Ivory Coast gives $800m in tax incentives in 2014 – Minister
The Ivory Coast in its strategic efforts to attract foreign investments and to create jobs gave tax incentives amounting to around $800 million to foreign investors in 2014, a Minister of State has disclosed.
Abdourahmane Cisse, Minister at the Ministry to the Prime Minister in Charge of the Budget, said this during a panel discussion titled “African Leadership: A generational dialogue”, on the opening day of the 50th Annual Meetings of the African Development Bank (AfDB) Monday June 25, 2015 in Abidjan, Ivory Coast.
Later in an interview, he told ghanabusinessnews.com that companies that came to invest around CFA2 billion receive a waiver of 40 percent custom tax and they do not pay VAT, which is pegged at 18 percent.
He indicated that the incentives grew from “$550 million to $800 million” an indication that investments were growing.
He also told ghanabusinessnews.com that majority of the companies investing in the country are into mining.
“We produced 15 metric tonnes of gold last year,” he said, as a proof that the mining sector in Ivory Coast is growing.
He said that giving incentives to investors is leading to job creation and industrialization of the country.
By Emmanuel K. Dogbevi, in Abidjan, Ivory Coast.