On October 12, 2018, PNG's Internal Revenue Commission (IRC) hosted a Meet and Greet session for certain large tax payers, at Revenue Haus in Port Moresby, and Shishya Business Services was a special invitee. The important attached to this initiative is clearly visible, as less than 3 weeks ago, we saw the Deputy Prime Minister & Treasurer, officially open the Large Taxpayer Office (LTO).
This initiative comes at a time, when the business environment in country, is not very conducive, as businesses struggle with varying issues including shortage of foreign currency, lack of government spending, increased customer debts, etc. At this hour, PNG IRC's proactive engagement with the taxpayers as one of the stakeholder, is a welcome step.
The LTO aims to centralize all core tax administration functions, for the taxpayers it manages, from lodgement, processing, tax clearance, stamp duty, account maintenance and collection functions across all tax types.
We had an opportunity to interact with Mr. Samuel Loi, the A/Commissioner who is spearheading this intiative for IRC and thank him profusely for patiently answering our questions. We have produced below his responses-
What is the objective of LTO Meet & Greet Session?
The session is intended to personally introduce the taxpayers to their LTO account managers and detail the range of services, they can access using this relationship. A personalized letter is also handed.
Is this part of a larger initiative of IRC and linked to Revenue Strategy of the PNG government?
Yes, establishing the Large Taxpayer Office is part of the Medium Term Revenue Strategy (MTRS) that was announced in the 2018 budget.
Who are the taxpayers covered as part of this initiative?
Taxpayers with an annual turnover of >K100 million and who are compliant with their, lodgment and payments obligations,
What are the benefits to the selected taxpayers?
1. Access to the 'Palaso Lounge',
2. Have a dedicated account manager to address all their tax matters from filing/payment processing, tax clearance, stamp duty assessment and providing account information such as account statements, as well as Certificate of Compliance (COC).
3. Reduced processing time
Is IRC planning to hold more such sessions?
Yes, the IRC is planning to conduct more session's in future in Port Moresby and other centres.
Who from IRC is involved in this? Provide a role chart
We have an approved structure but this has to be formalized internally first and will be published on our website. This has not been completed and will be subject to change. We hope to finalize this list shortly and intimate all.
If you have any questions on this article or like to know more, email us at [email protected]