ITCS moratorium should be lifted: Newcrest

Newcrest Mining Limited has asked the Government to lift the moratorium on the Infrastructure Tax Credit Scheme (ITCS).

Newcrest tax credit scheme manager, Jonathan Hardy, said by lifting the moratorium, much-needed infrastructure projects can be implemented and this will also assist in revenue flows in the country.

He said this during Wednesday’s ITCS stakeholders’ workshop.

In his presentation to the workshop, Hardy called on the moratorium to be lifted so that planned projects can go ahead.

He said with the current economic position faced by the country, the implementation of ITCS Projects not only will bring much needed services to locals but allow for cash flow to the country as well.
The moratorium was put in place by the Government to review the ITCS as there were concerns that the scheme’s implementation is not consistent, fair and there is no government oversight.

Hardy said Newcrest has always ensured that the ITCS projects they implemented are healthy, accountable and transparent.

National Planning and Monitoring Secretary, Haukaua Harry, said the way forward for the ITCS was for:

  • ITCS project to be consistent with National, Provincial and Local Level Plans;
  • ITCS projects to be fairly distributed across the country;
  • Government to be involved in the ITCS procurement process:
  • All stakeholders to be to be consulted in ITCS project identification process; and
  • ITCS expenditure reports to be circulated to all stakeholders.
Cedric Patjole