Breaking News:Foreign Investors to Leave Gambia-As gov’t announces 50% new tax regime!
By Landing Badjie,Our National Correspondent


Trade Minister
Abdou Kolley

The Gambia government and her people stand to lose millions of dalasis in
revenue if the threat by foreign investors to leave the country is any
guide.Some Gambian investors have also threatened to close shop, triggering
widespread fear in many quarters.
The threats by the business community in the country to quit business
followed the tax authority` unofficial announcement today that the previous
tax regime has been revisited. The present levy represents a 50 per cent
increase in what the business people were paying. According to faultless
information, the tax authorities are expecting to generate over D40 million
in revenue this month.
`We are asked to collect over D40 this month alone. This mean we have to up
the tax to about 50 per cent. It is an expectation which we have to live up
to,`said a staff of the Income Tax office in an interview with our national
correspondent.
However, the Gambian tax authorities may be busy working out the
mathematics, the investors most of whom are foreigners are now thinking
about finding a new direction to Guinea Bissau,Conakry and other
destinations in the subregion.
`It was D10,000 and later D20,000. So today, they came to say they have
revisited everything and we must therefore now pay D50,000 this year alone.
This is very frustrating and ridiculous,` an apparently hardhit businessman
told Freedom in an exclusive interview.
Many businessmen who spoke to this paper say they could not fathom the
behaviour of the Gambian authorities. But many say the government has to
increase the tax on businesses because it is cashstrapped.

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Posted on Tuesday, March 27, 2007 (Archive on Tuesday, April 24, 2007)
Posted by PNMBAI  Contributed by PNMBAI
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