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Incentives for Investors in Tourism(AllAfrica Via Acquire Media NewsEdge) There are always some incentives awaiting investors in tourism in The Gambia. These incentives put in place by the government are institutional framework to support the development of tourism. The government of the Gambia is offering a special status that will entitle investors in the tourism sector to the following incentives for a period of five years. The incentives that are also available to investors in the other priority areas include exemption from withholding tax and tax on dividends; exemption from customs duties and sales tax on approved capital equipment; machinery; appliances; furniture and fittings imported and to be used by the project or business. So also on the approved quantity of semi-finished product;spare parts; raw materials and other supplies to be used in the production process; exemption from the turnover tax special and attractive schemes of accelerated depreciation as set out in the Gambia Investment Promotion Act 2001. Government has always felt that a private sector oriented institution can best provide the impetus that the tourism industry requires to grow and compete with other destinations. However, the Gambia Tourism Board (GTBoard) was set up by an Act of the National Assembly in July 2001 as a statutory body to develop, regulate and promote the tourism industry in The Gambia. And the board Vision is "to develop the Gambia into a world class tourist destination and business center" with the corporate objectives boosting visitor arrivals to the Gambia, to institute and maintain standards in all aspects of the tourism industry; to promote local and foreign investment in the tourism industry, and as well to develop the human resource capacity of the tourism industry. As the executing arm of Ministry of Tourism and Culture, the GTBoard is responsible for licensing and regulation of the tourism enterprises which are classified in the following categories: accommodation - hotel, motel, camps and lodges;catering - bars, restaurants and other eating places; entertainment - nightclubs and discos; transportation - ground operators, equipment hirers, car rentals. The Gambia Tourism Board is also responsible for advising investors in the tourism sector and as well offers a One-Stop-Shop for all tourism matters. To initiate investment activities, application forms should be obtained from the GTBoard. The forms, which are bought for a nominal fee, clearly outline the requirements for each type of business. As easy as anything, the completed application forms must be accompanied with all relevant documents listed on the forms. The investor is usually asked to provide a project description, a business plan or a fully fledged feasibility study. In the case of applications for land, the project document should be submitted with a processing fee. After evaluating the documents and upon assurance that the proposed projects on forms with the authority's requirements and the relevant laws, the Gambia Tourism Board will give the necessary approval. In the case of hotels and other physical structures, the operational license issued after the project is completed and seen to meet the licensing criteria of the Gambia Tourism Board. There is also a follow up inspection on an annual basis to assess facilities and standards. In addition, note that licenses are renewed annually. Landed property within the Tourism Development Area are available on lease for some years and is renewable. The Board has set itself the task of considerably increasing tourist arrivals in the next few years. This is a lofty goal, which cannot be achieved without a corresponding increase in hotels and other infrastructure. The GTBoard and the Gambia Investment Promotion and Free Zones Agency are working closely to encourage both local and foreign investment in the tourism sector. Investors will receive all the necessary support. In addition to the incentives outlined above, The Gambia is offering an additional set of very attractive measures to tour operators, airlines, hotels and ground handlers specifically designed to increase tourism traffic during the low season. The incentives will apply during the summer months of May to October. That is discount on aircraft handling charges for all tourist charter flights; discount on aircraft landing and parking fees for all tourist charter flights; discount on sales tax for hotels and ground operators. In addition, all hotels offer a special discounted rate to tour operators during this period. More over, the general political and economic climate which has created a very conducive atmosphere for investment, the country also has in place all the necessary infrastructure for the growth of the tourism sector. There is a modern international airport capable of handling wide-bodied aircraft from all over the world. In addition to scheduled flight from Belgium, the United States and the West African sub region, there are more than a dozen tourist charter flights from various European capitals during the high season. The airport terminal was built in 1997 and the capacity of the airport has improved air traffic services both at equipment and management levels. There is also an extensive new network of all weather roads providing easy access to all hotel areas as well as new sites for tourism development. The road also stretch from Banjul, the capital, to the airport into a dual carriageway and the rest of them stretch to Mandinaba into a first class single lane highway. The country's tt3elecommunication facilities are also one of the best in Africa. The Gambia Telecommunications Company (GAMTEL) is well known in the sub-region for its efficiency. An efficient GSM telephone networks are also in place. There is a growing emphasis on increasing the national access to information technology. A number of internet cafés on the streets of the urban area. In addition, there are several commercial banks and other financial institutions which provide a wide range of services in a fat and efficient manner. With their network of corresponding banks from all over the world they can meet the needs of all investors . There are also several companies providing both insurance and reinsurance packages. Copyright The Daily Observer. Distributed by AllAfrica Global Media (allAfrica.com). |