Miners avoiding taxes: Garry
MINERAL Resources Authority managing director Jerry Garry says it seems some operators of mining projects are avoiding paying corporate taxes.
“It seems that many operators are shifting profits and eroding tax bases to avoid paying corporate tax income,” he said.
Garry made the comments when commending K92 Mining Inc for paying K25 million in corporate tax to the Government despite being a relatively small mine compared to other mines in PNG.
The company recently announced the payment of the tax for 2019/2020 following its commercial production.
Garry said K92 Mining was a good example of how efficient and prudent management of any business could lead to profitable outputs resulting in the payment of taxes to the Government.
Garry said 2020 was a difficult year for business.
“However, it all came down to how each organisation managed its business and it seems K92 Mine did exceptionally well in that respect,” he said. “This is the first time in the country for a junior miner to have paid this much money in taxes.
“We encourage other mines in PNG to follow this remarkable example set by K92 mine.”
Meanwhile, Garry also congratulated K92 Mining for being selected by the Prospectors and Developers Association of Canada to receive the 2021 Thayer Lindsley Award.
The award is for the discovery of the Kora North deposit by the company.
9 comments
I salute you Garry for the Good Work you are doing for our country. Please work harder and ensure, that the BIG MINERS pay their tax dues, as required by the TAXATION LAWS of this country. If, they have not done so, for years. The Government and the people of this country have lost out big time in Taxes. Get the Support from IRC Team to support you in collecting these taxes.
Job well done sir
A true and competent cream of PNG.
Thumbs up
Good work Garry and ensure to get support from IRC and look in to some of the Mining companies that are operating on employee’s tex instead of them paying tex to the government…. Investigate as well
The problem has been there for a long time. Now you have woken up from your long sleep, what will you do about it? MRA is the managing authority, get some tax audit going, PNG needs to have control of this issue.
Don’t understand why he wants to tax the poor alluvial operators. What service or assistance does the MRA and government provide for them?
Wow! This is breaking news indeed! So “ït seems” that miners are evading taxes??? Do you mean that??? You as the Authority don’t know what is happening on your turf, right? It is alarming to hear now that PNG has been robbed because some warm bodies are in the wrong places. Just because K92 mine decides to declare profit and remit its taxes, you come out and start grandstanding. There is a lot more there, this is just the tip of the iceberg. Get all relevant authorities such as IRC, Police, PM’s Dept, Finance & Treasury and do some audit very urgently for each mine, numbering more than 10!
Well done Mr. Jerry Gerry. Check Kurumbukari Mining in Usino/Bundi District, Madang Province. So many valuable minerals have been extracted out from that area. Various huge mining companies operating there. Are they paying tax to the government? They might be shifting profits and eroding tax bases to avoid paying corporate tax income.
Angra keep up the good work. What about the big mines . Officers and CEOs of corporate agencies maybe dreaming. If you can not perform please resign and let qualified people to do what a Chimbu man is doing.
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