying to jail anyone but encourage compliance.”
Awareness is to be carried out on the amendments in Lae, Kokopo and Port Moresby. Another change to the Act is to increase the threshold on counter clearance from K1,000 to K5,000.
Customs also conducted a money recovery exercise last year with an initial collection of K10 million.
It expected to collect up to K20 million at the end of the exercise.

Leave a Reply