ZDA in tune to revise Act

By CLAVER MUTINTA

THE Zambia Development Agency (ZDA) is consulting stakeholders to revise ZDA Act and tune it to provide incentives for people investing in green investments.

And ZDA says investors should consider investing in Multi-Facility Economic Zones and rural areas to enjoy tax holidays.

In his presentation to delegates at a green climate investment conference in Lusaka, ZDA director of investments Matongo Matamwandi said incentives for green investment have been a call of the public.

“There are general incentives and nothing specifically, that talks to sustainable investment. That is the cry of everyone. Currently, we are discussing revision of the ZDA Act to ensure that we put in incentives specifically for those who are in green investment,” he said.

Mr Matamwandi urged stakeholders to collaborate with the ZDA and the Ministry of Commerce in lobbying Government to incentivise green investment business

Meanwhile, Mr Matamwandi explained that tax holidays were restricted to the manufacturing sector and urged investors to consider investing in that sector to enjoy the incentives. He said Government was encouraging investment in rural areas to promote development and improve lives of people.

“The incentives are restricted to manufacturing and there are specific locations. You have to either invest in multi-facility economic zones or in rural areas, for good reason, we want to take development to rural areas. That’s when you are going to enjoy those tax holidays,” he said.

On tax incentive investment, Mr Matamwandi said investors - both local and foreign - would be required to sign an investment promotion and protection agreement to safeguard their investment in an event of change of government.

He added that, when an investment promotion and protection agreement was signed; future governments would respect the document and not interfere with the investment.

“Whoever will be in government will respect that agreement, so your investment is safe. Also we facilitate for land whether you want to go into a Multi-Facility Economic Zone or in a farm block. We will ensure that you don’t go through problems with immigration if you are a foreigner and you need to bring very specialised skills, but if skills are in Zambia, you can use the locals,” he said. – Story courtesy of SUMA SYSTEMS