Dominica grants concessions to facilitate private sector investment
Wednesday, April 19, 2006
ROSEAU, Dominica: The Cabinet of Dominica, under the chairmanship of Prime Minister Roosevelt Skerrit, has approved licences granting concessions to a number of private sector entities under the country's Fiscal Incentives Act.
According to a recent press release, the government grants concessions in the form of tax holidays, exemptions and waivers to private sector entities in an effort to stimulate investment and boost productivity, income and employment in Dominica.
Specifically, the Cabinet has approved a licence granting concessions to a Dominican under the Hotel Aid Act and the Income Tax Act for the construction, establishment and development of an apartment hotel at Picard, Portsmouth.
These concessions have been granted under certain terms and conditions, including:
° The enterprise must invest EC$620,000 by the end of the first year of the operation.
° The enterprise must employ at least four Dominicans by the end of the first year of operation.
Cabinet has also granted approval of a licence to a Dominican national for the construction, establishment and development of an apartment hotel at Picard, Portsmouth.
The concessions have been granted on certain terms and conditions, including:
° The enterprise must invest at least EC$2.5 million by the end of the first year of operation.
° The enterprise must employ at least six (6) Dominicans upon completion of the project.
Cabinet has also approved granting concessions to an individual for the construction, establishment and development of a wellness tourism resort at Belles.
These concessions have been granted under certain terms and conditions, including:
° The enterprise must invest at least EC$1.7 million by the end of the first year of operations.
° The hotel must employ at least six Dominicans upon completion of the project.
Cabinet has also approved the granting of a licence granting concessions to a dive and water sports service company under the Fiscal Incentives Act and the Consumption Tax Order. The enterprise must make an investment of EC$336,170.00 by the end of the first year of the expansion of operations and must employ at least four Dominicans by the end of the first year.
Cabinet has also decided to provide concessions to a company for the establishment of a destination management company in Dominica. The concessions have been granted subject to a number of conditions including:
° The enterprise must invest at least EC$100,758.00 by the end of the first year of operations.
° The enterprise must employ at least three Dominicans from year one and at least seven Dominicans by the end of year three.
Concessions have also been granted by Cabinet to a Dominican in support of a food service operation in Portsmouth and support is also being provided to a local furniture operation in Dominica.
The granting of concessions is reportedly part of an ongoing effort by Government to provide assistance to the private sector to stimulate growth and prosperity in the country.
The Government says it is convinced that economic growth levels of 3% and higher can only be sustained through Government’s Public Sector Investment Programme (PSIP) and higher levels of private sector investment, local and foreign.
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