Foreword
We started the year with risk being elevated to be the centre of mind for business executives and all who call PNG home. As the dust settles from the events of 10 January PNG continues to face further challenges. Political uncertainty, continuing forex issues, fuel shortages, worsening law and order and the weakening of the institutions of state, just to name a few. These challenges will require consultation with significant collaboration between government, business and all stakeholders to chart a way forward.
The geopolitical landscape places PNG at the centre of the Pacific region with risks it must navigate skilfully. An excellent article below will bring you up to speed as to geopolitical risk. We provide you recent updates about tax evasion and what IRC is doing to expose these practices.
Finally, we bring you up to speed on developments in the Human rights and Climate Change space.
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
Mining company charged for engaging in work visa-related tax evasion
by Karen McEntee, Partner, Business & Tax Advisory
In an alarming development IRC issued a press release this week stating they have imposed a tax assessment of K11.79m on an unnamed mining company. The company has been accused of engaging in incidences of visa violations and tax evasion. The incidences allegedly include bringing in foreign workers on a work visa for one company but then working for multiple companies, paying foreign workers through their overseas/home bank accounts while paying a low living allowance in PNG to avoid taxes and sometimes signing two contracts to avoid tax.
Other topics covered include:
- 2024 will be a year of geopolitical risk, and the Pacific will face more than its share of challenges
- Human rights and climate change
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.