Maru: Good feedback from tax credit scheme

MINISTER for National Planning and Monitoring Richard Maru, pictured, says his department has received good feedback from provinces and districts on their applications for the tax credit scheme.
Maru said the process would conclude on July 27 during which time they would work with the governors, MPs and the developers to deliver those projects.
He said under the policy, one per cent of that funding would go to the non-resource provinces and the balance of one per cent would go to the resource provinces.
“It’s important for economic growth and we will be working with the developers in other districts and provinces that do not have resource projects,” he said.
“The tax credit is available to help districts and provinces deliver some of their most critical projects outside of the development budget.
“I’m confident if we work together and our private sector partners, we can deliver on the objectives of the medium term development plans.”
Maru explained that the government provided up to K100 million a year to the National Development Bank to provide cheap and accessible loans for citizens at a 6.5 per cent interest rate.
“We have approved the setting up of the credit guarantee cooperation of PNG to be owned and managed by the Central Bank,” he said.
“This is one way of giving more access to credit to more Papua New Guineans to go into business or grow their businesses.
“We are working with provinces and their governors to unlock a number of critical agriculture projects.
“We are working with Morobe government to develop a second dairy farm in that province.
“We are also working with Mul-Baiyer MP to develop rice industry and with Abau MP to start our next sugar estate.”