Foreword
This edition talks about how the year in PNG kicked off, and what the economy may look like in the short term. We also highlight the top ten global geopolitical risks indicated as well as shine a flashlight on the Australian economic outlook. On the tax front, it is important to note that taxpayers are required to bring all historic outstanding income tax returns up to date by 28 February 2024.
KPMG in PNG has dedicated in-house locally based specialists in all of the following areas: cybersecurity and technology advisory, internal audit/risk, visa migration, corporate finance, management consulting, fraud investigation as well as tax, audit readiness,inancial statement preparation, payroll services and assurance. As such we are well placed to provide a truly multi-disciplined approach to business advisory.
In this Month's Kundu
An unexpected start to 2024 in the 'Land of the Unexpected'
The start of 2024 has seen Papua New Guinea in the international news for all the wrong reasons. ‘Black Wednesday’ on January 10th saw widespread civil unrest, looting and property destruction in Port Moresby sparked by a strike by the police over a pay glitch. The unrest made international headlines and prompted a state of emergency. There is little doubt that the unrest is symptomatic of deeper economic, social and political issues and the episode has brought political issues to the fore in the nation. Several MPs resigned from Government in the wake of the unrest citing economic mismanagement and a crisis of confidence in the Government. There are rumblings of an impending vote of no confidence.
Other topics covered include:
- Top ten geopolitical risks 2024
- Australia economic outlook
- IRC updates
Our social media presence
As usual, you may access our regular multi-disciplined thought leadership pieces, newsletters, and updates on our KPMG PNG LinkedIn page. Also, connect via our webpage www.kpmg.com.pg and Facebook https://www.facebook.com/pngkpmg/
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.