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Showing posts with the label IRC

PNG’S 2017 BUDGET – FISCALLY FRAUDULENT

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by PAUL FLANAGAN   PNG’s 2017 budget was a key opportunity to demonstrate the credibility of the government’s economic management before next year’s election.  It fails. Foolish games with numbers and unrealistic assumptions severely undermine the budget’s credibility (detailed examples on the revenue and expenditure side are provided below). Indeed, the level of deception arguably approaches fraud. This preliminary assessment of the budget documents will be updated over the next few days.  Hopefully more good will be found in the detail. A major winner from the budget are overseas petroleum shareholders with proposed cuts in the company tax rate from 45 or 50% down to 30%. This will be of particular joy to Oil Search and others that will gain from a new possible Papua LNG project – but they are possibly accessing the lower rate for condensate already. PNG’s tax regime for the petroleum sector was already considered generous relative to world standards – it now will be even

THE NUMBERS DONT LIE PETER O'NIELL

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by JACK KUMAN Prime Minister Peter O’Neill is telling us that the economy and government finances are in good condition. But the official numbers from Treasury and the Bank of Papua New Guinea tell a different story. They tell us that Papua New Guinea is rushing towards an economic and financial disaster. The numbers do not lie, unlike the Prime Minister. Since he grabbed power in mid-2011, the economy and government finances have got worse and worse until today the Government is virtually bankrupt. Now the Prime Minister and his partners in crime have resorted to stealing from State-Owned Enterprises to try to prevent a complete financial crash. They have demanded hundreds of millions of kina, including from LNG landowners’ funds held in NPCP and reserve and operating cash from National Fisheries Authority and MVIL. This is in addition to the hundreds of millions of kina already drained from SOEs last year and earlier this year in fake “dividends”. O’Neill’s corru

LR GENSET SCAM - What you were not told.

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by JOSEPH KAWAGE So a warrant for the arrest of Treasury Secretary Daire Vele has been issued and is to be enforced. Not before time. As Treasury Secretary he has been running a number of illegal operations for the Prime Minister, the two biggest ones being the illegal UBS loan and the illegal purchase of two mobile power generators. Police want to arrest him on charges of official corruption, misappropriation and fraud. The basis of the charges is documents provided to the police, the Attorney-General, the Ombudsman Commission and Task force Sweep by a whistleblower at PNG Power Ltd, and these documents show that a very serious and widespread fraud conspiracy took place at the highest levels of Government, business and State-Owned Enterprises. Most of these facts were detailed In Parliament in early 2014 by the then Opposition Leader, Belden Namah. Responses were supplied by the Prime Minister himself, and his office, in a number of statements. All of the PM’s official state

Some come out and explain the 4 Billion Kina Day Light Robbery

Acting Deputy Police Commissioner operations Fred Yakasa again gave us a stark reminder of corruption in Papua New Guinea when he said on Tuesday that a mammoth 50% of its budget annually is lost to fraud. This works out to a whopping K4 billion a year, which Yakasa bluntly said had gone into the hands of corrupt public servants and senior bureaucrats, many of whom he alleges have invested these gains overseas. On top of that, PNG fails to collect more than half of the taxation revenue that is due to it. Internal Revenue Commission has admitted that hundreds of millions have been lost through tax evasion, false declarations and companies hiding their books from authorities. Hundreds of millions are lost annually through non-compliance by companies in submitting their tax returns while IRC, because of capacity constraints, limits its checks to major corporate entities operating in the country. Yakasa’s words should be taken note of by every citizen of PNG if we want to see our country d

Some come out and explain the 4 Billion Kina Day Light Robbery

Acting Deputy Police Commissioner operations Fred Yakasa again gave us a stark reminder of corruption in Papua New Guinea when he said on Tuesday that a mammoth 50% of its budget annually is lost to fraud. This works out to a whopping K4 billion a year, which Yakasa bluntly said had gone into the hands of corrupt public servants and senior bureaucrats, many of whom he alleges have invested these gains overseas. On top of that, PNG fails to collect more than half of the taxation revenue that is due to it. Internal Revenue Commission has admitted that hundreds of millions have been lost through tax evasion, false declarations and companies hiding their books from authorities. Hundreds of millions are lost annually through non-compliance by companies in submitting their tax returns while IRC, because of capacity constraints, limits its checks to major corporate entities operating in the country. Yakasa’s words should be taken note of by every citizen of PNG if we want to see our country