Amendment to the free zones act, 1995 act 504 the parliament of the republic of ghana has passed an amendment to the free zones act, 1995 act 504 by issuing a legislative instrument l. B 4551991 be it enacted by the seri paduka baginda yang dipertuan agong with the advice and consent of the dewan negara and. Activities of concern to the convention over the years, several activities have been undertaken which are of concern to the convention. Legislation online parliament of ghana pdf consulted on 20211 abstractcitation. The protection, management and development of the marine. The impacts of special economic zones professor sara curran, joelle cook, katie hampton. A guide to ghanas legal framework and relevant status. Imposition of value added tax vat on feebased financial services has been implemented by the ghana revenue authority as of january 2015. Ghana has been enforcing a transfer pricing regulation, introduce in september 2012. Ajman media city free zone is the newly formed free zone offering in the united arab emirates, in the city of ajman. It has been formed with an aspiration to create a dependable, harmonious and a professional environment for businesses.
Ajman media city free zone is the latest free zone offering in the united arab emirates, in the city of ajman. The ghana investment promotion centre gipc act 20 act 865 and the free zones act 1995 act 504, respectively, promote economic development and regulate the activities of investors in ghana. Coin in current use in any foreign country or any money purported to be such not being of the established standard in weight and fineness in accordance with the currency act, 1964 act 242 contaminated food meat, vegetables, and other provisions declared by a health officer as unfit for human consumption. There are several free trade zones in ghana, which were established after the free zones act was passed in 1995. The establishment of free zones in ghana journal of. We would like to show you a description here but the site wont allow us. In a bid to attract foreign investment, the ghana investment promotion centre act, 1994, provided for the establishment of the investment promotion centre to be responsible for the administration of investment activities in ghana. This act may be cited as the diplomatic immunities and shorttitle. In general, a company registered under a respective free zone is not permitted to carry out business outside the free zone.
In 1970 the government passed the export processing zone act, which provided. Running a business in a free zone the official portal of. With the implementation of the investment promotion centre act of 1994 and the free zone act of 1995, the entire country was treated like a free zone. A company qualified to be a free zone if it exports 70% of its products and the incentive include ten year corporate tax holiday and zero duty on imports bank of ghana. Ogfza was established by section 2 of the oil and gas export free zone act no. Freezone act, 2014 uganda legal information institute. Goods of any description, except those specifically prohibited by law, may be brought into a free trade zone, be removed from the free trade zone, destroyed, or sent into customs territory or into another free. Among the provisions in the transfer pricing regulation is a measure requiring taxpayers with relatedparty transactions to file transfer pricing returns together with the annual income tax returns. In the above illustration, jebel ali free zone and dubai airport free zone are designated zones. In the mid1990s, ghana undertook significant legal and regulation reforms in order to promote investment and facilitate trade. Vat on goods supplied from designated zone uae vat. The ghana free zones authority gfza was established on 31st august, 1995 by an act of parliament1995 act 504, to enable the establishment of free zones for the promotion of economic development.
Page2% % % ghana %has%3successful,%quasilindependentpowerproducerippprojectslistedinthechartbelow. For example, rose traders located in jebel ali free zone supplied goods to aone traders, dubai airport free zone. Free zones 7 laws of malaysia act 438 free zones act 1990 an act to provide for the establishment of free zones in malaysia for promoting the economic life of the country and for related purposes. It is a geographic area where goods may be landed, stored, handled, manufactured, or reconfigured and reexported under specific customs regulation and generally not subject to customs duty. A comparative analysis of effective free trade zone.
Jordan has seven free zones, with the aqaba special economic zone the most successful. Afz airport free zone ag associated gas agi association of ghana industries agoa african growth opportunities act agreds assemblies of god, relief and development services alp alternative livelihood programmes ama accra metropolitan assembly amsecs agriculture mechanization service enterprise centres. The authority was planned to improve the processing and manufacturing of goods. Free zone act, 1995 act 503 the labour act, 2003 act 651 foreign exchange act, 2006 act 723 ghana revenue authority act 2009, act 791 national communications authority act, 2008, act 769 banks and specialized deposit taking institutions act, 2016, act. Ghana investment promotion centre act 1994 act 478 companies code 1963 act 179 free zone act 1995 act 504 ghana tourism board ghana commission on culture 5. Ghana and also to provide for the regulation of activities in the free zones and its related purposes. This establishes a free trade board consisting ofthe minister. Of the parliamnet of the republic of ghana entitled the free zone act, 1995 an act to enable the establishment of free zones in ghana for the promotion of economic development. A free trade zone ftz is a class of special economic zone. In return, the government expects companies operating in the epzs to boost national exports, create jobs and help in diversifying the nigerian economy by bringing in new activities.
Nigerian free zones offers a multitude of incentives for. Hence, each free zone has its own set of procedures and restrictions. Ghana revenue authority has initiated steps in ensuring that taxpayers can file electronically. It is a tax free area that provides essential facilities for trading, shipping, import, and export business. Within these zones free zone developers and enterprises shall be free to negotiate and establish contracts of employment with employees that include wage scales, minimum working hours. Export processing zones epzs also known as free zones fzs are areas in which businesses are exempt from the normal regime applicable in nigeria, particularly with regard to customs duty and tax. Free zones companies are regulated by the local government in each respective emirate. The ghana free zones authority gfza, is a ghanaian governmentcontrolled institution formed on 31 august 1995 to facilitate the setting up of free zones in ghana to improve the economic development and to regulate its related activities.
The supply of goods from rose traders to aone traders will be vat free since the supply is between designated zones. The impacts of special economic zones evans school of. Foreign direct investment and gross domestic product in ghana. It also deals with the procedures to be used by exporters of services, the recipients of imported services and with goods entering and leaving the free zone. Nigeria export processing zones authority inactive free. Implementation of the program began in september 1996 with the establishment of the ghana free zones board secretariat 27.
It was enacted by an act of parliament, the free zone act 1995 act 504. The tax rate of free zone enterprises has been increased from 8% to 15% after the expiration of the 10year tax holiday. The ghana free zones board fzb has the mandate to regulate businesses excluding. Act 504 free zone act, 19951 an act to enable the establishment of free zones for the promotion of economic development, to provide for the regulation of activities in free zones and for re lated matters. Firms that met the free zone criteria exporting at least 70% of. Holland egypt info phone cairo free zone area nasr city cairo cellucom fzco united arab emirates info web phone dubai d14 airport free zone dubai dubai 36153 uae dsr qeshm co. Free trade zones are generally organized around major seaports, international airports, and. Free zone amendment act 2002 free zones act 1995 free zone act no. As of june 2008, free zones in egypt employed nearly 6,000 people. The oil and gas free zones authority ogfza is the national regulatory agency superintending over the operation of the oil and gas free trade zones in the country. The gipc law regulates companies in all sectors of the economy.
The diplomatic immunities and privileges act sch, 36 of zob4. The law also allows the setting up of single factory zones outside or within the free trade zones. Provides for the establishment and regulation of import and export free zones. The act received presidential assent in august 1995. The ghana free zones board gfzb was established on 31 st august, 1995 by an act of parliament.
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