Probe Asian companies

NOW we have someone with credibility developing the Internal Revenue Commission (IRC).
Will the grassroots see some top end of town audits?
It appears all one has to do is be “compliant” in the eyes of the IRC and they are ignored.
For years the IRC has kicked the living daylights out of the small business houses.
There are a number of companies and individuals particularly of Asian descent, who have amassed massive wealth over a very short period of time.
Many of them arrived in PNG as trade store employees.
Many of these companies have large real estate portfolios and tenants who are made to pay cash with no lease or rental agreements in place.
This money is then laundered through retail shops and other loss making entities.
Miraculously they are awarded ceremonial titles and afforded privileges most Papua New Guineans never receive.
Their business’s use price transferring operations offshore through companies they have set up in Malaysia, Hong Kong and other international ports.
Simple IRC audits will identify this practises.

Mangi Balimo,
Boroko NCD