Port can now offer more incentives

COEGA can now offer more incentives to future investors following President Jacob Zuma's signing of the Special Economic Zones (SEZ) Act into legislation last week.

Coega Development Corporation (CDC) head of marketing and communications Ayanda Vilakazi said the CDC welcomed any incentives put in place to benefit business, industry and South Africa as a whole.

Coega will offer the suite of SEZ incentives, which include a lower, internationally competitive corporate tax rate, the employee tax incentive, the customs control incentive and an accelerated depreciation allowance.

Vilakazi said that even though the Coega IDZ was now an SEZ it would remain an IDZ in terms of section 24 of the act.

"However, this is subject to change when there is more clarity regarding the practical implementation of [when] the act and the regulations have been finalised," Vilakazi said.

He said Coega aimed to extend its operations by establishing a free port area behind the port.

"The Coega Free Port will develop back-of-port logistics to complement the Port of Ngqura and create a seamless linkage with hinterland logistics services. This will include the development of a freight station and container depots," Vilakazi said. – Business Reporter