Nasfund and Internal Revenue Commission Sign Partnership Agreement for Data Sharing

Papua New Guinea’s leading superannuation provider, the National Superannuation Fund (Nasfund), has signed a partnership agreement with the Internal Revenue Commission (IRC) to allow the country’s tax office to work more closely with the fund. The two entities have agreed to share data on areas of mutual interest through a Memorandum of Understanding.

Under the terms of the agreement, both Nasfund and IRC will announce their information sharing capabilities, enabling the tax office to better comply with regulations and assess risk associated with salary packaging abuse by employees to their employers. The partnership will also assist the fund in ensuring that contributing employers are compliant, according to Commissioner General Sam Koim.

The IRC welcomes the collaboration and acknowledges Nasfund’s willingness in facilitating the tax office’s request for similar terms under the agreement. Nasfund CEO Ian Tarutia also shared similar sentiments, highlighting the positive opportunities that are available through this strategic partnership. He said it is in the fund’s best interest to partner with key stakeholders to ensure they remain compliant, relevant, and competitive in the ever-changing business environment in this part of the world.

As part of the partnership, information to be shared with the IRC will include a list of names of registered employers with employees contributing to Nasfund, the aggregate number of employees for each of the registered employers, and a list of contractors engaged by Nasfund. The amount of contributions received from its employer in a year will also be specified, including the aggregate employer portion and the aggregate voluntary approach if any.

This partnership is expected to strengthen the collaboration between Nasfund and IRC, which will facilitate better compliance and help employers and employees contribute more effectively to the country’s tax revenue.

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