Mr. Essa Jallow, deputy commissioner general and head of Domestic Taxes Department has observed that special economic zones can position The Gambia as a regional trade hub, attracting businesses from neighbouring countries and promoting cross border trade by leveraging on the Ecowas trade liberalisation scheme and the AFCFTA.
Mr. Jallow made this statement while addressing the Public Private Partnership (PPP) convergence on Tuesday 12 November 2024 organised by GCCI in partnership with Sahel Executive Education SEE and Development Perspective UK. The event was held at Sir Dawda Kairaba Jawara International Conference Centre.
It was held under the theme: 'Master Class on project Finance; Leveraging Financial Planning and Techniques for Sustainable Development in The Gambia'.
According to DCG Jallow, special economic zones typically house industries that are geared towards exports, thus boosting The Gambia foreign exchange earnings and improving our balance of payments. He added that special economic zones will give The Gambia the opportunity to expand its exports base, entering new markets and increasing the country's visibility on the global stage.
He also reiterated GRA's willingness to ensure that customs procedures within special economic zones are efficient with faster clearance processes for goods being exported. "This will help reduce transaction costs, improve logistics and make products more competitive internationally."
Mr. Jallow further stated that while GIEPA is responsible for granting special investment certificates and overseeing the establishment of special economic zones, GRA plays a critical role in the implementation of these schemes. "As the nation's primary revenue collector, our mandate is to collect revenue on behalf of the government,"he added.
"Going by our mandate, which is purely revenue administration, the Authority cannot offer tax incentives by itself, but we, however, have an advisory role in the formulation of tax policies and tax administration in general."
He pointed out that in order for special economic zones to contribute to the revenue mobilisation drive, the Gambia Revenue Authority (GRA) is committed to playing a pivotal role by providing trade facilitation initiatives such as authorised economic operators status and digitalisation of all businesses process to enhance efficiency.
