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Theron – Tax System Needs Improvement

There is a need for collaboration between service providers, taxpayers and the Internal Revenue Commission to come up with a system where there are no errors found in the collection system. This was according to KPMG managing partner, Zanie Theron.

Ms Theron was speaking from an accounting point of view by identifying the gaps identified with the current tax system in the country.

She said there’s a continuing perception around the efficiency of the IRC is collection processes and methods despite having a new and improved system from the accounting space.

“There is also a perception that the statements of taxable income or the statements received are incorrect and that a lot of work need to be done by firms and entities themselves to prove the numbers and that you can’t rely on the statements received.

For instance you compare the consolidated statements with the individual statements they do not add up in many cases therefore there is a perception from our profession that there is a lot to be done in terms of the efficiency of collections in terms of the system that is considered to be prone to error by us,” she said.

Ms Theron added that in terms of small businesses, there needs to be a lot of paper work done and with the lack of knowledge there needs to be an improvement in the existing system.

“If we were to focus on one area it would be to have a conservative effort between the service providers to taxpayers and the IRC to come together through the spirit of cooperation because most of the time it’s a war to work together on a combined improved connection effort and systems and to have a two way consultation,” she said.

Continue reading at https://postcourier.com.pg/theron-tax-system-needs-improvement/ | Post Courier

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