Deal addresses tax evasion

PAPUA New Guinea has signed an international convention to address tax avoidance and evasion.
It signed the multilateral convention on mutual administrative assistance with the Organisation for Economic Co-operation and Development (OECD) in Paris on Aug 11.
There are 142 other countries including those from the G20 who have signed the convention.
PNG’s ambassador to Belgium and the European Union with accreditation to France Joshua Kalinoe said PNG had complied with EU standards on tax compliance and money laundering.
He requested the OECD to work with Papua New Guinea’s competent authorities to ensure it continued to meet international standards.
“I hope that PNG will work with the OECD to ensure that it meets international financial accountability standards, including on tax compliance and money laundering,” he said.
Internal Revenue Commission (IRC) Commissioner-General Sam Koim said it would enable PNG to:

• EXCHANGE tax information with 142 other countries;
• CONDUCT simultaneous tax examinations abroad with the assistance of parties to the convention;
• REQUEST assistance from parties to the convention concerning recovery and measures of conservancy and the service of documents; and,
• FACILITATE joint audits.