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INDIRECT TAXES (click on heading below then click again) Importing Goods into PNG Duty Refunds Customs Securities Border Control/Community Protection Excise Duties Warehousing of Goods Exporting Goods from PNG Value Added Tax Value Added Tax VAT is a tax of 10% added to the selling price of goods sold by a business. A business or an individual, whose annual turnover exceeds or is likely to exceed K100,000 per annum must register for VAT. A business with turnover less than K100,000 may register voluntarily. An unregistered business may not charge VAT. All registered businesses must issue a tax invoice with the words TAX INVOICE and the vendors' VAT Registration Number every time a sale is made. VAT input credits will not be permitted unless a TAX INVOICE is on file. A registered business may claim as an input tax credit the VAT it has paid on the purchase of supplies and services for use within the business (not personal goods or services consumed). The input tax credit will be deducted from the output tax (VAT on sales collected ) and the difference will result in a payment to the IRC or a refund if expenses exceed income for the month. An unregistered business cannot claim back any VAT paid on its purchases. VAT returns must be completed monthly and must be received by the IRC by the 21st of the following month. View and Print VAT Guide Book (vatguide.PDF 100KB) View and Print Indirect Taxes (Indirect Tax.PDF 30KB)

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