Revenue collection up

 REVENUE collection increased by 6% in the last three years, according to Internal Revenue Commission reports tabled in Parliament yesterday.

The reports said that K5.53 billion was collected in 2010 (K669 million above budget forecast), K6.7 billion in 2011 (K464 million above budget forecast) and K7.1 billion in 2012 (K227 million below budget forecast).  

Treasurer Don Polye, who tabled the reports, said revenue collection had exceeded mid-year economic-fiscal outcome revenue target by K46 million. 

Polye said the 2010, 2011 and 2012 IRC reports had been prepared and finalised but were not presented to Parliament because of the general elections last year. 

He said the reports reflected an improved service delivery by the IRC and showed the key achievements and constraints encountered by the commission. 

“In summary of these three years the revenue collection has exceeded budget projection of about 6%. 

“This is a proud record of the achievements despite being hit by falls in world commodity prices and other factors beyond our control and including in the most recent year 2012 clawing back most of the significant hundred million kina shortfall arising from the resource sector,” Polye said. 

“As well as presenting this success report to Parliament, the IRC has improved service delivery to community and has also made good gains in the internal capability.” 

He added that there had been significant improvements in turnaround times for processing returns and refunds for clients, upgraded website for taxpayers’ information and improved recruitment processes of graduate and cadet training programmes.