Authority: Over 100 firms not complying

THERE are 141 companies in Lae yet to comply with Investment Promotion Authority rules and regulations, according to a data base survey conducted recently.
The survey and inspection exercise was undertaken by the IPA in April.
IPA acting managing director Clarence Hoot said the annual exercise was jointly undertaken with government agencies and provincial administrations.
The intention was to collect business data to be used by the Government on policy initiatives, and to ensure compliance with regulations by companies and groups.
Hoot said when conducting the exercise in Lae, they found 175 non-compliance business entities. Some have since complied by filling the relevant forms.
“Opportunities were given to those non-compliance business entities over the last three months to comply and keep their records up-to-date. That lapsed on July 20,” Hoot said.
“For now, those members from the chamber who have not complied will pay a K300 lodgement fee and a penalty fee of K1000.”
The April report revealed general ignorance of requirements by some companies and groups.
The Investment Promotion Authority plans to create more awareness to inform business entities and groups the importance of complying with rules and regulations.
Hoot said paper lodgements were going through agents and were taking long to reach the IPA or the Internal Revenue Commission.