Tax Exemptions & Customs Duties
Luba Freeport offers a tax free status on all imported goods for use in the Freezone or within the oil industry.
Further, cargoes in transit can be stored indefinitely and then re-shipped when necessary without any duty being charged, creating a valuable opportunity to use Luba Freeport as a central hub for the whole of West Africa. The costly ocean-going liners would make one stop to drop off their entire cargo at Luba rather than partial deliveries in numerous ports. The cargo would then be stored safely until it is delivered later to other destinations, as and when required, by smaller more economic vessels. This operation would be tax free under the Freezone legislation.
Any company operating in the Freezone may apply for exemption from the following taxes:
Corporation Tax, Value Added Tax, Tax on Profits, Sales Tax, Dividend Tax and Withholding Tax.
To qualify for these exemptions, the company will be required to apply to the EG Government. Provided it is a bona-fide branch or company operating within the Freezone, the tax concessions will apply. For companies contemplating a move to EG, this offers a tremendous financial incentive to become part of a rapidly developing and prosperous community.