IRC reaches 2024 revenue target

The Internal Revenue Commission [IRC] has reached its 2024 revenue target of K17.3 billion, achieving the milestone last week.

Internal Revenue Commissioner General, Sam Koim announced that IRC met the government’s 2024 revenue target of ahead of schedule last week and further highlights on 2025's revenue target.

"Last week we met the 2024 target. We look foward to meet 14% increase by 2025 revenue target," Koim said.

He also thanks the government’s support, particularly the additional K38 million allocated in the 2025 budget.

"Increase of K38 million in 2025 budget will Increase our budget from K62 million to K100 million. This will help us to increase more manpower and meet 2025 target of K19.4 billion in revenue collection," Koim said.

Prime Minister James Marape also commended IRC for its exceptional performance.

"If there is any state agency that contributed enormously to PNG, I would say no other agency comes close to Internal Revenue Commission [IRC]," Marape said.

With its eyes set on a higher revenue target of K19.4 billion in 2025, IRC remains committed to driving Papua New Guinea’s economic growth and lead in tax administration in PNG and globally.

Meanwhile IRC's performance under Sam Koim's leadership has led to remarkable progress with K65 billion revenue collection since 2020.