The Minister for National Planning, Hon Richard Maru has today announced that the NEC has approved the new Infrastructure Tax Credit Scheme (ITCS) Revised Policy Guideline.
This follows a complete review of the Policy and Guideline following the moratorium by the Government in 2017.
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 can be done in both resource districts and provinces and non-resource districts and provinces.
The Prime Minister will formally launch the “new look” Infrastructure Tax Credit Scheme Policy and Guidelines this Thursday, 7th March 2019, at the closing Dinner of the Leaders’ Summit.
All Members of Parliament, resource and non-resource companies, including those who may want to join the scheme and District CEO’s and District Administrators are duly invited to the launch.
“The scheme comes back into operation straight after the launch this Thursday. There-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,” said Minister Maru.