IPA’s lodgement fees killing struggling SMEs

Letters

CAN the Government look into the fees charged by the Investment Promotion Authority (IPA), especially the annual return lodgement fees?
The IPA is currently charging a K1,000 penalty fee on annual return lodgements every year on top of the normal K300/year lodgement.
Small to medium enterprises (SME) owners have to pay K1,300 for annual return lodgements.
Most, if not all SMEs have over five or more years of outstanding annual returns to file and having to lodge K1,300 annually is too much.
Some cannot afford such fees during this tough times.
While the Government is trying to promote SMEs and grow the economy, IPA’s penalty fees on annual return lodgement is an impediment for businesses in PNG.
The Government, through the Department of Commerce and Industry should revise the fee.
If IPA has been mandated to support the Government’s agenda of growing the SME industry in the country, they should consider removing the penalty fees on annual return lodgements.

Struggling SME Owner