66 Free Zones companies inactive – Staff reveals

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Wed, 29 Aug 2018 Source: www.ghanaweb.com

About 66 companies enlisted under the Ghana Free Zones programme are operationally inactive, a staff of the Ghana Free Zones Board has revealed.

Though the 66 companies are not operational, the Ghana Free Zones Board is yet to announce their delisting.

According to Patience Agbleze Acorlor, Administrative Head of the Ghana Free Zones enclave in Tema, some companies have submitted their names to be taking off the programme.

She added that the Board in charge of regulating free zones companies is up to task to ensure all the enlisted companies live up to demand.

Mrs Acorlor made these statements to some members of the Ghana Chamber of Commerce and Industry who had paid a working visit to the enclave.

The Ghana Free Zones Board was established to promote economic development by creating attractive business environment with competitive Free Zone incentive.

Companies enlisted enjoy generous incentive packages including 100% exemption from payment of direct and indirect duties and levies on all imports for production and exports, 100% exemption from payment of income tax on profits for 10 years and shall not exceed 15 per cent thereafter.

They also enjoy total exemption from payment of withholding taxes from dividends arising out of free zone investments, Relief from double taxation for foreign investors and employees, No import licensing requirements, Minimal customs formalities, 100% ownership of shares by any investor – foreign or national in a free zone enterprise is allowed.

Source: www.ghanaweb.com