In a joint media statement, Sam Koim, Commissioner General of the Internal Revenue Commission (IRC), and Mark Robinson, Group Chief Executive Officer of BSP Financial Group Limited (BSP), have announced the resolution of the Supreme Court judicial review regarding the PNG Government's imposition of the Additional Company Tax. The settlement follows the payment of K190 million by BSP into an escrow account with the Bank of PNG, pending the judicial review outcome, as announced in December 2022. Under the terms of the settlement, the entire escrowed amount will be disbursed as follows: K95 million will be refunded to BSP, while the remaining K95 million will be paid to the IRC, effectively concluding the litigation surrounding the Additional Company Tax imposition. However, the settlement is subject to the consent of the Attorney General of Papua New Guinea and the superannuation funds that supported BSP's judicial review, with final approval awaited from the Supreme Court of Justice of Papua New Guinea. The anticipated timeline for securing these consents is approximately one month. It is expected that both BSP and the IRC will receive K95 million each during the first or second calendar quarter of 2024. Mark Robinson expressed his satisfaction with the settlement, thanking BSP's superannuation fund shareholders for their steadfast support throughout the process. Commissioner General Sam Koim also expressed the IRC's contentment with resolving the tax matter and commended all involved parties for their professionalism. “The IRC is pleased to settle this outstanding tax matter with BSP and appreciates the professionalism of all parties involved in addressing this case,” Commissioner Koim said, further acknowledging Prime Minister James Marape's directive, in his capacity as Treasurer, to settle the outstanding matter. “We are happy to settle this on mutually agreed terms.”