Proposed Tax Incentives For Versatile Business Enterprises
Invest Dominica Authority (IDA) in Coordination with the Physical Planning Division and the SFA 2006 (Special Framework of Assistance) in the Ministry of Tourism and Legal Affairs. Have developed draft legislation for Special Development Areas (SDA). The proposed legislation will provide an attractive range of tax incentives to business enterprises engaged in a broad range of economic activities.
The policy seeks to catalyze the economic development of areas already identified in national policy (Growth and Social Protection Strategy, and Tourism Master Plan 2005-2015) as priority areas with significant economic potential. Since the economic development of Dominica is in part dependent on the development of these priority regions, therefore it is indeed imperative that policy is implemented to ensure that economic development does indeed take place in these regions, thereby making it possible for Dominica to achieve its medium and long term economic development objectives.
The development of local “area development plans” to be approved by the Physical Planning Division will a prerequisite prior to the designation of any region as an SDA. This is to ensure
- development efforts are coordinated and not haphazard
- due consideration is given to all environmental and other pertinent factors
- that the plans reflect the vision of local communities and stakeholders, who will eagerly participate and embrace the particular development efforts which they will have conceived.