THE Internal Revenue Commission and Nasfund will work together to promote transparency and accountability in managing company and private employee benefits, and improve tax collection following an agreement signing in Port Moresby yesterday, commissioner-general Sam Koim says.
Koim said non-compliance behaviours flourished due to information gap as such partnership and collaboration would help IRC to eliminate and reduce the gap and the information, especially in relation to private employees contributing to Nasfund.
“Both organisations would enhance their information sharing capabilities, enabling the IRC to better comply with regulations and assess risks associated with salary packaging abuse by employees through their employers,” he said.
“We look forward to a productive and mutually beneficial partnership with Nasfund.”
Nasfund chief executive officer Rajeev Sharma said it was a significant step forward promoting transparency and accountability in the management of employee benefits.
“As the country’s leading superannuation service provider and the largest by membership, it is in our best interest to partner with the key stakeholders to ensure that we remain compliant, relevant and competitive in the ever-changing business environment and this partnership is a demonstration of our efforts in this regard,” he said.
Sharma said both parties would share information which may be used to ensure that contributing employers were being compliant.
He said the partnership would enable the Nasfund to have greater visibility in key areas.
“In the coming days, the website would provide members a link to the IRC website, which enable visitors to the IRC website easy access to Nasfund,” he said.
“We believe this would ensure current and prospective members have easier access to the Fund, and for members to also have easier access to the IRC and its services.”
Through this partnership, information to be shared with the IRC would include;
- A LIST of names of registered employers with employees contributing to Nasfund;
- AGGREGATE number of employees for each of the registered employers;
- LIST of contractors engaged by Nasfund; and,
- AMOUNT of contribution received from each employer in a year and to specify; aggregate employee portion, the aggregate employer portion, and the aggregate voluntary portion (if any).
Sharma added that it was also important for its members to note that no individual member data would be provided to IRC.
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