Kundu March 2023

This March edition of Kundu will be the last where readers have the foreword authored by Zanie, with the passing of the baton to Ces Iewago. Ces will provide his commentary in future newsletters, which will no doubt be very insightful.

In this edition we continue with our discussion of artificial intelligence, especially ChatGPT, and some consideration of risks and benefits. ChatGPT has to be credited with co-authoring one paragraph in this edition.

In terms of the ever-increasing prominence of ESG for business, KPMG hosted a well-attended ESG seminar in early March at Apec Haus, where subject matter experts walked us through ESG as a concept and the associated considerations. 

Taxation is always an important topic included in our monthly newsletters, and recently we met with the IRC to understand their progress with reforming the GST refund system and process. The IRC also announced the restructure of their leadership team this month, with the creation of three business arms. They have also launched a Certificate of Compliance (COC) self-validation mobile phone app on google play store.

In terms of statutory compliance the IPA has been moving to a new online registry system since November 2022, and one implication of this system requires reregistration by all companies.

Finally, and this may be met with mixed reviews: the National Payments Council has determined that private sector cheques will not be accepted after this calendar year, with electronic payment required going forward.

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.

Enjoy the read this month and reach out with any enquiries at kmcentee@kpmg.com.au if you would like to see KPMG cover specific topics in future editions.