PNG Ports Corporation Limited (PNGPCL) today made a tax advance payment of K26 million to the government through the Internal Revenue Commission (IRC).
The payment is part of the PNGPCL as one of the leading state owned entities (SOE) in the country to have paid its tax and return of dividends to the country.
PNGPCL Board Chairman, Kepas Wali presented a cheque worth K26,365,760 to the Internal Revenue Commissioner, Sam Koim and the Minister for State Enterprise, William Duma at the PNG Ports office in Port Moresby.
PNGPCL Chairman Mr. Wali said the payment is for the company’s provisional taxes for the balance of this year as well as half of the 2019 net unassessed income tax.
“As the leading state enterprise , we are committed to ensuring we continue to support the government in delivering services to our people and the growth of the economy,” he said.
Mr. Wali said PNGPCL’s advance tax payment marks the second tax payment to the government.
“Last year PNGPCL has made an advance tax payment of over K28 million for taxes as part of the fiscal year 2019 and all of 2020.
“We believe there will be no better time than now to assist the government so we have made sacrifices, and we hope this significant payment supports the government of the day,” Mr. Wali said.
Commissioner Koim commended PNG Ports for its timely commitment saying PNG Ports is the only state entity that currently does not owe tax to the IRC and the government of the day.
He said as part of the IRC plan in getting the other SOE to pay for their legacy debts in tax payment, the Commission will use the method of “Debt Swapping”.
The method includes offsetting of debts; and the transfer of debts for the SOE Directors to pay for the tax owed to the Government.
PNG Ports over the last two months has witnessed several of its milestones achievements. These include; The launch of the 30-year port infrastructure master plan; Signing of the K1.1 billion worth MOU with the Australian Government to support the implementation of the master plan; Launch of the major security and safety upgrade for all 15 ports; and the award of additional K9 million from Australia for the upgrading of Daru port.
Minister Duma also commended PNG Ports for being consistent in its work describing the outcome as a result of a well-organized and structural Board, Management and the Staff.
“I encourage PNG Ports, as a responsible SOE, to maintain its credibility and prudent management, as the government looks to such entities to deliver in these tough times,” Minister Duma said.