Investment Promotion Authority (IPA)

IPA to review Act

This is to ensure the promotion and facilitation of investments both foreign and domestic.

In its second issue of the Opportunity Newsletter for 2021, the IPA says the proposed amendments to the Investment Promotion Act allow PNG to remain open to foreign investment but will improve processes for reviewing the Cottage Business Activities List (CBAL), also known as the Reserved Activities List (RAL), and introduce a Restricted Activities List.

These activities will be identified under the proposed amendments and accompanying regulations.

Burdensome processes give rise to corruption: IRC

It is hoped that the renewal of the memorandum of understanding between the Internal Revenue Commission (IRC) and the Investment Promotion Authority (IPA) will reduce it.

The MOU signed between the two agencies on the 14th of May allows for an efficient, streamlined process.

IRC Commissioner General, Sam Koim, said this partnership, which was first signed in 2013, allows ease of access for citizens and clients.

Companies deregistered

The companies were deregistered after failing to lodge their annual returns since 2000.

The deregistering is part of the IPA’s exercise to ensure registered companies are compliant to requirements under Section 368(1) of the companies act.

In November 2019, the IPA issued a Notice of Intention to remove 5,000 defaulting companies who had failed to submit annual returns since 2000.

The defaulting companies were given one month to comply and lodge their annual returns.

IPA to embark on staff housing project

Acting Managing Director, Clarence Hoot, tells Loop PNG that the policy for the housing program has been approved and they will begin initial groundwork to implement it this year.

Hoot said the Government decision to no longer provide budgetary support commencing in 2017 has promoted IPA to be strategic in its approach to carrying out its activities and implementing its programs.

He said in order to achieve this, they have to look after the welfare of their staff and that is through the housing program, which they will be pursuing beginning this year.

Authority gets more strategic in approach

Under the 2017 Budget handed down in November 2016, the Government says the IPA is able to sustain its operations from internally generated revenue and will no longer be receiving budgetary support.

A funding of K2.17 million captured under the IPA is given specifically for the Securities Commission of PNG only.

IPA Acting Managing Director, Clarence Hoot, tells Loop PNG that the decision has prompted them to be more strategic in their approach to delivering their programs.

IPA: Compliance promotes conducive business environment

This is the message the Investment Promotion Authority (IPA) has been promoting in provinces throughout last year and will continue on into the new year.

Under its provincial outreach program, the IPA educates both the private and public sectors on the importance of complying with business regulatory requirements and the impacts it has on the growth of businesses in the provinces

The IPA  also hosted discussion on how stakeholders can work in partnership with the IPA in delivering services to create a conducive business environment.

IPA deregisters 5 political parties

Members of these political parties face the consequence of contesting the forthcoming elections as independent candidates.

Registrar of Political Parties, Dr Alphonse Gelu, said: “The current organic law states that you have to register first as an association and then you come and register as a political party”.

In a press conference yesterday, he said the office of the registry of political parties has discovered that 5 out of the 34 registered parties have been de-registered. This poses serious impacts on the preparations for the parties concerned.