LIL Online Services

23/11/2023

IPA head office POM company or business name re-registration Work in Process.

16/08/2022

CONTRACTING WITH ONLY TAX COMPLIANT TAXPAYERS!

The taxes that the Internal Revenue Commission (IRC) collects are used by the Government to execute programs for the collective good, including programs that enable taxpayers to earn their income. In order to provide those services, the Government engages private contractors – Government Contractors. The IRC views that all Government Contractors should be at the forefront of tax compliance, as they, not only benefit from taxpayer provided services to do their business, but also receive business from the Government.

Consistent with this position, commencing 1st January 2021, IRC will not engage the services of those service providers who fail to comply with their tax obligations. All existing and potential IRC service providers are therefore encouraged to bring their taxes up to date.

“To Whom Much is Given, Much is Expected.” Luke 12:48

Authorized by:
Sam Koim, OBE
Commissioner General



Click to go to myIRC 👇
https://irc.gov.pg/news/public-notices/contracting-with-tax-compliant-taxpayers

Initial post👇
https://m.facebook.com/story.php?story_fbid445769680151920&id=112613630134195

12/08/2022

IRC digitalizing payment process.
More than 50 tax professionals and small-to-medium enterprise owners have attended the awareness program hosted by the Internal Revenue Commission (IRC).
https://www.thenational.com.pg/irc-digitalising-payment-process/

18/06/2022

WARNING!

TAX AVOIDANCE/EVASION PATTERNS.

06/06/2022

Reminder to all Taxpayers

Friendly reminder. SWT is due 7th June 2022

06/05/2022

HISTORIC COLLECTION OF K1.18 BILLION IN ONE DAY

The Internal Revenue Commission made an historic collection K1.18 billion in one day this
week. The funds were transfered to Waigani Public Accounts on Tuesday.

A day transfer of this magnitude is historic!

Our first Prov Tax instalments together with April’s regular collections were projected to be
around K1.092 Billion. We, however, transferred K1.144 Billion, thereby exceeding our April target by 5%.

The super collection this week is on top of the April's collection.

The windfall revenues were collected from the Mining and Petroleum Taxes. The initial budget projections were predicated on a USD60 per barrel. Due to the Ukraine/Russia War induced oil price increase, our team adjusted the Prov Tax Assessments at USD110 per barrel. This was despite the Oil and Gas Companies pitching their assessments between 80 to 90 dollars per barrel.

This illustrates the adroitness and agility of our team, in being in tune with the changing market trends and asserting our position accordingly. The times when IRC officers kowtowing to big corporations with well-paid tax advisors' interests are over.

With this windfall yet judicious collection, we are confident of beating our half-year revenue target by the end of this month. This is a historic performance!

At this juncture, let me thank all the taxpayers who are faithfully paying their taxes.

Thank you!

Authorised by;

Mr. Sam Koim, OBE
Commissioner General
Internal Revenue Commission

06/05/2022

Credit to all the Taxpayers who are faithful in paying their taxes.

02/05/2022

PUBLIC NOTICE:
REVOCATION OF REBATES ON EDUCATION EXPENSES FOR DEPENDENTS.
(PLEASE SHARE FOR PUBLIC AWARENESS).

26/04/2022

Friendly Reminder SBT – Small 1st Quarter Payment

28th April is the Due Date for the Payment of K62.50 plus 2% on quarterly turnover exceeding K15,000.

🖇 Visit the page for more info: https://irc.gov.pg/pages/taxes/businesses-and-employers/small-business-tax-sbt

Small Business Tax (SBT) law was passed by Parliament in 2019. This initiative is to reduce, not only the compliance burden of micro and small operators but introduce significantly low concessional tax rates for those individuals who are operating micro and small businesses.

📌Applies to an individual conducting business as a sole trader and who satisfies the following conditions
👉Conducts business solely in Papua New Guinea
👉Not registered for GST
👉Not subject to income tax in the previous year
👉Total annual turnover is below K250,000

📌Business does not include professional services such as accounting, law, doctorate, engineering, etc,

📌Turnover is gross sales without any deductions for expenses and loss.

📌Two (2) categories of small businesses:
📍Micro business
📍Small business

📌MICRO BUSINESS
👉Business with annual turnover below K60,000
👉File annual SBT Return once a year
👉Pay flat tax of K250 flat tax once a year
👉Due date for filing and payment is 28 January

📌SMALL BUSINESS.
👉Business with annual turnover from K60,000 to not more than K250,000
👉File quarterly SBT Return four (4) times in a year
👉Pay K62.50 plus 2% on quarterly turnover that exceeds K15,000
👉Due date for filing and payment is the 28th day of the following month after the end of each quarter.

📌Generally, on average all SBT taxpayers would be paying K250/year except when ‘small’ make a sales turnover of more than K15,000.00 in a quarter. Then they pay K62.50 plus 2% of the amount that exceeded K15, 000. If below they pay K62.50/quarter which adds to K250/year.

📌Minimum records to maintain are records of sales and a wage register (if there are employees)

📌Assumed that employees would be receiving salaries below the fortnightly tax threshold of K480 or less.

📌Record must be maintained for three (3) years