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Showing posts with the label Internal Revenue

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