Zabaf-SME

05/06/2026

28/01/2026

Fresher Accounting Students Skills:

1. Basic Accounting Knowledge – Accounting Principles, Journal Entries, Ledger, Trial Balance

2. Accounting Software – QuickBooks, Tally, Xero, ERP/Cloud Accounting Software

3. MS Excel Skills – Formulas, Pivot Table, VLOOKUP, Charts, Data Analysis

4. Financial Reporting – Balance Sheet, Profit & Loss Statement, Cash Flow Statement

5. GST & Tax Knowledge – Basic understanding of VAT, GST, Tax Filing

6. Bank Reconciliation – Understanding & preparing bank statements

7. Attention to Detail – Accuracy in numbers & records

8. Communication Skills – Reporting, Email Writing, Team Work

9. Time Management – Meeting deadlines, prioritizing tasks

10. Analytical Thinking – Data analysis, problem solving

16/10/2025

Our valued SME clients and other interested small businesses to understand the:

Importance of Tax compliance requirements with the Internal Revenue Commission (IRC) for Small and Medium Enterprises (SMEs) in Papua New Guinea (PNG):

 Brief overview of the IRC as the national tax authority in Papua New Guinea.
 Definition of Small and Medium Enterprises (SMEs) under PNG’s SME Policy.
 Importance of tax compliance within PNG’s business environment.

1. Legal Obligation

Requirement under law:

o All businesses operating in PNG are legally required to register with the IRC and comply with tax laws (e.g., Income Tax Act, GST Act).
o Avoidance of penalties and sanctions:
o Non-compliance leads to fines, interest charges, and possible legal prosecution.

2. Contribution to National Development

Revenue generation for government services:

o Taxes fund infrastructure, education, healthcare, and security.
o Support for economic stability:
o A compliant SME sector contributes to predictable government revenue and macroeconomic stability.

3. Business Credibility and Access to Opportunities

Improved reputation and legitimacy:

o Compliance enhances credibility with customers, suppliers, and partners.
o Access to finance:
o Banks and investors often require up-to-date tax clearance certificates.
o Eligibility for government tenders and contracts:
o Only tax-compliant SMEs can qualify for public procurement and incentive programs.

4. Sustainable Business Growth

Better financial management:

o Maintaining proper records for tax compliance encourages good accounting practices.
o Reduced risk of business disruption:
o Avoiding IRC audits and penalties prevents operational setbacks.
o Opportunity for incentives:
o Compliant businesses may access SME tax incentives and government support schemes.

5. Promoting Fair Competition

Level playing field:

o Compliance ensures that all businesses contribute fairly and prevents unfair advantage for non-compliant entities.
o Encouragement of formalization:
o Strengthens the formal sector and promotes accountability across industries.

6. Alignment with PNG’s SME and Economic Vision

Support for Vision 2050 and SME Policy 2016–2030:

o Tax-compliant SMEs contribute to inclusive, sustainable economic growth.
o Partnership with IRC:
o Encourages collaboration between the business community and government to enhance compliance and capacity building.

Summary of the critical role of tax compliance in sustaining SME growth and national development.

Let US know if your business need assistances on taxation compliance matters. Thank you

04/02/2025