The Autonomous Bougainville Government has welcomed Lloyds Metals and Energy Ltd's commitment to meeting its tax obligations while urging the company to update its taxpayer registration to ensure revenue generated from its Bougainville operations is correctly attributed to the autonomous region.
The issue was discussed during a stakeholder meeting in Arawa on June 26 involving the Bougainville Tax Office, the Internal Revenue Commission's Bougainville provincial office and representatives of Lloyds Metals and Energy Ltd.
Chief Bougainville Collector of Taxes Petereric Andrew and Internal Revenue Commission Provincial Manager for the Autonomous Region of Bougainville Robert Perekai attended the meeting.
Lloyds Metals and Energy confirmed that it has registered as a taxpayer with the Internal Revenue Commission and has begun meeting its tax compliance obligations under Papua New Guinea's tax laws.
During the meeting, the Bougainville Tax Office and the Internal Revenue Commission advised the company to update its taxpayer registration by changing its registered postal address from Port Moresby to Arawa to reflect its operational presence in Bougainville.
Andrew said the change would formally recognise the company as a Bougainville-based taxpayer within the Internal Revenue Commission's records.
He said maintaining accurate taxpayer registration details is important because the commission relies on those records when attributing and apportioning tax revenue.
According to Andrew, updating the company's registration would help ensure tax revenue generated from its economic activities in Bougainville is recognised as revenue attributable to the autonomous region.
The meeting also reaffirmed cooperation between the Bougainville Tax Office and the Internal Revenue Commission in administering national taxes in the region, including corporate income tax, goods and services tax, salary and wages tax, and personal income tax.
Under the 2001 Bougainville Peace Agreement, the Internal Revenue Commission collects these taxes on behalf of the Autonomous Bougainville Government, with revenue remitted to support the government's development priorities. The Bougainville Tax Office provides administrative support to strengthen tax compliance and revenue administration within the region.
Officials said the engagement reflects the Autonomous Bougainville Government's efforts to strengthen revenue governance and ensure economic activity in Bougainville delivers greater benefits to local communities.
