Home / Knowledge / News / Textiles / Swaziland replaces tax holidays with incentives
Swaziland replaces tax holidays with incentives
02
Jul '11
Swaziland had quashed tax-break benefits under which foreign investors were exempted from paying tax for a specified time period. This lured several textile firms which wished to gain from Swaziland's export markets and Africa Growth Opportunity Act (AGOA).

Phiwayinkhosi Ginindza, Chief Executive Officer of Swaziland Investment Promotion Authority (SIPA) said that tax incentives in the range of 10 to 30 percent have been introduced after the Government did away with tax holidays.

Apprehending that foreign investors may withdraw any time due to the change in Government's policy, he called on the country's farmers and ginners to actively participate and prepare themselves to assume full charge of the industry, when it becomes necessary.

He said that only three percent of the world's total Foreign Direct Investment (FDI) is invested in Africa. As SIPA has to compete with other nations for attracting FDI, the incentives are so designed as to retain the country's competitiveness, he added.

Mr. Ginindza further stated that during the initial years of their business, the foreign firms were also provided with an option to carry forward their tax obligation until they start making profits.

A majority of the investors, he said, are willing to invest in the country, particularly due to the Africa Growth Opportunity Act (AGOA). He said that they are interested in enhancing cultivation of cotton, which is mainly grown in the Lubombo region.

Fibre2fashion News Desk - India


Must ReadView All

Apparel/Garments | On 26th Jun 2017

GSTN registration reopens

E-commerce operators and TDS (tax deducted at source) deductors can...

Textiles | On 26th Jun 2017

Expedite release of ROSL pending claims: TEA to Centre

The Tiruppur Exporters' Association (TEA) has again urged Union...

Textiles | On 26th Jun 2017

'Export promotion schemes to continue under GST regime'

The export promotion schemes will continue under GST regime, said...

Interviews View All

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search