Maru admits oversight in tax credit schemes

National Planning Minister Richard Maru has admitted that there was an oversight in the rates for the tax credit scheme announced by the Government recently.
Maru was responding to questions by West New Britain Governor Sasindran Muthuvel over the rates of tax credit scheme guidelines of 0.5 per cent to be implemented in resource districts.
“It’s been more than six months since we last discussed this issue,” Muthuval said. “I must say a big thank you to National Executive Council for approving the increase for tax credit scheme for primary industries from 1.5 per cent to 2 per cent, extractive industry from 0.75 per cent to 2 per cent and tourism from 1.5 per cent to 2 per cent.”
He said the agriculture industry had 1.5 per cent and the funds were mainly used for disaster management.
“It must be an oversight and there are still more amendments to come. In the agriculture 0.5 per cent is negligible compared to the extractive industries,” Muthuvel said
Maru said there had been a mistake and the rates would be 2 per cent for all industries.
“The revised submission is coming hopefully by next week during the course of parliament. We can expect to have it launched during the leaders’ summit. Once the new credit scheme is re-launched, the appropriate amendments would be made,” Maru said.