Goods & Services Tax

GST was introduced in PNG on 1 July 1999 in tandem with a dramatic reduction in import tariffs. PNG’s GST Act was based primarily on the New Zealand GST legislation.

PricewaterhouseCoopers offers a wide range of compliance and consulting services to assist clients with GST issues. A summary of our services is provided below.

GST Compliance and Consulting

PricewaterhouseCoopers provides general GST compliance services including preparation and lodgement of monthly GST returns, and review of accounting systems to ensure that GST is being correctly accounted for. We also provide more specific advice for areas of the law that require clarification.

GST Audit Assistance

The GST division of the Internal Revenue Commission (IRC) carries out GST audits on taxpayers. PricewaterhouseCoopers assists clients who are undergoing GST audits to ensure that appropriate information is provided to the IRC for the audit and the technical basis on which the client reports GST is sound. We also liaise with the IRC and where possible resolve disputes which may arise in the course of GST audits.

GST Cash flow Management

Although cash flow management in respect of GST for most businesses is managing when GST output tax is paid and when input tax is claimed, complex cash flow issues may arise from major transactions on which substantial GST would apply. PricewaterhouseCoopers provides assistance to clients with a view to minimising any adverse cash flow implications that may arise from such instances.

Training

GST training is an important part of the management of GST and is required from the top levels of management, to ensure that the GST implications of management decisions are recognised, down to the clerical level where GST compliance has its roots. PricewaterhouseCoopers can provide a full range of GST training tailored to suit individual client’s needs.