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Investment Incentives

The Gambia offers attractive incentive packages to investors under the Gambia Investment Promotion Act 2001 & Free Zones Act 2001 for all sectors of the economy. These include exemptions from import duties and tax holidays. Apart from these specific incentive packages, others can be negotiated with the Agency depending on the strategic nature of the investment. The award of incentives does not differentiate between domestic and foreign investors and all investors are treated equally.

SIC INCENTIVES

For the purpose of investing in the domestic economy, the Government has identified a number of sectors as priority areas, and investing in these sectors will give access to attractive and special investment incentive. These sectors include:- Priority Sectors: Agriculture, Forestry and Fisheries, Health, Education, Manufacturing, Skills Development, Communication, Energy, Mineral Exploitation, Services (financial, offshore banking, health and veterinary services, river transportation, information technology).

ELIGIBILITY CONDITIONS

Special Investment Status shall be conferred to investments, which fulfill the following eligibility criteria:
 
The establishment of a company or partnership under the laws of The Gambia;
 
Investment in fixed assets of at least ONE HUNDRED THOUSAND United States Dollars or its equivalent at the time of application for the incentives;
 
Investment must be outside the Free Zones and in one of the priority sectors listed below.
 
BENEFITS TO SPECIAL INVESTMENT CERTIFICATE HOLDER

Investors upon whom “special investment” status has been conferred shall be awarded Special Investment Certificates, which entitle them to benefit from the following incentive package for a period of five years:-
 
Exemption from withholding tax and tax on dividends;
 
Exemption from customs duties on the following items:
 
The approved capital equipment, machinery, appliances, furniture and fittings imported to be used by the project or business;
 
The approved quantity of semi-finished products, spare parts, raw materials and other supplies to be used in the production process;
 
Exemption from the sales tax on the items mentioned in paragraph (b);
 
Exemption from the turnover tax;
 
Preferential treatment for land allocation for the site of the proposed investment and the provision of infra-structural facilities;
 
Special and attractive scheme of accelerated depreciation as set out in the Second Schedule to the Investment Promotion Act.

FZL INCENTIVES

As a strategy for developing the export potential of the country, GIPFZA is also developing Free Zones in specially selected locations to enable investors to operate in an environment that has the ideal set of infrastructure and special tax incentive regimes.

ELIGIBILITY CONDITIONS

Transactions in the Free Zones shall be denominated in foreign exchange. Investment in the zones should be sufficiently viable both commercially and financially. Sufficient generation of domestic value added to quality finished product for conferment of origin status;
 
Employment generation and training of nationals;
 
Ability to export a substantial portion (70%) of output in foreign markets;
 
Positive contribution to the formation of domestic productive capital;
 
Special attention and encouragement shall be extended to the establishment of single factory or stand-alone free zones outside the Greater Banjul Area.

FREE ZONES INCENTIVE PACKAGE

Exemption from all taxes and customs duties payable on all imports provided that the imports are used or to be used exclusively within the zone, and subject to any other limitations specified by the regulations made pursuant to the Act;
 
Where import duty or sales tax has been paid by a zone investor in respect of any goods on their importation into the customs territory, no refund shall be allowed merely because the goods are to be later transferred into any of the free zones;
 
Exemption of customs duty, excise duty and sales tax on goods produced within or imported into any of the zones, unless the goods are entered for consumption into the national customs territory; Exemption of import duty on capital equipment;
 
Full exemption of corporate tax or income tax for the first 10 years from the date of approval of license in the case of trading activities in the zones, thereafter tax shall be pegged at a rate not exceeding six per cent per annum;
 
For activities related to tourism corporate tax or income tax shall be charged at the rate of ten per cent for the first 20 years, and shall revert to the normal rate thereafter;
 
Full withholding of corporate or income tax on dividend and other payments during the period of tax holiday;
 
Full relieve from payment of municipal taxes;
 
Zone investors shall also be exempted from payroll tax or other restrictions or prohibitions on import or export trade with the exception of trade in firearms, military or other illegal goods.