Africa Monitor Intelligence
Guinea-Bissau: Tax Incentives for Investors, Priority to the Extractive Sector
The attraction of foreign investors, including for the relaunch of a set of structuring projects - will dictate, in the short term, a revision of the Investment Code (CI). The granting of incentives and the change of the country's external image is considered a precondition for attracting investment - along with the success of the current political "alliance" in power.
The new CI will bring the internal regime closer to the models in force in the region, including incentives for investment, company consolidation and employment, professional training and investment in infrastructure for public use. It also makes an exception for investment projects that are considered to be of "great economic interest" - amount equal to or greater than USD 80 million - and which may benefit from other incentives granted by the Government, via investment contract.
Tax incentives on initial investment include, exemptions on customs duties (Common Foreign Tariff) for imports of capital goods and components to carry out the proposed investment; the value of components must not exceed 15% of the value of capital goods.
The building of a new airport in Bissau, to be handled by a Dubai company, Concorde Stars Contracting, which will also provide financing for the project (AM 1276) and the construction of Buba deep water port, are projects in which PR UMARO SISSOCO EMBALÓ (USE) is personally engaged. READ MORE