Customs and Puma agree on tax

CUSTOMS and Puma Energy have announced that after months of dialogue and review, a final position has been reached on the assessment of import goods and services tax.
Customs Chief Commissioner Ray Paul said there had been a lot of work put in by Customs and Puma Energy to reassess a relatively complex area of Import GST payment requirements.
“It has been an example of Customs working closely with businesses, delivering an accurate assessment and ensuring the delivery of an Import GST tax process that supports business in PNG,” Paul said.
“As a result of the thorough audit and reconciliation on the disputed K700m import GST, completed by an external third party, the parties have rectified all the legacy administrative elements and settled the import GST matter in full. Import GST must be mandatorily payable to Customs unless the importer is sanctioned by the Import GST deferral scheme process.
“We applaud Puma Energy, as one of the largest total taxpayers in PNG, for the manner in which they have worked with Customs and for settling legacy GST requirements, and now qualifying under the Import GST deferral scheme.” Puma Energy country manager Jim Collings said working jointly with Customs on the matter had been a positive exercise, as Customs helped us resolve a number of outstanding issues from years prior to Puma Energy purchasing the business.
“We thank Customs for their professionalism and diligence as they helped us through the process,” he said.
“The refinery is one of the few examples of value-added manufacturing in PNG, providing high-skilled jobs and career opportunities for the PNG people.
“It is also central to the Government’s aims of securing energy self-sufficiency for PNG, turning PNG crude oil into fuel for the people of PNG, thereby reducing reliance on imports.”