Welcome to the first edition of the KPMG Kundu for 2023! As this area becomes increasingly relevant, this month we touch upon the AML/ CTF and its requirements and impact on PNG businesses. Slightly more technical, we reveal in some detail how higher interest rates and inflation may affect the impairment testing of non-financial assets. In terms of compliance, it is noted that the new Investment Promotion (Amendment) Bill 2022 was passed in Parliament on 11 January 2023. In addition, associated with the changes to the IPA’s online system, all registered entities are required to re-register by 31 December 2023 or else be struck off.
As a final word, it is recommended to start planning for tax compliance early. While the income tax return deadlines are yet to be confirmed by IRC, these are expected to be 30 June 2023 for 31 December taxable returns and 31 July for 31 December non-taxable returns.
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
How will higher interest rates and inflation affect the impairment testing of non-financial assets?
In many countries, inflation is at levels not seen in decades driven by persistently high energy costs and rising commodity prices. This is feeding into rising labour costs and creating expectations of wage inflation.
Other topics covered include:
- AML/ CTF - its requirements and impact on PNG businesses
- The New IPA Amendment Bill 2022 passed
- Companies Office re-registration
- IRC income tax returns – why prepare early?
- 13th Prime Minister’s Back to Business Breakfast
Please enjoy this month’s Kundu and reach out to us at email@example.com if you would like to see KPMG cover specific topics in future editions