Print Options

(1) An enterprise registered by the Center is entitled to the benefits and incentives that are applicable to an enterprise of a similar nature under the Internal Revenue Act, 2000 (Act 592), Value Added Tax Act,

1998, (Act 546) and under, Chapters 82,84,85 and 98 of the Customs Harmonized Commodity and Tariff Code Schedule to the Customs, Excise and Preventive Service (Management) Act, 1993 (RN.D.C.L. 330) and any other relevant law.

(2) An enterprise whose plant, machinery, equipment or parts of the plant, machinery or equipment are not zero-rated under the Customs Harmonized Commodity and Tariff Code Schedule to the Customs, Excise and Preventive Service Management Act, 1993 (PNDCL 330) may submit an application for exemption from import duties and related charges on the plant, machinery or equipment or the parts of the plant, machinery or equipment to the Centre for onward submission to the Minister responsible for Finance.

(3) The Centre shall before submitting a request for exemption to the Minister responsible for Finance determine whether the request will facilitate changes in technology and promote the specialized use of machinery, equipment or other items necessary for the establishment and operation of the enterprise.

(4) For the purpose of promoting identified strategic or major investments, the Board may in consultation with appropriate government agencies and with the approval of the President

(a) specify priority areas of investment and their applicable benefits and incentives; and

(b) Negotiate specific incentive packages for strategic investments in addition to the incentives available to any enterprise under the tax, customs and other laws referred to in subsection (1).

(5) The Board shall publish

(a) in the Gazette and on its website the criteria for determining what constitutes strategic investments and shall designate an investment that satisfies the criteria, as strategic investment; and

(b) the details of special incentives awarded through negotiation under this section.