Anxiety rises as tax incentive shakeup looms

Friday, February 09, 2018

Unease has gripped at least 30 companies, including blue-chip listed counters with billions of pula in assets, after the Finance Ministry sent signals it would overhaul the discounted tax rates they have been enjoying under an 18-year old incentives package.

Under the International Financial Services Centre (IFSC) incentives package, qualifying firms enjoy a 15% corporate tax rate (as opposed to 22%) and conditional exemptions on Capital Gains Tax, Withholding Tax and other rates.

The package, initially designed to help economic diversification by encouraging the growth of the financial services sector, was broadened over the years to include areas such as business process outsourcing and taxes on foreign incomes by a wide range of sectors.

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Anxiety rises as tax incentive shakeup looms

Unease has gripped at least 30 companies, including blue-chip listed counters with billions of pula in assets, after the Finance Ministry sent signals it would overhaul the discounted tax rates they have been enjoying under an 18-year old incentives package.