IRC signs agreement with CPA PNG

THE Internal Revenue Commission (IRC) and the Certified Practicing Accountants (CPA) of Papua New Guinea have signed a memorandum of understanding (MoU) which will strengthen their working partnership for information sharing and other operational activities.
IRC commissioner-general Sam Koim said it was a strategic partnership as most of the commission’s work depended on accountants.
Koim also said the two entities had collaborated well over the years.
He highlighted that data sharing was key.
“We are partnering with associations and agencies that have third party data that we can rely on to verify compliance,” he said.
“We are moving into a stage that once we harness all the data,
then we will be able to profile taxpayers.
“CPA is a very strategic partner in that area where data is concerned.
“Getting the CPA onboard is very critical because the accounting profession is the key to tax compliance.
“All taxpayers rely on accountants to prepare their books and to submit their lodgments as well as making the payments.”
Koim said an accountant can distort the figures or they can declare honestly.
“Out tax regime is such that the taxpayer is always honest and that whatever they declare to us is the honest and frank disclosure the financial position is.”
CPA PNG president Richard Kuna said the association stood ready to work with IRC.