CVaN8z Document Skax2r Media 2014 TPG d1 Dividend Withholding Tax Forms Taxpayer Guide 2

INTERNAL REVENUE COMMISSION
TAXPAYER GUIDE
DIVIDEND WITHHOLDING TAX FORMS
The Internal Revenue Commission has recently modified the process and stationery for submitting
Dividend Withholding Tax (DWT). The new process is a result of an on-going effort on the part of the IRC
to improve service delivery, reduce compliance costs for taxpayers and standardise forms.
NEW MONTHLY REMITTANCE FORM

A new Monthly Remittance form for the Dividend Withholding Tax has been created. This form is called a
D1 - “Dividend Withholding Tax Remittance Advice Form”, and this replaces any other monthly forms
issued in prior years. You may download a copy of the D1 form from the IRC website at
http://www.irc.gov.pg/tax_forms.html , request a copy by Email at SIGTAS@irc.gov.pg, or pick up a copy
in person from the IRC office of your choosing. The form may be completed by hand, or completed
electronically.
The traditional, multiple carbon copy forms are no longer in use and replaced by a much simpler form in
order to make it easier for taxpayers to comply with their obligations.
The new D1 form looks like this:
Internal Revenue Commission - “Your Partner in Nation Building”

Document ID: 2014-TPG-D1-01 Effective From: 24 February 2014 Page 1 of 4
Please note that the form no longer requires details of each individual payment made during the month.
Only the totals for the month are required. The detailed information now forms part of the annual
reconciliation discussed below.
NEW ANNUAL RECONCILIATION FORM

A new Annual Reconciliation form for Dividend Withholding Tax has been issued by the IRC. This form is
called a D2 - “Interest withholding Tax Reconciliation Statement”. You may download a copy of the D2
form from the IRC website at http://www.irc.gov.pg/tax_forms.html , request a copy by e-mail at
SIGTAS@irc.gov.pg, or pick up a copy in person from the IRC office of your choosing. The form may be
completed by hand, or completed electronically.
The new D2 form looks like this:
COMPLETING THE RECONCILIATION FORM

Here are some tips for completing the Reconciliation Form:
Page 1:
• At the top right-hand side of the form there is a space for the TIN of the withholder. The TIN is the
Taxpayer Identification Number – a nine-digit number that the IRC issues. TINs are replacing Tax
File Numbers (TFNs) in the PNG tax system. One TIN will cover all of your tax obligations – Salary
& Wages Tax, Dividend Withholding Tax, etc. If you have not yet been issued a TIN, please contact
your nearest IRC office to have one issued.

• The Dividend Withholding Tax Remittances section lists each month of the year. Show here the
amounts that you have remitted (paid) to the IRC for each month. These are the amounts that
appeared at the bottom of the D1 forms that you submitted throughout the year. Total (1) is the
sum of the twelve months.
• Total (2) shows the total tax deductions from the schedule of the payments made for the year. To get
this total, you must first complete the table on page 2 detailing dividend payments and
withholdings for the year.
Page 2:
• The “Details of Dividend Withholding Tax Deducted” schedule requires the TIN, Name and
Address, Gross Amount and Tax Deducted totals for the dividends paid for the entire year. Only
one line per person/business is required and this represents the total amounts paid to the
person/business. Do not list each payment made to the person/business, just the totals for each
recipient for the year.
• Please note that where Total (2) from the schedule of the deductions does not match Total (1) then
your forms do not reconcile for the year and you should review your information and correct any
errors. If your Reconciliation Statement does not match then a detailed explanation is required.
Page 3:
• Page 3 of the form looks like this:
• The Dividends Received schedule provides the details of any dividends that your organisation has
received during the year. The table requires the TIN, Name of the payer, the TIN of the payer, the
Gross Amount of the dividend and Dividend Withholding Tax Deducted by the payer. This table
needs to include the totals for the dividends paid for the entire year. Only one line per
person/business is required and this represents the total amounts paid by that person/business. Do
not list each payment made by the person/business; just the totals for each payer for the year.
SUBMISSION OF SCHEDULE ELECTRONICALLY
The IRC has now made available the opportunity to submit an electronic file of the schedule data. That
enables taxpayers to submit their schedule to the IRC in an excel template. The excel template is available
from the IRC and can be submitted via e-mail or on other physical media such as CD, DVD or USB Flash
Drive.
Templates for the electronic completion of the schedule extract may be requested by e-mailing
SIGTAS@IRC.gov.pg
A sample extract from the template looks like this:
The electronic submission can be delivered

• By e-mail to payments@irc.gov.pg (preferred)
• On physical media and either posted or delivered to your local IRC office.
IRC CONTACT DETAILS

For further information on the new process contact:
Arua Naime
322 6714
naimea@irc.gov.pg


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INTERNAL REVENUE COMMISSION

NEW MONTHLY REMITTANCE FORM

The new D1 form looks like this:

Internal Revenue Commission - “Your Partner in Nation Building”

NEW ANNUAL RECONCILIATION FORM

The new D2 form looks like this:

COMPLETING THE RECONCILIATION FORM

Internal Revenue Commission - “Your Partner in Nation Building”

A sample extract from the template looks like this:

The electronic submission can be delivered

IRC CONTACT DETAILS

Internal Revenue Commission - “Your Partner in Nation Building”

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