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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (2257)4/6/2001 10:45:43 AM
From: Tomas  Read Replies (1) of 2742
 
Sudan taxes for investment
KHARTOUM April 6, Africa Analysis

Newly appointed Sudan finance minister Abdel Rahim Hamdi has introduced a new tax system designed to attract foreign and local direct investment into the non-oil sectors of the economy. The system is firmly based on the premise that the private sector should be the main engine of economic activity.

Most foreign direct investments (FDI) in Sudan are directed to the lucrative oil industry. It was Hamdi, who in 1994 masterminded the revival of the oil industry by enticing Chevron to sell its oil concessions to Arakis Petroleum, precursor of Talisman Energy. Now he wants the other sectors of the economy to move forward.

The new tax reform cancels most of the taxes imposed previously on agriculture, especially cotton, Sudan's agricultural main export. It will include a fees reduction on foodstuffs and a reform in custom duties on agricultural inputs and machinery.
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