Tariff & Non-Tariff Barriers
Tax benefits and incentives fall under two schemes, which are detailed in the investment code. Investments greater than $280,000 and creating a number of permanent jobs are entitled to exemption from the payment of license and registration fees, property taxes for built-up real estate, taxes on industrial and commercial profits of individuals, and taxes on the profits of corporate entities. Imported raw materials used in manufacturing are exempted from the internal consumption tax.
These exemptions apply for up to a maximum of ten years after the starting date of operations. Investment matters fall under the jurisdiction of the national investment board. All investments must be approved by this board.