Nasfund continues to recognise and reward employers who are continue their commitments towards securing their employees financial stability and future. Last night, this recognition was shown again with the Nasfund 2023 6th Annual Employer Awards hosted at the prestigious APEC Haus in Port Moresby. Nasfund Chief Executive Officer (CEO) Mr. Rajeez Sharma, this Awards goes to recognise those employees that lodge in their employees’ savings in time and ensuring that their employees financial future is secured. “These awards are more than just recognitions, they are a testament of the dedication and responsibility that each of you hold towards securing your employees financial future,” said the CEO. “At Nasfund, we believe that superannuation is not merely a statutory requirement but a crucial pilar to ensure a long-term financial stability of our work force.” He went on to praise the employers who prioritize this aspect of their employees’’ wellbeing, saying that they embody a value of care, responsibility and forward thinking that needs to be promoted across all the sectors. “We are thrilled to host this event and provide a platform where excellence in superannuation is acknowledged and celebrated” The 6th Annual Employer Awards on the night featured five main awards with three categories under each. The Awards are, Most Compliant Employer in Mandatory Contributions, Best Employer with Employer Voluntary Contributions, Best Employer with Member Voluntary Contributions, Most Compliant Employer in Account Maintenance, and Best Non- Mandatory Contributions Employer. The winners are as follows, · Most Compliant Employer in Mandatory Contributions - Category A, Goodman Fielders - Category B, Total Energies - Category C, Sesago Health Care Limited · Best Employer with Employer Voluntary Contributions, - Category A, Goodman Fielder - Category B, NCSL - Category C, TST Hohola · Best Employer with Member Voluntary Contributions, - Category A, JV PNG Investment - Category B, Save the Children - Category C, United State Embassy Port Moresby · Most Compliant Employer in Account Maintenance, - Category A, Mark Morton & Associates Ltd - Category B, Total Energies - Category C, Australian High Commission · Best Non- Mandatory Contributions Employer, - This Award went only to PNG Power Staff Savings and Loans Society Ltd Meanwhile the Chairwoman’s Award, which was presented separately form the main five awards, was presented at the end of the main ones. For this award, Category C Award went to Sesago Health Care Limited, Category B Award went to Total Energies, and Category A Award went to Goodman Fielder International PNG Ltd. The Awards night ended with a word of thanks to the employers for their continuous contribution on behalf of their employees and the sponsors that made the event possible. The sponsors are Brian Bell Group, BSP, CPL Group, Lamana Hotel, Loloata Island Resort, NCSL, Theodist Ltd, Puma Energy, SP Brewery, and Hannah’s Beauty Box.

The Internal Revenue Commission (IRC) of Papua New Guinea (PNG) is stepping up its mission to crack down on tax fraud, including that of the Goods and Services Tax (GST). The IRC Commissioner General, Mr. Sam Koim in a statement revealed that they have observed some fraudulent trends in the GST declarations submitted to the IRC. He said they have discovered some of the deeply troubling patterns and will work towards fully dealing with this very serious matter in breach of the county’s tax laws. “At the outset, it is critical to understand that a tax return, whether signed by a taxpayer or a tax agent, is a binding declaration of the accuracy of the provided information. False declarations are not taken lightly and come with severe penalties,” stressed the Commissioner General. “In response to the escalating instances of fraud, we have ramped up our vigilance, especially concerning GST credit returns.” He said the IRC has uncovered multiple instances where related parties are fabricating invoices or supplies to artificially inflate their GST Suppliers' Listings. “For example, Company A claims input credits from related entities B and C. These companies might not realize that we cross-check these input claims against third-party data, including Customs import records and bank transactions,” he went on to explain the process. “Verification extends beyond possessing an invoice—it involves tracking cargo movements, financial transfers, and matching invoices. Furthermore, we ensure that the suppliers, such as Companies B and C, have declared this income in their tax returns.” He went on to say that they have also discovered alarming discrepancies between GST declarations and Corporate Income Tax (CIT) returns. “Certain taxpayers consistently report a credit position annually, which contradicts the nature of their business operations. Others show higher expenditures than earnings in their GST returns without corresponding income declarations in their CIT returns.” “We have also found numerous cases where taxpayers regularly file GST returns but neglect to submit their annual CIT returns. Some individuals declare income solely for GST refund purposes, leading to significant mismatches when CIT returns are not filed.” He further added that because of this, they are now issuing default CIT assessments based on the information provided in GST returns. “We are also witnessing in the GST and CIT returns that most of the cash sales income are not declared. Some of those undeclared income finds its way in the expenditures listing, where taxpayer seems to spend more than the income declared.” Nevertheless, Mr. Koim said the IRC has developed measures to address this matter. “We have developed some matrix, including the launch of a project, to detect and penalise taxpayers for such evasive behaviour,” he said. He said the newly established Tax Crime Division of the IRC is actively investigating several GST-related fraud cases and will soon initiate prosecutions. “Let this serve as a stark warning, we are intensifying our efforts to detect and address fraudulent behaviors. The IRC is unwavering in its commitment to safeguarding the integrity of our tax system,” Mr. Koim further stressed, warning those who would attempt tax fraud.

The 2024 Census has been extended for two more weeks following several challenges that were faced by the Census teams throughout the country that hindered the exercise from being efficiently carried out in its first two weeks. The Minister for Administrative Services, Richard Masere when announcing the extension, said this extension is necessary to address various challenges and ensure a comprehensive and accurate count. “Due to logistical issues, particularly the unavailability of domestic flights caused by fuel shortages affected Air Niugini and other aircraft operators, we experienced delays in the delivery if census materials and the mobilisation of our personnel, the minister stated. However, he said despite these challenges, all census materials and computer tablets have now been successfully delivered to their respective areas. Third- tier training is currently underway in most regions, and they expect enumeration to commence shortly in those areas affected. “We have planned a standard mop- up process as part of the 2024 Census to address any delays caused by ongoing fuel shortages or any other issues. Our team is actively reviewing and implementing contingency plans to ensure the smooth continuation of training and the enumeration process.” The minister remains optimistic about the progress of the 2024 Census and is committed to its successful completion, and for that to happen, he wants the people’s corporation with Census teams when they visit them to have them counted. “We appreciate the patience and understanding of every PNG citizen, and everyone involved and thank the prime minister and the PNG Government for continued support during this critical census time,” the minister concluded. Meanwhile, the 2024 Census initially commenced on the 17th of June and ended on the 30th of June.

The Department of Agriculture and Livestock (DAL) and the Papua New Guinea Tourism Promotion Authority (PNGTPA) have teamed up to develop and promote the countries agritourism sector to the world. This was done recently in Port Moresby city on the 27th of June through the signing of a Memorandum of Understanding (MoU) between the two organisations, marking a step towards utilizing the country’s rich agricultural heritage to boost tourism and forge a partnership between two key economic sectors in PNG. Key objectives of this collaborative effort include the development of a National Agritourism Policy, to guide investment and establishing agritourism pilot projects in the Eastern Highlands, Milne Bay, East New Britain, and Morobe Provinces. PNGTPA’s Chief Executive Officer (CEO), Eric Mossman Uvovo said that Agritourism Steering Committee (ASC) and Agritourism Technical Working Group (ATWG) will be subsequently formed to guide the implementation of the MOU between the two parties. In addition, it is most likely that the committee will expand in the future to make room for relevant stakeholders who are involved in the space such as Food and Agriculture Organization (FAO), Fresh Produce Development Agency (FPDA), to ensure a sustainable and inclusive agritourism sector is developed. “Agritourism is an emerging niche tourism product that has great potential; the concept of agritourism provides an opportunity for local farmers such as honeybee producers, trout fish farmers or coffee growers, for example, to develop tour itineraries that are centred around their commodity or cash crop,” said Mr. Uvovo. “By doing so, it provides local farmers the opportunity to develop a tour package that proudly showcases the farm site, process from raw material to a finished product and allows for branding of local PNG products or local dishes and cuisine.” He added that the MoU partnership with DAL will provide the policy and planning advisory support and cofinancing of an integrated work plan, setting the foundation for a sustainable agritourism sector. “This collaboration will ensure that we harness the full potential of our agricultural and tourism resources to drive community empowerment, economic growth and cultural preservation.” It is anticipated that following the endorsement of the National Agritourism Policy, the parties will work together to facilitate investment in the agritourism sector. This includes the development and marketing of existing agritourism products to create niche markets and attract tourists. DAL Secretary, Dr. Sergie Bang, hailed the recent MoU with PNGTPA as a significant milestone for the agriculture sector. He emphasized that the collaboration aligns with the newly launched National Agriculture Sector Plan 2024-2033, which aims to transform subsistence farming into commercial farming and entrepreneurship, because agritourism development will play a crucial role in achieving these objectives by providing additional revenue for farm owners and strengthening self-sustaining, resilient communities. During the event, Dr. Bang highlighted the shared commitment to facilitating regional consultations and comprehensive stakeholder engagement in the policy formulation process. He said by collaborating with relevant agencies, the partnership aims to efficiently achieve the MoU's objectives and drive the transformation of the agriculture sector to empower healthy and prosperous agricultural communities. The MoU is set for an initial period of three years, setting the stage for a path to harness PNG's agricultural potential to boost tourism. Through this partnership, both PNGTPA and DAL are committed to developing a vibrant agritourism sector that will contribute significantly to the country's economic development.  

A desperate effort by squatters at the 9 Mile Bush Wara outside Port Moresby to prevent their imminent eviction on three (3) portions of land belonging to Nambawan Super Limited (NSL), was quashed when the Supreme Court threw out their review applications just recently. On Wednesday, 26th June 2024, The Supreme Court dismissed three Supreme Court Review Applications filed by illegal squatters of Portions 2156, 2157 and 2159, and ruled in favour of Nambawan Super Limited (NSL). The Supreme Court applications filed in May 2024, sought leave (permission) to review a previous decision of the National Court in 2020, which found Nambawan Super to be the rightful owner of the Land Portions 2156, 2157 and 2159 at Bushwara. In dismissing the application, the Supreme Court found that, 1. The settlers failed to demonstrate cogent and convincing reasons or exceptional circumstances to warrant a review, and 2. There were no clear legal grounds (arguable case) to merit a review. In handing down the decision, the Supreme Court stated that it was not satisfied that any exceptional circumstances exist showing a manifestation of substantial injustice. The indefeasible titles of the respondents (Nambawan Super) have not been challenged and are not challenged. The applicants do not have any titles to the land than Nambawan Super. It was therefore not in the interest of justice to grant leave to review to the settlers. The outcome of the Supreme Court’s decision over the three (3) Land Portions reaffirms Nambawan Super’s ownership to the lands. This is a positive outcome for the 228, 319 Members who have been waiting for a long time to have their property freed up for their collective benefit. Nambawan Super has followed all legal requirements to lawfully secure the titles of its Land Portions. The Court’s dismissal allows the Sheriff's Office together with the Royal Papua New Guinea Constabulary (RPNGC) to proceed with executing the Eviction Order for Portions 2156, 2157 and 2159, to secure vacant possession and return to NSL who own the land in trust, on behalf of its members. NSL wishes to inform all stakeholders, including all illegal settlers at Bushwara, that while reports have been circulating that the office of the Governor of NCDC is in discussions with Nambawan Super to seek solutions for the settlers, these negotiations ended on the 14 of March 2024, when Nambawan Super successfully refreshed its National Court Orders for vacant possession for all the Land Portions. In that regard, the Sheriff’s Office and RPNGC will proceed with the evictions in compliance with the Orders of the Court. Illegal squatters on these Land Portions who have been granted a 120-Day grace period are reminded that this period will end on Wednesday, 10th July 2024. The Eviction Exercise will commence on Thursday, 11th July 2024. NSL requests the support and cooperation of all stakeholders, to ensure the carefully planned Bushwara Eviction Program for Portions 2156, 2157 and 2159 is implemented in a safe and peaceful manner. All illegal squatters are strongly urged to immediately dismantle their personal property and voluntarily vacate with just few days remaining. As a Trustee, Nambawan Super Limited cannot use Members’ funds to assist squatters. Those who would like assistance should speak to the Police located at the Site Office at Bushwara. As of today, Monday 1st July, the illegal squatters have just 10 more days left before eviction day is upon them.

The Central province Governor, Rufina Peter along with her provincial administration finally submitted their 2021 and 2022 Provincial Support Improvement Program (PSIP) Acquittals today to the Department of Rural Development and Implementation (DIRD) after some delays. The new Acting Provincial Administrator, Mr. Edward Kila said the delays in the submissions of the acquittals, were due to one disaster and the changes within the provincial administration itself. In a written letter presented at the DIRD office in Port Moresby today, he said the building that housed some of the source documents burned down in 2022 destroying some of that, while the changes to the provincial administrator’s position also caused some delays. “There were some supporting documents still with the former provincial administrator and were not easily obtained,” Mr. Kila said. "I only assumed the role of Acting Provincial Administrator in December 2023.” Also, there was a change of the Provincial Financial Manager, but nevertheless, the provincial government was able to put together the PSIP Acquittals for the two-year period and finally present them to the DIRD. “I will give my undivided support to ensure in the future we provide acquittals on time and the production of the reports are consistent with your (DIRD) template.” The PSIP acquittals are important because the funds are constitutional funds allocated to respective Members of Parliament (MPs) and Central province as a recipient of the funds, has the duty to report back on how the funds were used to provide service to the people. “We are obligated by law to provide the acquittals reflecting the receipt and expenditure for funds received during these said periods,” said the Acting Provincial Administrator. Meanwhile, Governor Peter expressed satisfaction over the completion of the acquittals and happily handed them over to the DIRD Deputy Secretary Mr. Gordon Wafimbi at the DIRD office.

The National Airport Corporation (NAC) and Nasfund today signed a Memorandum of Understanding (MoU) that will see the two-organisations benefit from the investments that will be made in the airport facilities nationwide. The Minister for Transport and Civil Aviation, Walter Schnaubelt who officiated at the small but significant signing ceremony at his office at 7 Mile, Port Moresby said the agreement will enable Nasfund in the future to invest in infrastructures like shops or facilities that would offer convenience for the travelling public at airports. “Today marks a significant milestone for the National Airport Corporation,” said the minister. “We sign now an MoU with Nasfund to try and now look at potential investment development opportunities within the airport precinct of all twenty- two airports under the management of National Airport Corporate.” “This MoU will give opportunity for both the Nasfund and NAC to identify which areas of investments and information that is needed by NAC and acceptable by Nasfund in terms of their requirement.” “This is an opportunity we’ve been waiting and longing for a long time and it’s now here and we are looking forward to that relationship and provide all the necessary information to get to the stage that we can sign an actual agreement, and investment identification in terms of what we are going to build and what cost,” he added. Nasfund Chief Executive Officer (CEO) Rajeev Sharma said the investment that would be made will greatly benefit its 680, 000-member base with returns on investments passed on to the members. He said this will greatly increase Nasfund investment portfolio. Meanwhile, NAC Acting Managing Director Mr. Dominic Kaumu said NAC needs this kind of partnership that would assist them develop their airport facilities because NAC cannot do it alone given the major costs involved. Mr. Kaumu said NAC along with Niusky Pacific have K4 billion worth of assets and this agreement identify which parts of land to build and what type of building to build on the land, greatly benefiting NAC and the traveling public.

Ok Tedi Mining Ltd (OTML) has stepped in assist with the supply of aviation fuel (JETA1) to support the aviation industry, which is currently experiencing fuel issues and flight disruptions due to the inability of Puma Energy to supply fuel. OTML is proud to announce that this assistance is through the establishment of a robust and reliable JETA1 supply chain, crucial to resolving the ongoing fuel crisis in Papua New Guinea (PNG). This decisive action comes in response to Puma Energy’s continued inability to supply the nation due to its alleged Forex issues. OTML has recently concluded agreements with the nation's major airlines to ensure a stable and sufficient fuel supply to get the nation’s airlines meeting their flight schedules without interruptions. The aviation sector in PNG has been severely impacted by Puma’s continuous supply disruptions, causing significant travel delays and economic setbacks. OTML Managing Director and Chief Executive Officer (CEO), Mr. Kedi Ilimbit said OTML’s commitment to securing this supply chain marks a pivotal moment for the industry, paving the way for renewed confidence and operational efficiency for the airlines and their passengers. "We are thrilled to have established a reliable supply chain that will play a crucial role in resolving the fuel crisis in Papua New Guinea," said Mr. Ilimbit. "Our agreements with these major airlines underscore our dedication to supporting the industry and our nation with the essential resources needed to resume and maintain robust flight operations." The agreements between OTML and PNG's leading airlines include long-term supply contracts that ensure an uninterrupted JETA1 fuel supply. He said this development is timely as Puma continues severe rationing to airlines that have in turn been struggling to meet passenger demands and maintain their flight schedules due to fuel shortages. The reliability and consistency of this JETA1 supply will enable airlines to plan and operate with greater confidence, contributing to the broader economic recovery.

Prime Minister (PM) James Marape has put out a statement refuting what he says are claims made by one of the daily newspapers that the country is facing a cash crisis. In that statement, Marape refuted claims in an article by Post-Courier on Tuesday 25th June 2024, which stated that the government is presently experiencing a cash crisis. He said this is not true and assures the public, business houses, stakeholders and investors that government accounts are being managed prudently by Treasury, and Finance and Planning, with revenue collection pushing 50 percent (50%). PM Marape said, “Every week, there is a budget management committee that sits to ensure that government priorities are being retired, as we collect revenue and disburse the expenditures as we go. “As I speak, up to today, we have collected 42 percent (42%) of our envisaged revenue totaling over K8.4 billion. “So, we collect and pay as we go; we are managing our cash flow to make sure that what we collect go to essential and recurrent expenditures in the first instance, then our core development budget. “There is no issue with cash in the country,” PM Marape further stressed. To prove this, Marape said Treasury will release the mid-year fiscal economic outlook report to the public at the end of the month to fully outline spending past mid-year and the economic management for 2024. “I want to assure all our stakeholders in the country that there is no cash crisis. We are paying for expenditures as budgeted; all expenditure is consistent with our funding plan in Budget 2024. “We are managing our finances well, as we have done over the last five years including the toughest years of 2022 and 2023 with COVID-19. “We have a temporary advance facility with Central Bank of up to K1.5 billion which we fall back on when we need to because our fiscal management is reliable and Central Bank trusts us as we have not defaulted since 2019,” said the Prime Minister.

The recent Regional Consultative Workshop and Review of the NYDA Act 2014 was held in Banz, Jiwaka province from 17th June to the 21st of June where the Highlands regional participants were told of the importance of this exercise. The Minister for Community Development and Religion, Jason Peter, who spoke during opening of the recent consultation and review, said the National Government is focused on addressing the youth issues in the country such as unemployment, and looks forward to making important changes so to better deliver that, and that is why such consultations, and the review of the NYDA Act are significant to the cause. He said this consultative and review exercise aims to get the views of all youth stakeholders in four (4) Regional Consultative Workshops. “Once this is done, all the lists will be put together and then sent to the government,” said the minister when explaining the process following the consultations and reviews. The NYDA Director Mr. Joe Itaki also gave his piece of advice, urging all youth stakeholders to make submissions and give their views in the respective regional consultations. “In collaboration with key stakeholders, we need to work together to raise the bar pertaining to youth interventions, hence the Act Review is timely to ground programs on a solid legal footing. This will help towards strengthening connection from national to the subnational level,” he said. Meanwhile, the two remaining regions (New Guinea Islands & Southern) will host their Regional Consultative Workshops in July. The Momase region was the first to start and completed its consultative workshop last year. Thereafter, all views, opinions and submissions will culminate in the final amendment to be presented to the National Parliament at the end of this year.

Nambawan Super Limited (NSL) has final secured its final portion of land at Bush Wara at 9 Mile, Port Moresby following at lengthy court proceeding that took six years. Last Friday, 14 June 2024, the National Court ruled in favour of Nambawan Super by dismissing an appeal made by an illegal squatter, challenging the summary ejectment order of the District Court for NSL’s Land Portion 2158 at 9- Mile, Bush Wara. The Court found in 2017 that the illegal squatter, whilst working at the Department of Lands, fraudulently acquired the title to Portion 2158, and ordered him to vacate the land. But the squatter continued to occupy the land, in defiance of this Court Order from 2017, while launching several court proceedings against Nambawan Super, frustrating its efforts to secure possession of its rightful asset. Last week Friday, after the National Court reaffirmed its decision of 2017, refreshed orders were issued to proceed with the eviction of this particular illegal squatter. On Thursday, 20 June 2024, the Eviction Order for Portion 2158 was executed by the Royal Papua New Guinea Constabulary (RPNGC), with vacant possession secured and handed back to NSL who own the land in trust, on behalf of their 228,319 Members. Nambawan Super has followed all legal requirements to lawfully secure the titles of its Land Portions. The outcome of the National Court’s decision over Portion 2158 reaffirms Nambawan Super’s position, and that is to serve and protect the interests of its 228,319 Members. NSL has explored every possible option to find an equitable resolution for all parties. "Despite our efforts, all options have been exhausted, leaving eviction as the final recourse. In light of this, NSL requests the support and cooperation of all stakeholders, to ensure the carefully planned Bush Wara Eviction Program for Portions 2156, 2157 and 2159 is implemented in a safe and peaceful manner." Illegal squatters on the remaining Land Portions have been granted a 120-Day grace period that commenced on Tuesday, 12 March 2024 and will end on Wednesday, 10 July 2024. The Eviction Exercise will commence on Thursday, 11 July 2024. “We strongly encourage all illegal squatters to immediately dismantle your personal property and voluntarily vacate now, as you have less than 20 days remaining.” As a Trustee, Nambawan Super Limited cannot use Members’ funds to assist Squatters. Those who would like assistance should speak to the Police located at the Site Office at Bush Wara.

The public and business houses in the country will have to dig a bit deeper into their pockets to purchase Ramu Sugar following the announcement of a price increase on the locally refined sugar product. The Independent Consumer and Competitions Commission (ICCC) recently made this announcement just after acknowledging the increase of sugar price by Ramu Agri Industries Limited (RAIL) up by five per cent (5%). According to the ICCC Commissioner and Chief Executive Officer (CEO) Mr. Paulus Ain, the increase was due to RAIL’s factory- gate price. Ramu Agri notified the ICCC of the increase, stating that it was due to the high cost of operation and materials. “Upon ICCC’s assessment of the information provided by RAIL, the ICCC noted that RAIL’s price increases are mostly due to in- country cost, particularly its domestic production volume which is greater than its import volume,” said Mr. Ain. “Given RAIL’s high domestic production volume, the ICCC concluded that despite a reduction in international prices recently, this may not have a significant bearing on RAIL’s domestic prices. “We have observed that RAIL has been keeping its prices constant from 2018 to 2021, while international sugar prices have been increasing during that period, thus giving an indication that RAIL was not sensitive to movements in international sugar prices.” However, since December 2021, RAIL has been slowly increasing its factory- gate price between 3% and 5% as the global inflation continues to persist in the domestic economy. This Mr. Ain said is concerning for the Commission with the increase in price for sugar and other basic goods in the country. The ICCC is mandated to monitor the prices of basic household goods, including sugar and under the price monitoring role, it monitors the popular Ramu Mill White Sugar 1kg packs at the factory- gate level and at the retail level as well, against relevant international benchmark prices. As such, Mr. Ain said if there is a significant shift observed between domestic and international prices of sugar, then the ICCC may require RAIL to justify and if the ICCC is not satisfied with the justification, it can recommend to the Treasurer to declare sugar for stringent price controls. Nevertheless, the ICCC continues to urge other importers of sugar to reflect on their true cost in their pricing and they must not raise their prices unnecessarily to the detriment of consumers. Mr. Ain said the Commission will continue to monitor sugar prices to ensure consumers are not disadvantaged in terms of fair pricing.