Puma Energy tax report on crude oil to be released

 By HELEN TARAWA 

The independent audit report into Puma Energy’s K4 billion import tax liability on crude oil import will soon be released.

General manager of Napa-Napa oil refinery Walter Canova told The National that the independent report to be released soon would determine the claims against Puma Energy.

The Government last year carried out an independent audit to verify Puma Energy’s K4 billion import tax liability on crude oil import.

He said the Government  called for an independent audit which was now almost complete and they were now awaiting the final report.

The audit which started in September was on the 10 per cent goods and services tax (import GST).

The review of the GST is coordinated by the Treasury Department and involves Customs Services, the Internal Revenue Commission and Puma Energy.

The audit was carried out to review the records of PNG Customs and IRC and reconcile them against records of Puma Energy to verify the amount claimed as owed to the State by Puma Energy. Canova said Puma Energy had provided all the information that was required to the independent audit. 

“There has been a draft circulating between the parties but I won’t comment. The final report will show the outcome of the independent audit,” he said.