Agency: Submit reports

 THE Investment Promotion Authority (IPA) has urged all Papua New Guinean registered companies to start lodging their outstanding annual returns before February next year.

Registrar of companies Alex Tongayu said those that failed to comply would face increased penalty fees. 

“If you have any outstanding annual returns out there, maybe for the last five years, or maybe ten years, down the line, you have the opportunity to launch that with the current fees that we have within Nov 1 and Jan 31.

In a media conference yesterday, Tongayu said the aim of the new policy was to make sure companies complied with the regulations set out by IPA.

“To ensure that there is disciple by companies, especially directors and company owners, to comply with the law and at the same time conduct business in the country.

“We are increasing the fees to maintain our services.

“Although there’ve been increases in running the office, we have never increased any fees over the last fourteen years. We’ve carried those costs at our expanse, with minimal costs. 

He said under current laws, “if you fail to comply with annual returns, the penalty is K100 per annual return … So if you have two years of outstanding annual return, you have K150 plus K150 which is K300 penalty. Under the expected penalty for next year, if you fail to lodge annual returns for a year, it’s about K1000, two years it will be K2000.

“We’re making things difficult to instill discipline in them. Many have taken things for granted, and have walked away with those penalties.”