In its ongoing move to combat tax evasion, the Internal Revenue Commission (IRC) of Papua New Guinea has launched an investigation into a leading healthcare company, the name of which remains undisclosed as inquiries continue.
The audit uncovered substantial evidence of tax evasion, revealing that the company utilized dubious methods, including the establishment of shell companies, to facilitate financial transactions. This practice allowed the company to evade its obligations regarding Salary Wages Tax and provided unlawful financial benefits to individuals involved.
The IRC emphasizes that tax evasion through fraudulent schemes is a serious offense, and it has robust mechanisms in place to detect and penalize such actions.
In response to the findings, the IRC has initiated legal proceedings against the company, reinforcing its commitment to addressing these unlawful practices.
The Commission calls on all corporations to embrace their responsibilities as corporate citizens by accurately fulfilling their tax obligations, which are vital for the nation’s progress.
The IRC aims to foster a culture of tax compliance and uphold the integrity of the country’s tax system.