Foreword
Welcome to the March 2022 Kundu!
This month we analyse BPNG’s Monetary Policy Statement. We also focus on what companies could implement to improve their financial management and ultimately the audit opinions issued on their accounts.
Please be mindful that due to technical and other issues there is a current delay in the issuance of work permits.
In the tax world, GST is a hot topic this month with government plans to remove GST on certain products, which may then require suppliers to effect certain system configuration changes. Another area which has generated a lot of interest this week has been the IRC’s publication of a comprehensive list of tax offences – quite an interesting read! Finally, please ensure that you as taxpayers are lodging in time and using the correct documentation, while at the same time the usage of the myIRC Portal is also encouraged, as far as is possible.
KPMG in PNG has dedicated in-house specialists in all the following areas: internal audit/risk, visa migration, corporate finance, management consulting, IT advisory, fraud investigation as well as tax and assurance. As such we are well placed to provide a truly multi-disciplined approach to business advisory.
In this Month's Kundu
Analysis of BPNG’s March 2022 monetary policy statement
The Acting Governor of the Bank of PNG delivered the Monetary Policy Statement (MPS) this week. The recovery in economic activity in 2021 from the ongoing COVID-19 Pandemic is expected to continue in 2022. However, the challenges from the pandemic, supply-chain disruptions, high oil prices and inflation, and the current Russia-Ukraine war could derail the recovery
Other topics covered include:
- Plans to improve financial management and audit opinions
- Change to GST rate on certain products
- IRC publish schedule of tax offences and penalties
- Tax return forms and income tax deadlines
- myIRC portal
- Potential delays in work permit approvals
- Our social media presence
Please enjoy this month’s Kundu and reach out to us at kmcentee@kpmg.com.au if you would like to see KPMG cover specific topics in future editions
