The Internal Revenue Commission (IRC) initiated transfer pricing audit into taxpayers in the country has seen its first case of tax evasion identified in the logging sector, committed by a prominent logging operator. The IRC announced that it has imposed a substantial K140 million tax assessment against a logging operator (identity withheld) in Papua New Guinea (PNG) for engaging in illicit tax evasion, specifically through transfer pricing. This amended assessment (tax bill) is a direct outcome of an extensive transfer pricing audit conducted on the taxpayer. This was revealed today by the Commissioner General Sam Koim when announcing the outcome…
Author: Emmanuel MAIPE
BSP customers experiencing challenges with the recently implemented Flexcube by the BSP Financial Group Limited, can now raise their complaints with the Central Bank or the Bank of Papua New Guinea (BPNG). According to the BPNG, there have been reports of some BSP customers experiencing challenges with the recently implemented core banking system by BSP. The Flexcube was designed to provide a greater range of digitally enabled services, provide enhanced benefit to its customers and reduce business risk. In view of this, the Central Bank has set up a Customer Complaints Help Desk to help resolve any issues relating to…
Dataco Chief Executive Officer (CEO), Paul Komboi has advised that the network outage to most parts of the Momase region and some parts of the Highlands region, is due to a current exercise being conducted by PNG Power Limited (PPL), which will see transmission lines moved to a new pole between Ramu, Lae and Madang. Mr. Komboi told PNG HAUSBUNG that due to PNG Dataco’s reliance on PPL for the of usage of power for their Fiber optic cables, it is a must that the relocation to the new proposed site includes temporary shutting down of services to facilitate this…
The Internal Revenue Commission (IRC) Tax Mapping Exercise continues in the city of Port Moresby and remains steadfast in its commitment to a comprehensive and inclusive approach. According to the IRC, the mapping exercise aims to encompass all taxpayers within the National Capital District (NCD) without discrimination based on sector, nationality, or business size. The teams updating the taxpayer register know that the significant number of Tax Identification Number (TIN) holders in NCD, remain unidentified for tax compliance purposes; hence, the importance of this taxpayer mapping exercise. During day 8 of the Taxpayer Mapping Exercise on Friday 23rd June, the…
The Goilala community residing at the Kasia settlement just outside Bomana in Port Moresby, are taking matters into their own hands by going to the legal process to get justice for the destruction of their homes, allegedly by police and Correctional Service (CS) Officers earlier this year. It been almost three months and those innocent people whose lives have been affected are now seeking justice in the court. It was alleged that more than 40 homes were burnt down to ashes and the community is now living in makeshift shelters since April. A community leader, who requested anonymity, said they…
A new water catchment project that was recently launched at the Kokonda village in the North Fly district of Western province, comes as a great relief for the people who have had to travel far to fetch water. Kokonda village, celebrated the successful completion of their community water catchment project on 6th June. This was made possible through their Village Development Funds (VDF) under the Wai Tri CMCA Trust. The project was supported by Ok Tedi Development Foundation (OTDF), and the villagers expressed their gratitude for the efforts and logistical support provided. Mr. Adam Soke, a dedicated community representative, conveyed…
The recently settled disputes and issues relating to the old Porgera tax matters between the Internal Revenue Commission (IRC) and Barrick Niugini Limited (BNL), has got the thumbs up from the Papua New Guinea (PNG) Chamber of Mines and Petroleum because of the final stage this has brought about before the reopening of the New Porgera Mine. This followed the announcement of a Deed of Settlement earlier this week, signed by IRC Commissioner General, Sam Koim, and Barrick Chief Operations Officer (COO) Latin America and Asia Pacific, Mark Hill. The Chamber President Anthony Smaré said this development brings the imminent…
The Ambunti- Dreikikir District in the East Sepik province is setting the pace for the province with the establishment of the first District Youth Development Council along with four Local Youth Councils. National Youth Development Authority (NYDA) Director General, Mr. Joe Itaki officially launched the youth councils on Tuesday 20th June. Mr. Itaki emphasized the importance of having the youth network structure in place so that youth programs can easily be channeled and implemented through the structure by NYDA and youth service providers. Also present was the East Sepik Provincial Legal Officer, Vitus Jim, who commissioned the youth executives and…
The United States Embassy has expressed thanks to the Government of Papua New Guinea for its support regarding an unscheduled diversion of four aircraft to Port Moresby’s Jacksons International Airport. On June 21, four American military jets were traveling through international airspace when they were forced to make an unscheduled diversion to their planned flight path. “ With permission from Papua New Guinea’s Department of Transport, the aircraft landed at Jacksons International Airport for about one hour and were able to continue their flight. Thanks to the quick work of the Department of Transport and Jacksons Airport staff, the American…
U.S. Agency for International Development (USAID) supported over 115 women from mining impacted communities in Ramu District Madang Province, Papua New Guinea, to access financial literacy training. From February to April 2023, Erusta Bill, a certified local trainer under the USAID’s partnership with the Center for Excellence in Financial Inclusion (CEFI), conducted training mostly for women in the basics of financial literacy. Participants now have a better understanding on savings and budgeting; foundational skills for creating new enterprises and increasing household and personal financial security, particularly for women. The training will also promote a savings culture and help improve management…