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Textile revival project in a spin, thanks to tax, energy incentives

Published on September 21, 2015

Twenty one companies have expressed interest in cotton manufacturing in Kenya as the government targets to raise Sh100 billion in textiles and apparels by 2017.

The government will give tax incentives to 10 local and 11 multinationals, as well as reduced energy rates, to encourage them to set up shop.

Export firms will pay US cents 9/kwH, against the industry average of US cents 14/kwH, with a promise that the rate will be cut further to US cents 7/kwH in two years.

The companies will also enjoy the benefits of export processing zones (EPZs) and will require only one licence from the county and national governments.

Other incentives include 10-year tax rebates and a 20-year period to hamonise capital investments. Read more. Source | Daily Nation