TheInvestment Promotion Authority today officially launched its new online registration and database system.
IPA staff and management togther with government officials and members ofthe diplomatic corps were today joined bythe Minister for Trade, Commerce andIndustry, Richard Maru, to launchthe authority’s online registry system.
Jointly funded bytheInternational Finance Corporation andthe New Zealand government,the new online registration system is part of IPA'’s modernization program aimed at improvingthe ease of doing business inthe country.
The system is considered to be a game changer for Papua New Guinea#39’s business sector and will provide fast and efficient services to IPA clients, enablingthem to register new companies, reserve business names and submit company lodgments, viathe internet.
The public will also be able to conduct company searches for free usingthe system as opposed to paying a company search fee as it was inthe manual system.
The situation is considered a win/win for both IPA and its clients as it’saves money and time as well as a total of three million kina per year for theInvestment Promotion Authority.
Also signed today was a Memorandum of Understanding between IPA,theInternal Revenue Commission as well aPNG Customs ontheir mover towards setting up an online one-stop-shop for businesses.
The directive ofthe memorandum is to have a common online platform that will serve not only as a lodgment system but as a taxation centre as well.
This plan has been created primarily to help minimizethe issue of tax evasion by certain registered entities.
Minister Maru has set July 2014 asthe target date for the launching of this online registration and taxation platform.
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