Grace Accountants & Associates

23/07/2025

Got any outstanding tax returns to furnish to IRC and need assistance? DM for assistance at reasonable fees. 🙏

23/07/2025

17/07/2025

You should climb the highest mountain in Papua New Guinea which is located in Chimbu.

17/07/2025

📝 SIMPLIFIED TAXPAYER GUIDES NOW AVAILABLE!

The Internal Revenue Commission (IRC) is currently in the initial phase of reintroducing the Assessing Function. As part of this rollout, Simplified Taxpayer Guides and Checklists are now available to assist Tax Agents and Taxpayers in preparing the following returns:

✅ Corporate Income Tax (Form C)
✅ Partnership Income Tax (Form P) – Individual partners use Form I
✅ Personal Income Tax (Form I)

These guides are:
🔹 Simple & easy to follow
🔹 Time-saving
🔹 Help reduce incomplete return rejections
🔹 Cost-effective for taxpayers

📢 We want your feedback!
Tax Agents and members of the taxpaying community have 2 weeks from today to review and send comments, queries, or suggestions.

📬 Direct your feedback to:
📧 [email protected]
Full contact list here: https://irc.gov.pg/news/public-notices/simplified-taxpayers-guide

📥 Download the Guides here:
👉 https://irc.gov.pg/news/public-notices/simplified-taxpayers-guide

Let’s work together to simplify tax compliance and improve our services.

08/07/2025

05/06/2025

We Got You Covered

Struggles are real. Hustles & bustles keep us going when survival draws on the central expense in every household.

Setbacks & shortcomings are inevitable in our strive to render the affordable service to our simple people. Enduring with ebulience, we remain committed to our cause.

Not only is our service affordable but we are reliably safe. Determined to take you to your destination, dutybound to protect you & your luggages, and flexible to adjust & rebound in the face of adversities. Yes, we got you covered.

Please, help share.

Our friend Tommy Aiyok dropped his wallet when disembarking from one of our cabs he boarded earlier this evening.

05/06/2025

📢 Attention All Citizens!

Scan the QR code to learn more and report any complaints regarding the GST-Free Household Goods initiative.

Help spread the word—share this message with your family, friends, and community to raise awareness and ensure everyone benefits from the policy.

Let’s work together!

02/06/2025

PUBLIC NOTICE:
GST REFUNDS FOR EDUCATIONAL INSTITUTIONS -
FINAL CLARIFICATION AND ADMINISTRATIVE POSITION.

Abolition of GST Refund Entitlements for Schools and Educational Institutions.

The Internal Revenue Commission (IRC) wishes to provide final clarification to all stakeholders, particularly schools and educational institutions, regarding the abolition of GST refund entitlements under the Goods and Services Tax Act 2003, as amended by the 2018 Budget (Amendment) Act No. 23 of 2017.

Effective 1 January 2018, the legislative amendments removed the ability of educational institutions—both public and private—to claim GST refunds on their purchases. This reform was part of a broader policy shift to align Papua New Guinea’s tax system with international best practice and fiscal sustainability.

To read more click on the link below:

https://irc.gov.pg/news/public-notices/gst-refunds-for-educational-institutions-final-clarification-and-administrative-position

02/06/2025

IRC LAUNCHES CRACKDOWN ON INFLATED BUSINESS EXPENSES –BENCHMARKING PROJECT UNDERWAY TO DETECT ABUSE.

“Behind every inflated expense lies a truth being buried.” The Internal Revenue Commission (IRC) has uncovered a disturbing pattern among certain companies in Papua New Guinea: the deliberate inflation of Cost of Goods Sold (COGS) to understate profits and evade taxes. This deceptive practice not only distorts commercial reality but also undermines the fairness of the tax system and disadvantages honest businesses.

COGS inflation typically involves overstating the cost of acquiring or producing goods—through fictitious purchases, inflated supplier invoices, or misclassified personal expenses—to reduce declared profits and, ultimately, lower tax payable. In effect, some entities are masking real sales figures behind manipulated expenses.

To read more click on the link:
https://irc.gov.pg/news/media-releases/irc-launches-crackdown-on-inflated-business-expenses-benchmarking-project-underway-to-detect-abuse

02/06/2025

“I welcome the ongoing efforts by the Investment Promotion Authority (IPA) to clean up company registrations and enforce proper disclosure of beneficial ownership. For too long, Papua New Guinea has witnessed a troubling pattern: individuals in positions of power, including Members of Parliament and heads of government departments, awarding lucrative contracts to companies they themselves secretly control.

These arrangements are often masked through front directors and shareholders, concealing the true beneficiaries of public funds. This practice is a clear form of money laundering and represents a serious threat to transparency, accountability, and good governance in our country.

It is no surprise that PNG now faces the real risk of being grey-listed internationally for failing to combat such activities. I urge all stakeholders, regulators, enforcement agencies, and the public, to support stronger enforcement of beneficial ownership rules and ensure that public contracting serves the people of PNG, not hidden private interests.”

02/06/2025

There's so much enforcement efforts being exercised by the IRC recently. Do let us know if you have have queries. Email us at [email protected]

IRC Unveils Project MASTA to Enforce SWT Compliance and Restore Fairness

Internal Revenue Commission PNG

02/06/2025

Media Release - Re-Introduction of the Assessing Function.

Dear Tax Agents and Taxpayers,

We are pleased to inform you that the Commissioner General of the Internal Revenue Commissionhas approved the re-introduction of the assessing function in its simplest form.

To read more click on the link for the PDF version: https://www.linkedin.com/feed/update/urn:li:activity:7331220768707489793