Annual Returns - Are You Or Your Customer Up To Date?

The Investment Promotion Authority (IPA) has issued an ultimatum to all companies operating in Papua New Guinea (PNG) who have outstanding Annual Returns.

Under the Companies Act 1997 (the Act), the obligation to file an Annual Return once every calendar year applies to all companies operating in PNG whether incorporated in PNG (Section 215) or foreign incorporated and registered as an overseas company in PNG (Section 391).

A company has 1 month to file the Annual Return from when it falls due (Section 215(1) of the Act and Regulation 7 of the Company Regulation 2015). After this date, a late penalty fee of K1000 would ordinarily apply.

As an incentive to all companies to be in compliance with their reporting obligations, the IPA has temporarily waived the penalty fee for any Annual Returns filed online until 30 June 2017.

The IPA has issued this notice along with a full listing of defaulting companies on their website (accessed...