Incentives are designed and administered as part of government’s contributory efforts to support business establishments.
Investments ranging from US$500,000 to US$9.9m in prioritized sectors are eligible for incentives.
NIC can also support investors with the process of obtaining mining licenses.
Attractive Government incentives in Minerals
Incentives are granted under the Economic Empowerment provision of
Tax Amendment Act of 2016 for approved investment projects between $500,000 -$9 million in specific industries, including manufacturing. Benefits include asset and tax deductions, and exemption from GST, custom duties and income tax stamp fees.
Investments over US$10 million require the negotiation of a concession agreement, which is enacted into law to protect the investor.
Investments in prioritized areas are eligible for a special incentive package through the government’s Inter-Ministerial Concession Committee (IMCC).
Sources: World Bank Group, data indicators, 2018