Maru wants more companies involved in tax credit schemes

By LEMCH LAVARI
National Planning and Monitoring Minister Richard Maru says more companies should be allowed to participate in the infrastructure tax credit scheme.
He told The National that PNG had benefited largely from the scheme.
Maru said his department would suggest to Government that the scheme should be continued but with better management.
“I am also keen to see that the tax credit scheme funding opportunity can be opened to other companies outside the extractive, agriculture and tourism sectors,” he said.
“There are many companies who would be willing to be involved in the scheme”.
Maru said more companies could support key infrastructure projects that the Government planned to deliver.
The scheme is currently only available to companies in the mining, petroleum, agriculture and tourism sectors.
Those in the extractive industry who are in exploration phases are excluded.
The scheme was created in 1992.
It is a private-public partnership model to promote the development of infrastructure projects such as roads, schools and clinics in areas where mining, petroleum or agriculture companies are operating.
The companies can than subtract the costs of the projects they fund from the annual tax they owed to the government.
The scheme places a limit on how much can be spent.