Investment Incentives & Tax Codes

Approved investors are entitled to a range of benefits and incentives provided for in the Investment Code, Including:

  • Exemption from import duties and sales taxes on imports of plant, machinery and equipment. Items which are zero import tax rated are exempted from sales tax otherwise payable on those goods, while, for items which are not zero import tax rated, a single flat fee of 5% of the value of the imported items is payable in lieu of all taxes and duties which would normally be imposed on such goods.
  • Investment allowances of 30% of the value of invested capital during the first year of operations.
  • Additional deduction from taxable income of 50% of training, research and product development costs.
  • The right to fully offset the cost of providing infrastructure to the site of the business operations; and Duty drawback for all duties and taxes paid on imported raw materials if the investor is an exporter who is operating outside a free export economic zones.
  • 100% write off of R&D costs
  • Common external tariff: 0% on Raw materials and Capital Equipment: 15% on intermediate goods: 25% on finished goods
  • Constitutionally protected free repatriation of capital and profits
  • Additional fiscal incentives in strategic sectors
  • Investors who demonstrate capacity to add more value, technology transfer, and invest in priority sectors may also receive enhanced tax and investment incentives, while there are additional incentives for an investor operating in a Free Export Economic Processing Zone including greater tax benefits