Go Back   Papua New Guinea Forum > Business Forum > Business World

 
Reply
 
Thread Tools Display Modes
  #11  
Old 16-10-2002, 09:28 AM
aussie's Avatar
aussie aussie is offline
Pls help me to help PNG
 
Join Date: Feb 2001
Location: Port Moresby
Posts: 10,543
aussie is on a distinguished road
Vat Update 15th October, 2002

Advice received this afternoon from IRC has confirmed the following update on the situation regarding the imposition of VAT:

The stay order will remain in force until 1 July 2003. This means the VAT Act will continue to operate as it did prior to the Supreme Court decision handed down on 27 September 2002. All persons or companies registered for VAT or liable to be registered will continue to lodge VAT returns on a monthly basis and make payments of VAT due to Internal Revenue Commission (IRC) by the 21st day of the following month as was the case prior to the ruling.

During the stay period the IRC will continue to make refunds of overpayments of VAT and will offset VAT credits against other taxes and charges administered by IRC.

Whilst the stay is in force, legislation will be passed that will ensure the successful operation of a goods and services tax within the legal requirements of the Organic Law and the Constitution.

It is proposed to phase out The VAT Act and the VAT Distribution Act with effect from 31 December 2003, to be replaced on 1 January 2004 by a new tax to be known as the National Goods and Services Tax. Apart from the name the new tax will not be substantially different from the present VAT Act.

Under the new arrangement, the provinces are understood to have been promised a greater share of the net revenue collected and a new body to be known as the National Economic Fiscal Commission will be established to review the sharing arrangement on an on going basis.

With the uncertainty regarding VAT removed, businesses can now concentrate on getting back to doing what they did prior to 27 September 2002.

If you have any queries regarding this matter or if you require any additional information please contact Brydon Davidson, Arun Basu or myself at this office.

DELOITTE TOUCHE TOHMATSU
LARISSA HINES
Partner Taxation Services
Reply With Quote
  #12  
Old 16-10-2002, 09:40 AM
aussie's Avatar
aussie aussie is offline
Pls help me to help PNG
 
Join Date: Feb 2001
Location: Port Moresby
Posts: 10,543
aussie is on a distinguished road
Paul Barber - PaBarber@deloitte.com.pg
Larissa Hines - LHines@deloitte.com.pg
Brydon Davidson - brydavidson@deloitte.com.pg
Arunava Basu - ABasu@deloitte.com.pg

or

Deloitte Tower,
12th Floor

Telephone : +675 308 7000
Reply With Quote
  #13  
Old 06-04-2020, 12:49 AM
Dumitru Ivanov Dumitru Ivanov is offline
Registered User
 
Join Date: Nov 2016
Location: Cluj-Napoca, Romania
Posts: 9
Dumitru Ivanov is on a distinguished road
Quote:
Originally Posted by aussie View Post
Paul Barber - PaBarber@deloitte.com.pg
Larissa Hines - LHines@deloitte.com.pg
Brydon Davidson - brydavidson@deloitte.com.pg
Arunava Basu - ABasu@deloitte.com.pg

or

Deloitte Tower,
12th Floor

Telephone : +675 308 7000
Are these contact details still valid?
Thanks in advance for your response.
_________________________________________________
Dumitru from Romania
Reply With Quote
Reply

Bookmarks


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Tax / Vat Update with Deloitte Touche Tohmatsu, Port Moresby. aussie Site News 0 07-03-2003 02:45 PM
Deloitte Touche Tohmatsu Wins Inter-Company Touch Footy Competition for 4th Year ! aussie Site News 3 11-11-2002 04:05 PM
Vat Update with Deloitte Touche Tohmatsu 15th October, 2002 aussie Site News 0 16-10-2002 09:29 AM
Vat Update 11 October, 2002 with Deloitte Touche Tohmatsu aussie Site News 0 11-10-2002 05:35 PM
VAT Update 7 October 2002 with Deloitte Touche Tohmatsu aussie Site News 0 01-10-2002 10:25 AM


All times are GMT +11. The time now is 01:42 PM.


Powered by vBulletin® Version 3.8.1
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
Copyright© 2000-2015 Matryx Limited.
Hosted by Quadra Hosting