The
Acting General Manager of the Calabar Free Trade Zone (CFTZ), Engr
Okimba Godwin Ekpe, has called on the Cross River State government to
harness the revenue potentials of the zone by investing in it.
This he said would improve its internally generated revenue as well as minimize cost with free taxes on imported equipment and materials for the projects if the facility is used.
Ekpe made the call when the leadership of the Cross River State House of Assembly led by the Speaker, Mr John Gaul visited him on a fact finding tour.
He explained that it has become pertinent for the state government to invest in the zone rather than expect revenue in form of taxes and levies.
He stressed that the government should key into the huge benefit the scheme offers to both local and international investors.
He said, “Act 63 of 1992 establishing the zone which protects local and international investors from any form of tax be it at the federal ,state and local government levels is still in force and until such laws were repelled investors in the zone will continue to enjoy tax free holidays” he said.
While enjoining the state government to capitalize on its vintage position as the host state to invest in their activities of the zone he lauded the state government for its industrial drives.
Ekpe said proposed Super Highway and Deep Sea port which are signature projects of the of Governor Ben Ayade will be executed at a minimal cost with free taxes on imported equipment and materials for the projects if the facilities at the CFTZ are fully harnessed.
Lebo appealed to the management to encourage the participation of the people of the state in the activities of the zone as there were no signs of the presence of indigenous industrialists and investors in the zone.
This he said would improve its internally generated revenue as well as minimize cost with free taxes on imported equipment and materials for the projects if the facility is used.
Ekpe made the call when the leadership of the Cross River State House of Assembly led by the Speaker, Mr John Gaul visited him on a fact finding tour.
He explained that it has become pertinent for the state government to invest in the zone rather than expect revenue in form of taxes and levies.
He stressed that the government should key into the huge benefit the scheme offers to both local and international investors.
He said, “Act 63 of 1992 establishing the zone which protects local and international investors from any form of tax be it at the federal ,state and local government levels is still in force and until such laws were repelled investors in the zone will continue to enjoy tax free holidays” he said.
While enjoining the state government to capitalize on its vintage position as the host state to invest in their activities of the zone he lauded the state government for its industrial drives.
Ekpe said proposed Super Highway and Deep Sea port which are signature projects of the of Governor Ben Ayade will be executed at a minimal cost with free taxes on imported equipment and materials for the projects if the facilities at the CFTZ are fully harnessed.
Lebo appealed to the management to encourage the participation of the people of the state in the activities of the zone as there were no signs of the presence of indigenous industrialists and investors in the zone.
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