Media Releases

June 8, 2021

Salary Packaging - A Guide to the Dos and Dont's

About this article.
This article addresses general queries concerning salary packaging. This article is for general
information purposes only and should not be relied on to address all aspects and cases.
For detailed information on individual cases, taxpayers are encouraged to seek advice from their Tax
Professional or individual advice from the Policy and Advice Division of the Internal Revenue
Commission.

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June 8, 2021

Lawful procedures for Govt agreements: NOTICE TO ALL GOVERNMENT ENTITIES, CONTRACTORS, INVESTORS AND TAXPAYERS

Lawful Procedure for Government Agreements Granting Taxation Exemptions & Concessions

There are instances where State agreements or contracts with developers, investors and other private entities
are signed off or committed to by State agencies which are inconsistent with the taxation laws of PNG or
have significant tax revenue implications for the State. In most of these instances, there is no consultation
with the Internal Revenue Commission (IRC) or the Department of Treasury, who are only made aware of
such commitments after execution.

The IRC is legally mandated under Section 6 of the Internal Revenue Commission Act 2004 as the agent
of the State on taxation matters and hence IRC should be consulted on all matters to do with taxation
including the consultation on such matters with other relevant Government agencies.

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June 8, 2021

Spot light on Govt Contractors.

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June 8, 2021

Logging sector requires rethinking

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June 8, 2021

GST S65A Live into IFMS

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June 8, 2021

Revocation of Rebates on Education Expenses for dependents

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June 8, 2021

GST TO BE COLLECTED DIRECTLY FROM IFMS, NO TIN NO CHEQUE

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February 28, 2020

THE REWRITE OF THE INCOME TAX ACT 1959

“The rewrite of the Income Tax Act 1959 is an important component of the Government’s medium term revenue strategy. The intention is to replace the existing Act with a new modern and simplified Income Tax Act suitable for the needs of PNG. Treasury and IRC have been working on a draft of the rewritten Income Tax Act for the last 12 months. A consultation draft has been prepared and Treasury now invites submissions on the draft. The consultation period is 28 February – 9 April, 2020. Please send submissions to Peter Apana email: peter_apana@treasury.gov.pg . Please be advised that, at the end of the consultation period, all submissions will be made publicly available on the Treasury website.”

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June 8, 2021

Final GST s65A Factsheet v2 Effective Date 01 May 2021

This document contains the relevant facts about the Section 65A Withholding Notices issued by the Commissioner General of the Internal Revenue Commission (IRC) for the collection of Goods and Services Tax (GST) in special cases. All suppliers and service providers to Government Departments, Statutory Authorities and the State-Owned Enterprises are encouraged to understand these facts when they invoice these government entities. An extract of the Section 65A provisions in the GST Act 2003 can be found in Annex 1.

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September 28, 2018

PNG PRICES INAUGURAL 10 YEAR USD500 MILLION BOND – MEDIA RELEASE

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June 18, 2018

MEDIUM TERM REVENUE STRATEGY 2018 – 2022

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April 20, 2018

S&P GLOBAL RATING FOR PNG

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August 29, 2017

100 DAY PLAN TO KICK-START ALOTAU ACCORD 2

100 Day Plan to kickstart Alotau Accord 2

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March 20, 2017

PRESS RELEASE GDP

National Accounts update on Gross Domestic Product (GDP)

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March 29, 2016

TAX REVIEW FINAL REPORT VOL 2

Tax Review final Report

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March 29, 2016

TAX REVIEW FINAL REPORT VOL 1

Tax Review final Report

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March 15, 2016

PRESS RELEASE – MPD – CCFR MEDIA ANNOUNCEMENT

Treasurer Hon. Patrick Pruaitch CMG, MP media statement on review to improve consumer protection and competition environment for Papua New Guinea.

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July 22, 2013

PRESS RELEASE: VOLUNTARY RETIREMENT SAVINGS FOR SELF-EMPLOYED

The Superannuation Amendment Bill 2010 will allow for wider membership particularly for self-employed who are not subject to the mandatory superannuation contributions by way of promoting voluntary savings for retirement.

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July 22, 2013

PRESS RELEASE: NO MORE QUEUES IN BANKS

Long queues for customers in the banks will now become a thing of the past, Treasurer Don Pomb Polye said on Sunday. It has been made possible by a newly-passed National Payment System Bill 2013 which will allow for the establishment of the electronic National Payment system in Papua New Guinea.

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July 21, 2013

PRESS RELEASE: POLYE REFUTES MEDIA REPORT

Treasurer Don Pomb Polye has refuted a report in The National newspaper stating the Treasury Amendment Bill Act had empowered the Treasury Minister to issue treasury bills without seeking Parliament’s approval.

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June 21, 2013

PRESS RELEASE: PAPUA NEW GUINEA’S MACROECONOMIC STABLE

The agriculture prospect in the Sepik plains for the country’s long-term economic growth and improving its inhabitants’ living standard has attracted the government to invest, Treasurer Don Polye said last Friday.

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June 7, 2013

PRESS RELEASE: PAPUA NEW GUINEA’S MACROECONOMIC STABLE

The country cannot progress without the active involvement of women at all levels, Treasurer Don Pomb Polye said last Friday.

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May 31, 2013

PRESS RELEASE : PAPUA NEW GUINEA’S MACROECONOMIC STABLE

The O’Neill-Dion government will continue to maintain macroeconomic stability in the country through its sound fiscal and monetary policies, Treasurer Don Pomb Polye said last Friday.

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May 1, 2013

PRESS RELEASE: LOAN AGREEMENT BETWEEN THE GOVERNMENT OF PAPUA NEW GUINEA AND THE ASIAN DEVELOPMENT BANK FOR THE PORT MORESBY GRID DEVELOPMENT PROJECT

The Treasurer Hon. Don Pomb Polye today signed two loan agreements for the Port Moresby Grid Development Project with the new President of the Asian Development Bank, Mr. Takehiko Nakao, in Delhi during the 46th Annual Meeting of the Asian Development Bank which is currently taking place in Delhi, India.

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May 1, 2013

PRESS RELEASE: PICTURES TAKEN FROM THE ASIA DEVELOPMENT BANK 46TH ANNUAL MEETING IN DELHI.

Pictures taken from the Asia Development Bank 46th Annual Meeting in Delhi.

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PUBLIC NOTICES

Notice of Management Fee Withholding Tax - [more]

Public Notice: PRWT – Prescribed Royalty Withholding Tax - [more]

Taxpayer Public Notice – Management Fee Withholding Tax - [more]

Reinvigorating Certificate of Compliance - [more]

General Notice to Suppliers of IRC - [more]

GLOBAL FORUM: PNG Peer Review Report on the Exchange of Information on Request - [more]

PUBLIC NOTICE: ISSUANCE OF A SECTION 65A NOTICE - [more]

Appointment for Acting Commissioner of Tax - [more]

Small gains to Report 14.5.2020 - [more]

MOU between IRC and IPA Media Release - [more]