PRIME Minister James Marape has praised the Internal Revenue Commission (IRC) for collecting K16.5 billion in revenue so far this year, putting the Government on a stronger footing towards achieving a balanced National Budget in 2027.
Speaking after chairing the Budget Management Committee meeting at Melanesian Haus in Waigani today, Marape revealed that IRC had achieved 81 per cent of its revised K20.3 billion revenue target for 2026.
He described the achievement as a significant milestone in the Government’s efforts to strengthen domestic revenue collection and reduce dependence on borrowing.
“This is the first time we have asked IRC to collect revenue of around K20 billion, and they are progressing well towards that target,” Marape said.
The Prime Minister attributed the strong performance to improved tax administration, institutional reforms and increased taxpayer compliance.
IRC collections have grown from approximately K8 billion in 2020 to K17.3 billion in 2025, reflecting sustained improvements in domestic revenue mobilisation.
However, Marape warned government departments and agencies against unnecessary spending, stressing that increased revenue must be matched by strict financial discipline.
“Just because we are collecting this much revenue must not give us a false sense of security,” he cautioned.
He directed government agencies to remain within approved budget allocations, avoid unplanned expenditure and prioritise existing development commitments.
Marape said the Government remained committed to reducing the fiscal deficit to approximately one per cent and pursuing its ambition of delivering a balanced National Budget in 2027.
He also called for increased dividends from state-owned enterprises and statutory bodies to strengthen government finances.
“We must continue improving efficiency, strengthening compliance and collecting the revenue necessary to finance essential services and grow our economy,” Marape said.