Foreword
This month we turn the blowtorch on IRC’s release of the Mutual Agreement Procedure (MAP) Guideline. This release articulates how PNG’s double tax treaties with participating countries playout to resolve international tax disputes by taxpayers.
We also drilldown and take a closer look at Modern Slavery and the business categories where workers are most vulnerable to be deprived of their rights including human rights. We identify tools for business and workers to use in reporting slavery practices to authorities.
We discuss the recent visit in March to PNG by OECD and the Intergovernmental Forum (IGF) which was focused primarily on Mining, Metals and Sustainable Development. The deep dive into the mining sector was designed to identify gaps to strengthening government agencies in addressing taxation challenges within the mining extractive sector.
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, financial statement preparation, payroll services, and assurance. As such we are well placed to provide a truly multi-disciplined approach to business advisory.
Mutual Agreement Procedure Guideline
IRC released its Mutual Agreement Procedure (MAP) Guideline this month. The MAP article in each of PNG’s Double Tax Treaties allows for the competent authorities from the governments of the contracting countries to interact with each other to resolve international tax disputes. MAP can help relieve double taxation and resolve treaty-related tax disputes and issues in interpreting or applying a tax treaty.
Other topics covered include:
- Modern slavery
- OECD and IGF visit PNG - focus on mining inductry
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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.