This article highlights the changes introduced to tax remittance process by Internal Revenue Commission (IRC) of PNG, from 1 June 2018,

 

Unacceptable payment methods

Personal Cheque and Company Cheque

 

Acceptable payment methods

 

  1. EFTPOS

All bank debit cards are accepted at EFTPOS terminals in our POM, Lae and Kokopo offices.

 

  1. BILLPAY

Provide following details when initiating tax payment under this method

IRC Biller Name / Code Internal Revenue Commission /11628
Your nine-digit Tax Identification Number (TIN) E.g. 5xxxxxxxx
The type of tax you’re paying E.g. GST, SWT, CIT, PIT, etc.
The period or year the payment is for E.g. 10/17 for October 2017

 

  1. EFT DIRECT PAYMENT

Provide following details when initiating tax payment under this method-

Payee Internal Revenue Commission
Bank Name Bank of Papua New Guinea
BSB Code 121001
Account number 43146577
SWIFT Code BPNGPGPM
Address (if required) Corner of Douglas St, To Robert Haus, Section 25 Allotment 1, Port Moresby
Field TIN/Tax type/ Tax period in DDMM format

CREDIT TRANSFER APPLICATION

This method is convenient for rural customers. You can make payments to IRC by giving instructions to your local banks to execute direct credit transfers through the bank’s KAT System. You can do that over the counter or by sending formal instructions to your bank. Ensure to use the IRC bank details indicated above. Take your IRC remittance advice with you so that the correct payment details are entered.

 

  1. BANK CHEQUE / BANK DRAFT

Cheque payments that are over K5,000 must be paid by way of Bank Cheque or Bank Draft. These are cheques issued by a commercial bank in PNG and drawn against that bank, as opposed to the taxpayer’s bank account.

 

Our final word

It is likely that IRC may reject a payment as unacceptable and impose late penalty. However, taxpayer may invoke Regulation 43 of Income Tax Regulations 1959 that allows payments by way of cash, bank notes, cheque, bank drafts, postal money order, postal note, telegraphic transfer etc.

 

Contact us

 

If you need assistance in remitting your business taxes, need more time to switch over or assistance with any late penalties charges owing to this new instruction, call us at 3202676 /3202677 or email admin@shishya.net