The Back to Business breakfast event on 30 August was well attended, and this newsletter includes insights gained from the Prime Minister’s presentation. Earlier in August the IRC conducted the first tax agent liaison meeting held since early 2020 due to COVID-19 related reasons. We discuss the main matters discussed at this meeting. Also, on the taxation front, Treasury will be reprising the consultation process on the Income Tax Act Re-write in early September 2022.
We discuss the potential impact of the amendment to the Lawyers Act which requires any person performing the role of an in-house lawyer or a legal consultant to a body corporate in PNG to be admitted to practice as a lawyer in PNG.It is further important to note that BPNG are currently conducting compliance audits in relation to foreign exchange controls. Finally, and potentially welcome news: PNG is to re-open the visa on arrival process since pre Covid and also to allow quicker automatic pre-approved online visas.
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
PM James Marape says that when PNG wins – you win
The recently concluded national elections were marred by a degree of uncertainty, delay and unrest and the Marape Government has been returned with PM James Marape re-elected. The new cabinet has been formed with a mix of familiar and new faces. The return of the Marape government is encouraging for the continuity that it provides, particularly in respect of policy, and it provides business and donor partners with the ability to build upon relationships forged.
Other topics covered include:
- IRC tax agent liaison meeting
- In-house lawyer qualifications
- Bank of PNG compliance on exchange control
- Income Tax Act Re-write
- Visas on arrival
- Our social media presence
Please enjoy this month’s Kundu and reach out to us at firstname.lastname@example.org if you would like to see KPMG cover specific topics in future editions