IRC collects K1bil in a day

THE Internal Revenue Commission (IRC) made a historic collection of more than K1 billion in a day last week, Commissioner General Sam Koim says.
Koim said the funds were then transferred to the public accounts.
“The Internal Revenue Commission made an historic collection K1.18 billion in one day this (last) week,” he said.
“The funds were transferred to Waigani public accounts last Tuesday.
“A day transfer of this magnitude is historic.
“Our first provincial tax instalments together with April’s regular collections were projected to be around K1.092 billion.
“We, however, transferred K1.144 billion, thereby exceeding our April target by five per cent.
“The super collection this week is on top of the April’s collection.”
Koim said the majority of the revenues were collected from the mining and petroleum taxes.
“The initial budget projections were predicated on a US$60 (about K210.42) per barrel,” he said.
“Due to the Ukraine-Russia war induced oil price increase, our team adjusted the provincial tax assessments at US$110 (about K385.77) per barrel.
“This was despite the oil and gas companies pitching their assessments between US$80 (K280.56) to US$90 (K315.63) per barrel.
“This illustrates the adroitness and agility of our team, in being in tune with the changing market trends and asserting our position accordingly.
“The times when IRC officers kowtowing to big corporations with well-paid tax advisers’ interests are over.
“With this windfall and judicious collection, we are confident of beating our half-year revenue target by the end of this month.”
Koim also thanked and acknowledged all taxpayers who were faithfully paying their taxes.