IRC planning robust tax system: Koim

THE Internal Revenue Commission plans to have a robust, modern and efficient tax administration by 2025, commissioner-general Sam Koim says.
Koim attended a two-day Asia Pacific heads of tax administrations meeting hosted virtually by Japan.
“We have initiated several immediate interventions to rescue potential revenue losses from the impacts of the Coronavirus (Covid-19),” he said.
“Those immediate interventions have now yielded promising results, and we are tracking on course to meet our revenue target of K8.1billion as projected in the budget,” Koim said.
The Study Group on Asian Tax Administration and Research was established in 1970 with 17 member countries including China, Japan, the Philippines, and Singapore.
PNG, Australia, and New Zealand are the members from the Pacific.
Heads of tax administrations in the Asia-Pacific region shared their experiences in dealing with the Covid-19 and its impact on tax collections.
The topics included digitalisation of tax administration, mutual assistance in tax collections between countries, and updates on recent tax policy and administration efforts in light of the Covid-19 pandemic.
“It was a very enriching and insightful meeting.
“Tax administrations in the region have been compelled by the Covid-19 constraints to move away from paper-based and physical interactions and are adopting digital technology to do business,” Koim said.