Foreword
The importance of having effective sanctions controls processes, as well as supplier codes of conduct embedded within an organisation are highlighted this month. It is clear this is not “tomorrow’s problem” and companies are urged to consider and act accordingly.
Certain cost-of -living tax changes were recently announced in PNG, and companies are reminded that provisional tax payment are due early next week.
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
Knowing your clients and sanctions risk
An Australian based freight forwarding company, Toll, made global headlines this month for violations of US sanction regulations attracting a penalty of over USD6m. The violations relate to c. 3,000 self-reported breaches of US sanctions against Iran, North Korea and Syria between 2013 and 2019 involving payments processed through the US for sea, air or rail shipments by Toll, its affiliates or suppliers.
Other topics covered include:
- Knowing your suppliers and supplier codes of conduct
- Parliament tax announcements
- Provisional tax due
- 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
