GOVERNMENT CHALLENGED TO DISCLOSE ZAMBIA’S GAINS FROM 10-YEAR TAX HOLIDAYS IN MFEZS AND INDUSTRIAL PARKS
By: Thomas Afroman Mwale
Former Commerce Minister in the Patriotic Front (PF) government, Bob Sichinga has challenged the Zambia Development Agency (ZDA) to publicly disclose what the country has gained from offering 10-year tax holidays to investors in Multi-Facility Economic Zones and industrial parks.
Speaking in an interview with Sun FM TV News, the People’s Pact Vice President called on the government to conduct a detailed assessment to evaluate the impact of incentives such as 100 percent repatriation of profits for foreign investments on Zambia’s economic recovery.
Mr. Sichinga Charged that similar incentives should be made available to Zambian entrepreneurs noting that Micro, Small, and Medium Enterprises (MSMEs) struggle to capitalize on such opportunities due to lack of capital.
Meanwhile economist Trevor Hambayi noted the need to establish a regulatory framework that ensures small businesses receive equal treatment.
He warned that the current trend of 100 percent profit repatriation to foreign investors is increasing turnover externalization and putting pressure on the country’s foreign exchange reserves.
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