K9.7bil tax collection a record: PM

PRIME Minister James Marape has described the K9.7 billion tax revenue collected by the Internal Revenue Commission in eight months as a “record”.
“This record collection is the highest ever since (Independence in) 1975, and most importantly, the highest collection ever in a year,” Marape said.
“Papua New Guinea could not have asked for a better 47th Independence anniversary performance indicator of a key State agency working its heart out.”
The Internal Revenue Commission (IRC), in the week ending Sept 9, had collected around K9.7 billion with net transfers of K9.4 billion to the Waigani public accounts “as projected in the 2022 national budget”.
Marape said the tax revenue collections in 2022 was boosted by a “windfall in the petroleum and gas sector, directly related to the Russian-Ukraine conflict”.
“The global supply constraint coupled with higher demand as a result of post-Coronavirus normalcy has seen the price of oil nearly double in just 12 months,” he said.
The total mining and petroleum tax collection in the first eight months of 2022 was K2.965 billion.
He said the Government planned to raise internal revenues and this year increased the budget of the Internal Revenue Commission.
“In 2022, the Government provided K160 million,” he said.
“This is the biggest budget support ever for the IRC.
“I understand that the IRC has initiated 32 reform projects to transform it into a robust, modern and efficient tax administration by 2025.”
Marape said the Government would continue to support the Internal Revenue Commission in the next two years to ensure that those projects were implemented successfully.