The Internal Revenue Commission (IRC) and East New Britain Provincial Government sealed a partnership today to collaborate in the collection of taxes in the province.
The Memorandum of Understanding (MoU) was signed in Kokopo by IRC Commissioner General Sam Koim and ENB Provincial Administrator Wilson Matava.
ENBP is the third largest in terms of tax collection but according to Mr. Matava and CG Koim, there is a lot of room for improvement.
The partnership will enable parties to share information and for ENPB to provide assistance to improve tax compliance activities in the province.
PA Matava thanked the Commissioner General for making a commitment and fulfilling it in less than a month. He believes that ENBP has great potential to grow the internal revenue base.
CG Koim commended the ENBPG for partnering with IRC. He said “ENBPG has aspirations to gain autonomy, but that will just be a dream if your internal revenue is not strong. We are here to help, especially in increasing GST collections so that we will give the 60% of the “more we collect”, to help grow your Provincial economy.”
In addition, Mr. Koim signaled a positive collaboration between the two entities in growing micro and small businesses by taking advantage of the recently introduced Small Business Tax Regime.
Mr. Koim also committed ENBPG to be the second Provincial Government to join the GST section 65A arrangement after ABG, to withhold the 10% GST component of their suppliers’ invoices and remit to IRC.