Foreword
by Ces Iewago, KPMG PNG Managing Partner
2024 has been an interesting year for PNG, it started with some trepidation following the 10 January civil unrest and ended with some cautious optimism from the PNG Investment week in Sydney.
In our final Kundu newsletter of the year, we take a look at some of the key announcements from the Sydney conference.
As PNG plans to emulate Fiji’s GST Monitoring System we discuss its application in Fiji and what it might mean for PNG.
Finally we provide yet another update on the Income Tax Act Rewrite - after 5 years of consultation it may at last be passed in 2025.
From the team at KPMG we wish you all the best for the New Year and we look forward to working with you in 2025.
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.
- Highlights from the PNG Investment Week
The recent PNG Investment Week in Sydney ended what was otherwise a difficult year for PNG on a high note. Often criticised as merely an annual Christmas shopping opportunity this year has seen some substantial and positive developments. Whilst Santa is not yet down the chimney with the investment presents to put under the tree, the signs are promising.
- GST Monitoring System
As previously flagged by the Commissioner General, IRC intend to introduce a GST Tax Monitoring System to help combat alleged tax evasion in the retail sector. The system will allow for the automated documentation, collection and reporting of transactional data such as invoices, receipts and other data at the point of sale.
- Update on new Income Act Rewrite
In the end the much anticipated legislation for the new Income Tax Act Rewrite was not presented to Parliament in November and has instead been deferred until the first parliamentary session of 2025. This is expected to take place in March 2025.
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KPMG Kundu newsletter series
Learn about key regulatory and geopolitical issues affecting the business entities in the PNG region.
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