Tax office turns 50

Business, Normal

THE PNG Taxation office, now under the Internal Revenue Commission (IRC), marked its 50th year last Friday.
It was established on July 27, 1959 when the income tax was assented to.
One of the first tasks of the office was setting up of a machinery of collection called “pay as you earn” deductions from salaries of employees.
Over the last five decades the office has grown with the PNG economy.
According to information released last Friday, the revenue collected by the office has increased from £1.8 million in 1959 to K4.1 billion this year and operational expenditure from £28,000 to K39.5 million.
IRC Commissioner General Betty Palaso said the office would continue to carry out its mission to serve the Government and the people by collecting the correct amount of tax.
Treasurer Patrick Pruaitch, who was the keynote speaker, reiterated sentiments from Ms Palaso that the Taxation office and the IRC play a vital role in raising Government revenue.
Mr Pruaitch also urged staff not to rest on laurels of the past years but continue to remain committed and work towards continually building the organisation.