Panel appointed to review tax dispute

THE National Executive Council (NEC) has appointed a panel of three independent experts to review the tax dispute between the Internal Revenue Commission (IRC) and Barrick Niugini Ltd (BNL).
A statement said the Government was concerned about the “tax matter” delaying the progress to reopen the Porgera gold mine.
“While it continues to observe the independence of the Internal Revenue Commission, it availed itself of the opportunity to be advised independently of the issues surrounding the taxation dispute,” it said.
In response, Barrick Niugini Ltd last night said: “We note the statement announcing the NEC’s establishment of an independent review panel to examine the tax dispute between the IRC and BNL.
“If the panel can assist in seeing the matter be resolved fairly, amicably and in accordance with PNG law, we welcome its appointment.”
The three independent experts are former IRC commissioner-general David Sode, resource taxation specialist David Castiglione and Ron Webb QC who will work with a legal firm to review the legal analysis of the IRC’s position. “These are reputable individuals who have the skills and experiences to review independently what the IRC has done with this assessment,” it said.
Prime Minister James Marape said the independent assessment was needed by the Government to resolve the “dispute that stands in between the way of reopening the Porgera gold mine”.
“This independent review panel is not the tax tribunal that is provided for in the Income Tax Act, but it allows the State to independently look at the stand-off between IRC and Barrick in as far as the reading of presently law is concerned to tax considerations IRC has made in respect to stripping definitions and others,” he said.