NEC gives green light for new tax scheme
THE National Executive Council has approved the new Infrastructure Tax Credit Scheme (ITCS) revised policy guideline.
Minister for National Planning Richard Maru said yesterday that the review followed the moratorium by the government in 2017.
Mr Maru said the review found serious issues regarding the implementation of the scheme including weakness in the governance framework, and the need to increase funding in the scheme so more projects could be done in both resource districts and provinces and non-resource districts and provinces.
Prime Minister Peter O’Neill will formally launch the “new look” Infrastructure Tax Credit Scheme Policy and Guidelines tomorrow, at the closing dinner of the leaders’ summit in Port Moresby.
Mr Maru said Members of Parliament, resource and non-resource companies, including those who may want to join the scheme and district chief executive officers and district administrators had been invited to the launch.
“The scheme comes back into operation straight after the launch on Thursday. The re-institution of tax credit funding to fund major infrastructure projects in the country identified and included in the MTDP III is a critical funding strategy for the Government,” he said.
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