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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

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