Review on Tax Credit Scheme

Prime Minister, Peter O’Neill, says the Tax Credit Scheme will be reviewed to ensure there is transparency.

O’Neill said while the Tax Credit allows for the implementation of vital infrastructure, stringent processes must be followed in awarding contracts funded under tax credit schemes.

He said this at the Back to Business Breakfast on Wednesday.

Prime Minister O’Neill said during a panel discussion that the Tax Credit Scheme was currently put on hold and a review into the awarding of contracts was needed.

He said this is to ensure the process of awarding contracts was transparent and followed existing procedures.

Meantime Business Council of PNG President, Robert Nilkare, says the Tax Credit Scheme is by far the best public-private partnership model currently in place.

He said it was transparent and the works for many major industry companies.

“The industry that were involved in, and certainly the services industry, will have a different view on this but the Tax Credit Scheme works for many companies.

“Its Transparent, its practical, and the results are immediate.  And certainly for a company like New Britain Palm Oil, ExxonMobil, Oil Search, Barrick, that’s a good model, and that’s a way in for us on how we interact and engage with Government in a positive way,” Nilkare said.

Last year the Government passed the PPP Legislation and Nilkare said that is the best way to engage with the Private Sector.

Author: 
Cedric Patjole