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Investment, Trade and Business Development Act, 2022

This section gives the Act its short title and says it starts when the Minister appoints a date by statutory instrument. This section defines key terms used in the Act. The Agency administers this…

accountingaccounting controlsadministrative approvaladministrative procedureannual reportingannual returnsappealsapplicationsasset acquisitionauditaudit feesbusiness cessationbusiness developmentbusiness growthbusiness lawBusiness registrationbusiness supportcompliancecontrolled substancesdefence industrydouble taxationduty exemptioneconomic developmentelectronic paymentseligibility for incentivesEmployment lawenvironmental sustainabilityexemptionexport incentivesexport promotionexport skillsexport supportexportsexternalisation of fundsfalse statementsfinance accessfinancial and non-financial servicesfinancial reportingfinancial statementsfiscal incentivesforeign currency transferforeign taxfund auditingfund governancefund managementfundinggovernment permitshazardous substancesincentivesinformation disclosureinternational taxinvestmentinvestment approvalinvestment certificationinvestment controlsinvestment incentivesinvestment notificationinvestment promotioninvestment promotion agreementsinvestment protection agreementsinvestment thresholdsland acquisitionlicence administrationlicence issuancelicence revocationlicence surrenderlicence suspensionlicence validityBusiness registrationmanufacturingmarket entrymarket informationmarket linkagemarket researchofficial sealownership transferpermit issuancepermitspermits and registrationsproduct regulationpublic registersrecord keepingrecord-keepingregistrationregistration applicationsregistration cancellationregistration certificatesregistration variationregulatory administrationregulatory appealsregulatory complianceregulatory conditionsreliefrenewalreportingreporting changessector classificationsector restrictionsspecial economic zone establishmentspecial economic zonesstrategic planningtax incentivestax relieftradetrade agreementstrade fairstrade information networkstrade promotiontraining
Jurisdiction
Zambia
Structure
55 provisions
Citation
Act 18 of 2022
Dates
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01

Purpose and legislative effect

“This section gives the Act its short title and says it starts when the Minister appoints a date by statutory instrument.”

This section gives the Act its short title and says it starts when the Minister appoints a date by statutory instrument. This section defines key terms used in the Act. The Agency administers this Act, and the Authority’s seal is to be used for the Act’s purposes. This provision says the Act applies to investors in sectors, industries, or any region of the Republic, bans investment in scheduled industries, and allows an exception with approval from the relevant regulatory agency and compliance with written law. Investment and trade promotion in the Republic must follow listed principles focused on economic growth, diversification, sustainability, exports, jobs, and ESG factors.

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Short title and commencement

This section gives the Act its short title and says it starts when the Minister appoints a date by statutory instrument.

Section 1

Auditing of Fund

The Fund must be audited every year by the Auditor-General or an auditor appointed by the Auditor-General, and the Agency must pay the auditor’s fee.

Section 42

Application

This section applies to an industry manufacturing a product that is restricted by any written law.

Section 4

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Showing 55 of 55 provisions

Provision 45Amendment 3Offence 3Short title 2

Part

PART I

§ 1Short title and commencementShort title

This section gives the Act its short title and says it starts when the Minister appoints a date by statutory instrument.

1. This Act may be cited as the Investment, Trade and Business Development Act, 2022, and shall come into operation on the date the Minister may appoint by statutory instrument. Short title and commence- ment
Section 1Verify source
§ 23. Administration of ActRepeal

This section defines key terms used in the Act.

2. In this Act, unless the context otherwise requires— Interpretation “AfCFTA” means the African Continental Free Trade Area established in 2018 under the African Free Trade Agreement signed in Kigali, Rwanda on 21st March, 2018; 452 No. 18 of 2022] Investment, Trade and Business Development Act No. 17 of 2022 Act No. 10 of 2002 Act No. 17 of 2022 Act No. 17 of 2022 Act No. 3 of 2014 “ACP-EU Partnership Agreement” means the Cotonou Partnership Agreement that governs the relations between the European Union and countries in Africa, the Caribbean and the Pacific; “Agency” means the Zambia Development Agency established under the Zambia Development Agency Act, 2022; “AIDS” has the meaning assigned to word in the National HIV/ AIDS/STI/TB Council Act, 2002; “authorised officer” has the meaning assigned to the words in the Zambia Development Agency Act, 2022; “Board” means the Board of the Agency constituted under the Zambia Development Agency Act, 2022; “business” has the meaning assigned to the word in the Business Regulatory Act, 2014; “certificate” means a certificate of registration issued under section 19; “citizen” has the meaning assigned to the word in the Cap. 1 Constitution; Act No. 9 of 2006 Act No. 9 of 2006 Act No. 9 of 2006 Act No. 17 of 2022 Act No. 7 of 2017 “citizen empowerment company” has the meaning assigned to the words in the Citizen Economic Empowerment Act, 2006; “citizen influenced company” has the meaning assigned to the words in the Citizen Economic Empowerment Act, 2006; “citizen owned company” has the meaning assigned to the words in the Citizen Economic Empowerment Act, 2006; “COMESA” means the Common Market for Eastern and Southern Africa Organisation established under the Treaty establishing the Common Market for Eastern and Southern Africa; “Commissioner-General” means the Commissioner-General of the Zambia Revenue Authority; “Director-General” has the meaning assigned to words in the Zambia Development Agency Act, 2022; “financial institution” has the meaning assigned to the words in the Banking and Financial Services Act, 2017; Investment, Trade and Business Development [No. 18 of 2022 453 “Fund” means the Trade and Investment Development Fund established under section 37; “Fund Manager” means the Fund Manager appointed under section 39; “HIV” has the meaning assigned to word in the National HIV/ AIDS/STI/TB Council Act, 2002; Act No. 10 of 2002 “investment” means contribution of capital, in cash or in kind, by an investor to a new business, to the expansion, rehabilitation or diversification of an existing business or to the purchase of an existing business from the Government or the purchase of an existing private business; “investor” means any person, natural or juristic, whether a citizen or not, investing in the Republic in accordance with this Act; “licence” means a licence issued under section 19; “local auditing firm” means a firm registered with Zambia Institute of Chartered Accountants operating in the Republic and not under an international franchise; “local investor” means a person who makes a direct investment in the Republic provided that, that person in the case of a— (a) natural person, is a citizen; and (b) juristic person, is incorporated in the Republic and the person’s equity is hundred percent owned by citizens; “manufacturing” means the act of transforming, through chemical, biological or physical processes, and adding value, on a commercial scale, from raw materials into finished or semifinished products, and includes the assembling of inputs into finished or semifinished products; “permit” means a permit issued under section 19; “priority sector” means a sector or product that has a high growth potential as may be prescribed; “regulatory agency” has the meaning assigned to the words in the Business Regulatory Act, 2014; Act No. 3 of 2014 454 No. 18 of 2022] Investment, Trade and Business Development Cap. 323 “rural area” has the meaning assigned to the words in the Income Tax Act; “SADC” means the Southern Africa Development Community established under the Southern Africa Development Treaty signed in Windhoek, Namibia on 17th August, 1992; “special economic zone” means an area that is subject to unique economic regulations and includes multi-facility economic zones, industrial parks, inter-country trade zones and export processing zones; “State institution” has the meaning assigned to the words in the Constitution; “repealed Act” means the Zambia Development Agency Act, 2006; “value addition” means any step that improves a product or service in the production process through the science of value adding technologies such as processing, preservation, dehydration and drying, freezing, improved packaging, labelling, grading and marketing for the customer and results in a higher net worth, and includes the generation, transmission and distribution of energy and development of tourism sites; and “WTO” means the World Trade Organisation established under the World Trade Organisation Agreement signed in Marrakesh, Morocco on 15th April, 1994.
Section 2Verify source
§ 3Administration of ActProvision

The Agency administers this Act, and the Authority’s seal is to be used for the Act’s purposes.

3. (1) This Act shall be administered by the Agency. (2) The seal of the Authority kept in terms of the Zambia Development Agency Act, 2022, shall be used for the purposes of this Act and the impression made for that purpose shall be judiciously noticed. Cap.1 Act No. 11 of 2006 Administration of Act Act No. 17 of 2022 Application
Section 3Verify source
§ 4ApplicationProvision

This provision says the Act applies to investors in sectors, industries, or any region of the Republic, bans investment in scheduled industries, and allows an exception with approval from the relevant regulatory agency and compliance with written law.

4. (1) This Act applies to an investor investing in a sector or an industry or any region of the Republic. (2) An investor shall not invest in an industry specified in the Schedule. (3) Despite subsection (2), an investor may, subject to any written law and with the approval of the relevant regulatory agency, be authorised to invest in an industry specified in the Schedule.
Section 4Verify source

Part

Schedule.

§ 5General principles governing investment and trade promotionProvision

Investment and trade promotion in the Republic must follow listed principles focused on economic growth, diversification, sustainability, exports, jobs, and ESG factors.

5. The promotion of investment and trade in the Republic is governed by the following principles: (a) improving the overall performance of the economy through higher productivity in the public and private sector in order to achieve higher living standards for persons in the Republic; General principles governing investment and trade promotion Investment, Trade and Business Development [No. 18 of 2022 455 (c) (b) promoting diversification of the economy and mitigating social and economic hardships arising from those changes; protecting the interests of industries, employees, consumers and the community and promoting corporate social responsibility; ensuring that industry develops in a way that is ecologically sustainable; promote appropriate incentives that encourage biodiversity conservation and its sustainable use and initiatives that promote climate resilience; (d) (e) (f) promoting exports and diversification of export markets; ensuring that the Republic meets its international (g) obligations and commitments, including those under multilateral and bilateral treaties to which it is party, to the benefit of the economy; promoting value addition to the Republic’s natural resources; (h) (i) promoting job creation; and (j) promoting and upholding environmental, social and governance factors. PART II INVESTMENT PROMOTION AND GUARANTEES
Section 5Verify source

Part

PART II

§ 67. Declaration of special economic zoneProvision

The Minister and the Agency may enter into investment protection and promotion agreements, but each needs the stated approvals first.

6. (1) Subject to the approval of the Attorney-General, the Minister may enter into an investment protection and promotion agreement on behalf of the Government with another Government in which both parties shall agree on development and investment matters provided under this Act. Investment protection and promotion agreement (2) Subject to the approval of the Minister and the Attorney- General, the Agency may enter into an investment protection and promotion agreement on behalf of Government with an investor in which the parties shall agree on development and investment matters provided for under this Act which shall include a detailed schedule relating to— (a) employment creation, technology and skills transfer, local business development, licensing and permits and an undertaking to complete the necessary environmental assessment required under the Environmental Management Act, 2011, where applicable; Act No. 12 of 2011 456 No. 18 of 2022] Investment, Trade and Business Development (b) (c) the financial progression of a proposed project; and any other relevant information on the proposed project. Declaration of special economic zone
Section 6Verify source
§ 7Declaration of special economic zoneProvision

The Minister may declare an area to be a special economic zone and may issue a conditional permit before doing so.

7. (1) The Minister may, in consultation with the Minister responsible for finance and with the approval of Cabinet, by statutory instrument, declare an area to be a special economic zone. (2) The Minister may, before declaring an area to be a special economic zone under subsection (1), issue a conditional permit in the prescribed manner and form to facilitate the establishment of a special economic zone. (3) A statutory instrument issued under subsection (1) may provide for— (a) (b) (c) (d) (e) (f) (g) the type and nature of the special economic zone; the unique regulatory conditions applicable to the special economic zone; limits of the area declared as a special economic zone; facilities to be provided and maintained within the special economic zone; activities which are prohibited within the special economic zone; the obligations of an investor in the special economic zone; and any other matter that is necessary for the effective and efficient operations of the special economic zone.
Section 7Verify source
§ 8Declaration of priority sectorProvision

The Minister must declare a sector as a priority sector by statutory instrument, after consulting the Minister responsible for finance and with Cabinet approval.

8. The Minister shall, in consultation with the Minister responsible for finance and with the approval of Cabinet, declare a sector as a priority sector by statutory instrument.
Section 8Verify source
§ 9Protection from compulsory acquisitionProvision

An investor’s property cannot be compulsorily acquired unless the Constitution and the Lands Acquisition Act are followed.

9. An investor’s property or an interest in or right over, that property shall not be compulsorily acquired except in accordance with the Constitution and the Lands Acquisition Act.
Section 9Verify source
§ 10Externalisation of FundsProvision

An investor may transfer certain funds out of the Republic in foreign currency, if relevant taxes and liabilities are paid and other written law is complied with.

10. Subject to any other written law relating to externalisation of funds, an investor may transfer out of the Republic in foreign currency, and after payment of the relevant taxes and liabilities— (a) dividends; (b) the principal and interest of any foreign loan; Declaration of priority sector Protection from compulsory acquisition Cap. 189 Cap. 1 Externalisation of Funds Investment, Trade and Business Development [No. 18 of 2022 457 (c) management fees, royalties and other charges in respect of any agreement; (d) (e) the net proceeds of sale or liquidation of a business; or any other liabilities. PART III TRADE AND INDUSTRIAL DEVELOPMENT
Section 10Verify source

Part

PART III

§ 11Trade and industry development strategiesProvision

The Agency must consult the private sector and business community and recommend trade and industry development strategies to the Minister.

11. (1) The Agency shall, in consultation with the private sector and the business community, recommend to the Minister development strategies— Trade and industrial development strategies (a) (b) (c) (d) to facilitate the formation and operations of private sector business associations; to develop guidelines for financing economic development programmes, including franchising; for the provision of information on sources of finance, including instruments for granting subsidies for long- term development support and investment facilities for the promotion of the private sector in economic development; for skills and development, in consultation with any private or State institution responsible for skills training, so as to enable citizens in the Republic to effectively participate in the economic sector; (e) to promote greenfield investments and encourage growth of brown field investment; (f) promote joint ventures and partnerships between local and foreign investors; (g) (h) (i) (j) to develop the capacity of businesses to trade in an international competitive market; to promote gender equality in accessing, owning, managing, controlling and exploiting economic resources; to address the impact of HIV and AIDS and other diseases on the economic sector; and to encourage, support and facilitate the expansion of businesses and promote their participation in trade and industry. 458 No. 18 of 2022] Investment, Trade and Business Development (2) In formulating the trade and industry development strategy under subsection (1), the Agency shall have regard to the need to— (a) (b) facilitate and protect infant industries; develop, strengthen or facilitate the development of trade related and supportive services such as— (i) insurance, freight, banking, warehousing, communication and transport; and (ii) professional, technical, management, training and commercial services; (e) (c) (d) scale-up investment in rural infrastructure; support institutions, programmes, activities and initiatives that contribute to the development and transfer of technologies, know-how and best practices relating to business management; increase production, supply and the competitive nature of the Republic’s products; attract inward investments; reduce poverty and, in the long term, eradicate poverty in line with the objectives of sustainable development; (h) move towards large and more unified markets in the form of free trade areas, common customs areas or single markets; (f) (g) (j) (i) participate in initiatives to strengthen the capacity of regional institutions and facilitate trade liberalisation; take cognisance of common or crossborder issues that arise in areas such as infrastructure development, the environment, education and research; and liaise and collaborate with relevant State institutions to encourage businesses to— (i) increase both the quantity and quality of their output in order to take advantage of trade options and openings; (k) (ii) meet, phytosanitary, labelling and packaging standards for agricultural products and other goods; and (iii) meet human and animal health standards and rules of origin so as to effectively participate in a competitive global system of trade. Investment, Trade and Business Development [No. 18 of 2022 459
Section 11Verify source
§ 12Trade and business development measuresProvision

The Agency must promote trade and business development and carry out related information-sharing, database, research, and coordination tasks.

12. (1) The Agency shall facilitate and promote trade and business development by— (a) (b) encouraging the business community to participate in national and international trade fairs, exhibitions, specialised fairs and trade missions; improving the quality, availability and access of financial and non-financial services to businesses by— Trade and business development measures (i) (ii) catalysing and leveraging flows of private savings, both domestic and foreign, into the financing of businesses in accordance with Government policies aimed at developing a modern financial sector, including strengthening capital markets, financial institutions and sustainable microfinance operations; facilitating the development and strengthening of businesses and intermediary organisations, associations, chambers of commerce and local providers from the private sector supporting and providing non-financial services to businesses; improving access to essential inputs such as business information and development services; (iv) enhancing export activities, through capacity (iii) (v) building in trade related areas; and encouraging inter-business linkages, networks and cooperation at national, regional and international levels; and (c) concluding trading arrangements that remove, progressively, barriers to trade between the parties to the arrangements and enhance cooperation in all areas relevant to trade and investment. (2) The Agency shall, in consultation with the business community, disseminate market information to SADC, COMESA, AfCFTA and WTO. (3) The Agency shall establish a national and international database on trade information networks. (4) The Agency shall disseminate to a business community market information and information on all trade agreements to which Zambia is a party. 460 No. 18 of 2022] Investment, Trade and Business Development (5) The Agency shall, under the direction of the Minister, undertake market research and participate in international and regional conferences and meetings for the purpose of— (a) (b) ensuring that the Republic takes advantage of international trade arrangements, including those under COMESA, SADC, WTO, AfCFTA and the ACP-EU Partnership Agreement; and articulating well developed and coordinated country positions in international and regional negotiations trade information networks. Incentives for exporters of products and services
Section 12Verify source
§ 13Incentives for exporters of products and servicesProvision

An exporter of locally produced goods and services may be eligible for incentives, and the Minister responsible for finance may prescribe those incentives by statutory instrument on the Minister’s recommendation.

13. An exporter of locally produced goods and services may be eligible for incentives as the Minister responsible for finance may, on recommendation of the Minister, prescribe by statutory instrument. PART IV BUSINESS DEVELOPMENT Promotion of business
Section 13Verify source

Part

PART IV

§ 14Promotion of businessProvision

The Agency must support business growth by working with research institutions, providing tailored training and consulting, linking businesses to markets, improving access to finance, and running marketing and export skills programmes.

14. The Agency shall, in facilitating the growth of business— (a) (b) collaborate with research and development institutions to develop and upgrade appropriate production technologies; develop tailored training for business in finance and management, and consulting services; (d) (c) undertake business brokering, subcontracting and other programmes linking businesses to local and export markets; facilitate access to finance by developing specialised products with financial institutions and other development partners; and implement programmes to develop marketing and export skills for businesses. (e) Prohibition of incentives to business without licence, permit or certificate Eligibility for incentives by business
Section 14Verify source
§ 15Prohibition of incentives to business without licence, permit or certificateProvision

A business cannot get incentives under this Act unless it holds a licence, permit, or certificate issued under the Act.

15. A business shall not be eligible for incentives provided under this Act unless the business holds a licence, permit or certificate issued under this Act.
Section 15Verify source
§ 16Eligibility for incentives by businessProvision

A registered business investing in a priority sector is eligible for incentives that the Minister responsible for finance may prescribe.

16. A registered business, investing in a priority sector, is eligible for incentives as may be prescribed by the Minister responsible for finance, on the recommendation of the Minister. Investment, Trade and Business Development [No. 18 of 2022 461
Section 16Verify source
§ 17Validity period for incentives granted to businessProvision

An incentive given to a registered business lasts for the period set by the relevant written laws, and if the business’s ownership is transferred to another business during that period, it stops enjoying the incentive.

17. (1) Where an incentive is granted to a registered business, the incentive shall be valid for the period provided in the relevant written laws. (2) A registered business that is accessing incentives shall, on the transfer of that business’ ownership to another business during the validity period referred to under subsection (1), cease to enjoy the incentives. Validity period for incentives granted to business Application for licence, permit or certificate of registration Conditions for approval of licence, permit or certificate of registration PART V LICENCE, PERMIT AND CERTIFICATE OF REGISTRATION
Section 17Verify source

Part

PART V

§ 18Application for licence, permit or certificate of registrationProvision

A person may apply to the Agency for a licence, permit, or certificate of registration if the prescribed form and fee are met; the Agency must decide within 30 days and, if it rejects the application, notify the applicant in writing with reasons within 14 days.

18. (1) A person may apply to the Agency for a licence, permit or certificate of registration in the prescribed manner and form and on payment of the prescribed fee, where that person intends to— develop any premises as a special economic zone; operate a business in a special economic zone; invest in any business in a priority sector as prescribed; register a business; or (a) (b) (c) (d) (e) operate a business in a rural area for purposes of this Act. (2) The Agency shall, within thirty days of receipt of an application under subsection (1), approve or reject the application. (3) The Agency shall, where the Agency rejects an application under subsection (2), notify the applicant in writing and give reasons for the rejection within fourteen days of the date of the decision.
Section 18Verify source
§ 19Conditions for approval of licence, permit or certificate of registrationProvision

The Agency must consider specified factors when deciding licence, permit, or registration applications, and if it approves an application, it must issue the relevant licence, permit, or certificate, on terms it تعیینes.

19. (1) The Agency shall, in considering an application for a licence, permit or certificate of registration under section 18, have regard to the— (a) (b) (c) (d) (e) need to promote economic development and growth in the Republic; extent to which the proposed investment shall lead to the creation of employment opportunities and development of human resources; extent of utilisation of domestic raw materials, supplies and services; capacity to adopt value addition in processing of local materials and agricultural resource; applicant’s pledge for employment creation and training of citizens; (f) degree to which the project is export-oriented; 462 No. 18 of 2022] Investment, Trade and Business Development Act No. 12 of 2011 Conditions of licence, permit or certificate of registration Period of validity and renewal of licence, permit or certificate of registration (g) (h) (i) impact the proposed investment is likely to have on the environment and, where necessary, the measures proposed to deal with an adverse environmental impact in accordance with the Environmental Management Act, 2011; the possibility of the transfer of technology; and other considerations that the Agency considers appropriate. (2) The Agency shall, where it approves an application under section 18, on terms and conditions that the Agency may determine, issue a— (a) licence to develop premises as a special economic zone; (b) permit to operate a business in a special economic zone; or (c) certificate of registration for businesses operating outside a special economic zone.
Section 19Verify source
§ 20Conditions of licence, permit or certificate of registrationProvision

The Agency may impose prescribed conditions when issuing a licence, permit, or certificate of registration.

20. The Agency may impose conditions on the issue of a licence, permit or certificate of registration as may be prescribed.
Section 20Verify source
§ 21Period of validity and renewal of licence, permit or certificate ofProvision

A licence, permit, or certificate of registration is valid for five years unless suspended or revoked earlier, and an investor may apply to renew it at least 60 days before expiry.

21. (1) A licence, permit or certificate of registration shall remain valid for a period of five years, unless earlier suspended or revoked in accordance with this Act. (2) An investor may, subject to subsection (1), apply for a renewal of a licence, permit or certificate of registration not less than sixty days before its expiry, for a period not exceeding five years at a time, in the prescribed manner and form on payment of a prescribed fee. (3) A licence, permit or certificate of registration that is not renewed in accordance with subsection (2) is void. Investor to notify Agency of non implementa- tion of investment
Section 21Verify source
§ 22Investor to notify Agency of non-implementation of investmentAmendment

An investor who cannot implement an investment described in its licence, permit, or registration certificate must notify the Agency within 30 days of learning of the non-implementation and explain why.

22. (1) An investor shall, where for any reason an investor is unable to implement the investment described in the licence, permit or certificate of registration, notify the Agency of the inability to implement the investment within thirty days of the investor becoming aware of the non-implementation of the investment, stating the reasons for the inability. Investment, Trade and Business Development [No. 18 of 2022 463 Material changes in information furnished by applicant Variation or amendment of licence, permit or certificate of registration Suspension or revocation of licence, permit or certificate of registration (2) Where an investor notifies the Agency of the investor’s inability to implement the investment— (a) (b) the investor shall apply to the Agency for a variation of licence, permit or certificate of registration; and the Agency may exercise the Agency’s powers under the Act.
Section 22Verify source
§ 23Material changes in information furnished by applicantProvision

A licence, permit, or registration holder must tell the Agency about any material change in the investor information or particulars used in the application, within 7 days.

23. A holder of a licence, permit or certificate of registration shall inform the Agency of any material change in the information or particulars furnished by the investor at the time of application for the licence, permit or certificate of registration within seven days of that change.
Section 23Verify source
§ 24Variation or amendment of licence, permit or certificate of registrationAmendment

The Agency may change the conditions of a licence, permit, or certificate of registration if the prescribed fee is paid.

24. The Agency may vary or amend any conditions of a licence, permit or certificate of registration, on payment of the prescribed fee— (a) where there are changes relating to the investment, after (b) consultations with an investor; or on an application by the investor to vary the terms and conditions of the licence, permit or certificate of registration.
Section 24Verify source
§ 25Suspension or revocation of licence, permit or certificate of registrationOffence

The Agency may suspend or revoke a licence, permit, or certificate, and the holder must surrender it if it is suspended or revoked.

25. (1) The Agency may suspend or revoke a licence, permit or certificate after due investigation, if the holder of the licence, permit or certificate of registration— (a) (b) (c) (d) obtained the licence, on the basis of fraud, negligence or misrepresentation; assigns, cedes or otherwise transfers the licence, permit or certificate of registration without the prior approval of the Agency; fails to comply with any term or condition of the licence, permit or certificate of registration; or operates the licensed, permitted or registered business activities in contravention of this Act or any other relevant written law. (2) The Agency shall, before suspending or revoking a licence, permit or certificate of registration under subsection (1), notify the holder in writing of the Agency’s intention to suspend or revoke the licence, permit or certificate of registration, giving reasons for the Agency’s decision, and request the holder to show cause, within a reasonable period that may be specified in the notice, why the licence, permit or certificate of registration should not be suspended or revoked. 464 No. 18 of 2022] Investment, Trade and Business Development (3) The Agency shall, where a holder of a licence, permit or certificate fails to correct the contravention within the period specified under subsection (2), suspend or revoke the licence, permit or certificate as it considers appropriate in the circumstances of the case. (4) A holder of the licence, permit or certificate shall, where a licence, permit or certificate is suspended or revoked, under this section, surrender the licence permit or certificate to the Agency, and the Agency shall cancel the licence, permit or certificate of registration subject to conditions that the Agency may impose with respect to the winding up of the licensed, permitted or registered business activity. (5) A person who fails to surrender a revoked licence, permit or certificate of registration, commits an offence.
Section 25Verify source
§ 26Prohibition to assign, cede or transfer licence, permit or certificate ofProvision

A licence, permit, or certificate of registration cannot be assigned, ceded, or transferred without the Board’s prior approval.

26. A holder of a licence, permit or certificate of registration shall not, without the prior approval of the Board assign, cede or otherwise transfer the licence, permit or certificate of registration to any other person.
Section 26Verify source
§ 27Surrender of licence, permit or certificate of registrationProvision

If a licence, permit, or certificate holder stops the related business, the holder must notify the Agency in writing and agree on surrender terms; once surrendered, the licence or permit is cancelled and the holder loses related benefits.

27. (1) Where a holder of a licence, permit or certificate of registration decides not to continue with any business to which the licence, permit or certificate relates, the holder shall notify the Agency in writing and shall agree with the Agency on the terms and conditions of the surrender of the licence, permit or certificate with particular reference to anything done or any benefit obtained under the licence, permit or certificate. (2) Where a licence, permit or certificate is surrendered under subsection (1), the licence, permit or certificate shall be cancelled and the holder of the licence, permit or certificate shall cease to be entitled to any benefits obtainable under the licence, permit or certificate of registration. Prohibition to assign, cede or transfer licence, permit or certificate of registration Surrender of licence, permit or certificate of registration Duplicate licence, permit or certificate of registration
Section 27Verify source
§ 28Duplicate licence, permit or certificate of registrationProvision

If a licence, permit, or certificate of registration is destroyed or lost, the holder may apply to the Agency for a duplicate, and the Agency may issue it within seven days of receiving the application.

28. (1) A holder of a licence, permit or certificate of registration may, where a licence, permit or certificate of registration is destroyed or lost the holder, apply to the Agency for a duplicate certificate in the prescribed manner and form on payment of a prescribed fee. (2) The Agency may, within seven days of receipt of an application under subsection (1), issue a duplicate licence, permit or certificate of registration to the applicant. Investment, Trade and Business Development [No. 18 of 2022 465 Register of licence, permit or certificate of registration (1) The Agency shall establish and maintain a register
Section 28Verify source
§ 29Register of licence, permit or certificate of registrationProvision

The Agency must keep a register of issued licences, permits, or certificates of registration and related details, and the register must be open to public inspection at the Agency’s offices on payment of a prescribed fee.

29. of — (a) (b) (c) (d) investors to whom licences, permits or certificates of registration have been issued and the particulars of the investors; the conditions attached to each licence, permit or certificate of registration; any amendments, suspensions or revocations of licences, permits or certificates of registration and the reasons for such decisions; and any renewals of licences, permits or certificates of registration. (2) A register kept, under subsection (1), shall be open for inspection by members of the public at all reasonable times at the offices of the Agency on payment of a prescribed fee. PART VI INVESTMENT INCENTIVES
Section 29Verify source

Part

PART VI

§ 30Eligibility for incentives by investorProvision

An investor is eligible for incentives if it invests in a special economic zone or in a business in a priority sector or rural area, and also if it meets one of the listed investor type and minimum investment thresholds.

30. (1) An investor shall be eligible for incentives under this Act if that investor invests in a— Eligibility for incentives by investor (a) (b) special economic zone; or business operating in a priority sector or rural area. (2) An investor shall be eligible for an incentive under this Act if that investor is— (a) (b) (c) (d) (e) a local investor investing a minimum of fifty thousand United States Dollars or equivalent in convertible currency; a citizen owned company investing a minimum of one hundred thousand United States Dollars or equivalent in convertible currency; a citizen empowerment company investing a minimum of one hundred and fifty thousand United States Dollars or equivalent in convertible currency; a citizen influenced company investing a minimum of five hundred thousand United States Dollars or equivalent in convertible currency; or investing one million United States Dollars or equivalent in convertible currency. 466 No. 18 of 2022] Investment, Trade and Business Development Certification of investment for tax or duty relief or exemption Prohibition of incentives to investor without licence, permit or certificate of registration Recommenda- tion for incentives by Agency Cap. 323 Cap. 322
Section 30Verify source
§ 31Certification of investment for tax or duty relief or exemptionProvision

The Minister responsible for finance effects an investor’s tax or duty relief or exemption after the Agency certifies full compliance with the Act and any prescribed condition.

31. A relief or exemption from any tax or duty to which an investor is eligible under this Part shall be effected by the Minister responsible for finance after the Agency certifies that the investor has complied fully with this Act and any condition prescribed.
Section 31Verify source
§ 32Prohibition of incentives to investor without licence, permit or certificateProvision

An investor cannot receive an incentive under this Act unless they hold a valid licence, permit, or certificate of registration issued under the Act.

32. An investor shall not be entitled to an incentive provided for under this Act unless the investor holds a valid licence, permit or certificate of registration issued under this Act.
Section 32Verify source
§ 33Recommendation for incentives by AgencyProvision

The Agency must recommend tax incentives to the finance minister when it determines the investor has pledged to create jobs for citizens and transfer skills to citizens.

33. (1) The Agency shall, where the Agency determines from the investor’s pledge and skills transfer to citizens that the investor shall create employment for citizens as pledged, recommend to the Minister responsible for finance that tax incentives be granted to the investor under the Income Tax Act or the Customs and Excise Act. (2) The Minister responsible for finance shall only grant incentives to an investor on the recommendation of the Agency under subsection (1). Withdrawal of incentives Cap. 323 Cap. 322
Section 33Verify source
§ 34Withdrawal of incentivesProvision

If an investor breaches the licence, permit, registration, or this Act, the Commissioner-General may suspend or withdraw the investor’s tax incentive, and the investor may appeal to the finance మంత్రి; if the incentive is withdrawn, the investor must pay the taxes due for that charge year.

34. (1) Where an investor fails to comply with a term or condition of a licence, permit or certificate of registration or any provision of this Act, the Commissioner-General shall, on recommendation of the Agency, suspend or withdraw the tax incentive granted to the investor under the Income Tax Act or Customs and Excise Act for that year, on terms and conditions that the Commissioner-General may specify. Cap. 323 Cap. 322 Certification of compliance for relief or exemption (2) An investor affected by the decision under subsection (1) may appeal to the Minister responsible for finance. (3) An investor whose tax incentives are withdrawn under subsection (1) shall remit the taxes due under the Income Tax Act or Customs and Excise Act, for the charge year in which the incentive is accessed or accrued.
Section 34Verify source
§ 35Certification of compliance for relief or exemptionProvision

The Minister responsible for finance must, on the Director-General’s recommendation, grant an eligible investor relief or exemption from tax or duty when the investor has complied with the relevant licence, permit, registration certificate, or this Act.

35. The Minister responsible for finance shall, on the recommendation of the Director-General, where an investor has complied with the terms or conditions of a licence, permit or certificate of registration or any provision of this Act, grant an investor relief or exemption from any tax or duty to which the investor is eligible to under this Part. Investment, Trade and Business Development [No. 18 of 2022 467
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§ 36Double taxation agreementsProvision

If a double taxation agreement exists, an investor’s foreign tax payable for foreign income is determined by that agreement, subject to the Income Tax Act.

36. Subject to the Income Tax Act, where a double taxation agreement exists between the Republic and another country, foreign tax payable by an investor to the other country relating to any foreign income shall be as determined under that agreement. Double taxation agreements Cap. 323 PART VII TRADE AND INVESTMENT DEVELOPMENT FUND
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Part

PART VII

§ 37Establishment of Trade and Investment Development FundProvision

This section establishes the Trade and Investment Development Fund to promote trade, investment, and business growth.

37. (1) There is established the Trade and Investment Development Fund for the purposes of promoting trade, investment and business growth. (2) The Fund consists of monies that may— Establishment of Trade and Inves tment Development Fund (a) (b) (c) (d) be appropriated by Parliament for the purposes of the Fund; be received by way of grants or donations; be received from investments from both private and public entities; or vest in, or accrue to the Fund.
Section 37Verify source
§ 38Purpose of FundProvision

The Board may use Fund money, but only with the Minister’s approval, for the listed development and business-support purposes.

38. The Board shall, with the approval of the Minister, use the monies of the Fund to— Purpose of Fund (a) (b) (c) (d) (e) (f) (g) (h) (i) promote and support trade and investment; expand existing productive capacities to support businesses; finance credit for businesses; address supply-side constraints to the growth of businesses; support innovative income generating projects; support feasibility studies for greenfield investments; support the development of businesses in rural areas; promote and support effective participation in local and international trade and investment expositions, fairs, seminars, missions and any other similar fora; support product development and adaptation, market research and profiling of projects across priority sectors; (j) develop and publish investment profiles; (k) offer export credit for working capital, product development and reshipment and post shipment of exports; 468 No. 18 of 2022] Investment, Trade and Business Development (l) (m) support businesses to comply and conform to standards, quality assessment and metrological requirements; or support businesses to comply with technical and sanitary and phytosanitary requirements in domestic and export markets. Management of Fund
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§ 39Management of FundProvision

The Board manages the Fund, sets criteria for how Fund money is applied, and appoints a Fund Manager.

39. (1) The Fund established under section 37 shall vest in, and be managed and administered by the Board in a manner that the Board may determine. (2) The Board shall establish the criteria for the application of the monies from the Fund. (3) The Board shall appoint a Fund Manager to manage and administer the Fund for the purposes specified under section 38.
Section 39Verify source
§ 40Control of use of FundProvision

The Board must ensure the Fund has prudent controls.

40. The Board shall ensure that prudent controls are established for the Fund relating to— Control of use of Fund Books of accounts Auditing of Fund Annual report (a) (b) (c) fiscal controls and accounting procedures governing the Fund; reporting procedures for matters relating to the Fund; and investment of the funds of the Fund.
Section 40Verify source
§ 41Books of accountsProvision

The Board must ensure proper books of accounts and other records are kept for the Fund.

41. The Board shall cause to be kept proper books of accounts and other records relating to the accounts of the Fund.
Section 41Verify source
§ 42Auditing of FundProvision

The Fund must be audited every year by the Auditor-General or an auditor appointed by the Auditor-General, and the Agency must pay the auditor’s fee.

42. (1) The Fund shall be audited annually by the Auditor- General or an auditor appointed by the Auditor-General. (2) The auditor’s fee shall be paid by the Agency.
Section 42Verify source
§ 43Annual ReportProvision

The Board must send a report on the Fund’s activities to the Minister within 90 days after the financial year ends, and the Minister must then table it in the National Assembly within 7 days after the next sitting. The report must include financial information and audited statements, plus any other information the Minister requires.

43. (1) As soon as practicable but not later than ninety days after the end of the financial year, the Board shall submit to the Minister a report concerning the activities relating to the Fund during the financial year. (2) The report referred to under subsection (1) shall include information on the financial affairs relating to the Fund and there shall be appended to the report— (a) (b) an audited statement of financial position; an audited statement of comprehensive income and expenditure; and (c) other information that the Minister may require. Investment, Trade and Business Development [No. 18 of 2022 469 (3) The Minister shall, not later than seven days after the first sitting of the National Assembly next after receipt of the report referred to in subsection (1), lay the report before the National Assembly. PART VIII GENERAL PROVISIONS
Section 43Verify source

Part

PART VIII

§ 44AppealProvision

An aggrieved investor may appeal an Agency decision to the Minister within 14 days, and the Minister must then decide the appeal within 30 days. A person dissatisfied with the Minister’s decision may appeal to the High Court.

44. (1) An investor who is aggrieved by a decision of the Agency may, within fourteen days of receiving the decision, appeal to the Minister against the decision. Appeal (2) The Minister shall, within thirty days of receipt of the appeal confirm, set aside or vary the decision of the Agency. (3) A person dissatisfied with the decision of the Minister may, appeal to the High Court.
Section 44Verify source
§ 45Submission of information by investorProvision

An investor must give requested information to the Agency or an authorised officer, and the information must be kept confidential.

45. (1) An investor shall furnish, as and when the Agency considers necessary, any other information that may be requested by the Agency and that information shall be kept confidential. Submission of information by investor (2) An investor shall produce, on the request of an authorised officer, books, records, documents and other information required by the authorised officer. (3) Where an investor fails or refuses to give or provide the information requested by the Agency under subsection (2), the Agency shall recommend to the Minister of finance that a fiscal incentive granted to the investor be suspended or withdrawn for that year on terms and conditions that the Minister of finance may specify.
Section 45Verify source
§ 46Submission of annual returnsOffence

An investor must file annual returns and audited annual financial statements with the Agency in the prescribed manner and form.

46. (1) An investor shall submit annual returns accompanied by annual financial statements audited by a local auditing firm to the Agency in the prescribed manner and form. Submission of annual returns (2) An investor who fails to submit an annual return specified in subsection (1) commits an offence and is liable, on conviction, to a fine not exceeding one hundred thousand penalty units or imprisonment for a term not exceeding twelve months, or to both. (3) An investor who intentionally and wilfully submits misleading information to the Agency under this section commits an offence and is liable, on conviction, to a fine not exceeding one hundred thousand penalty units or imprisonment for a term not exceeding twelve months, or to both. 470 No. 18 of 2022] Investment, Trade and Business Development Electronic submission and payment False statements State institution to consult Agency Regulations
Section 46Verify source
§ 47Electronic submission and paymentProvision

If a fee is required for issuing a licence, permit, or certificate of registration, the payment, issuance, or receipt may be done electronically where applicable.

47. Where this Act requires the payment of a fee for the issuance of a licence, permit or certificate of registration that payment, issuance or receipt may be done electronically, where applicable.
Section 47Verify source
§ 48False statementsOffence

A person must not knowingly make a materially false statement in connection with an application for a licence, permit, certificate of registration, or other record or return under the Act.

48. (1) A person shall not, in connection with an application for a licence, permit or certificate of registration or other record or return under this Act, make any statement knowing it to be false in a material manner. (2) A person who contravenes subsection (1) commits an offence and is liable, on conviction, to a fine not exceeding one hundred thousand penalty units or to imprisonment for a term not exceeding one year, or to both.
Section 48Verify source
§ 49State institution to consult AgencyProvision

A State institution may consult the Agency before using a power under another law related to export promotion, investment promotion, or business development.

49. A State institution may, in the exercise of any power under any other written law relating to or having an effect on export promotion, investment promotion and business development, consult the Agency before exercising that power.
Section 49Verify source
§ 50RegulationsAmendment

The Minister may make regulations by statutory instrument to carry out the Act, including rules on businesses, special economic zones, data collection, forms, fees, fines, and other related matters.

50. (1) The Minister may, by statutory instrument, make Regulations for the better carrying out of the provisions of this Act. (2) Despite the generality of subsection (1), Regulations made under subsection (1) may provide for— (d) (a) (b) (c) different provisions in respect of different types of businesses and sectors of trade and industry; different types of special economic zones; the collection of data on industry and the procedure for such collection; different provisions in respect of the processes relating to incentives offered under this Act; (e) prescribed forms required under this Act; (f) fines not exceeding two hundred thousand penalty units or to imprisonment for a term not exceeding two years or both, in relation to offences under those Regulations; a fee, levy or charge payable in respect of a licence, permit or certificate of registration for the sole purpose of defraying administrative costs of licensing; and fees for publications, seminars consultation services and other services related to trade and investment information provided by the Agency. (g) (h) Investment, Trade and Business Development [No. 18 of 2022 471 (3) The Minister may, by statutory instrument, amend the Schedule to this Act.
Section 50Verify source

Part

Schedule to this Act.

§ 51Savings and transitional provisionsCommencement

Existing licences, permits, and registration certificates stay valid until they expire, are revoked, or are surrendered; pending applications must be processed under this Act when it starts.

51. (1) A licence, permit or certificate of registration issued under the repealed Act shall continue to be valid until expiry, revocation or surrender as if the licence, permit or certificate of registration was issued under this Act. 5 Savings and transitional provisions (2) An application for a licence, permit or certificate of registration pending under the repealed Act, shall, on commencement of this Act, be issued in accordance with this Act. 472 No. 18 of 2022] Investment, Trade and Business Development SCHEDULE (Section 4(2) and (3)) INDUSTRIES EXCLUDED FOR INVESTMENT
Section 51Verify source

Part

SCHEDULE

§ 1Short title and commencementShort title

This provision identifies an industry manufacturing arms, ammunition, explosives, military vehicles and equipment, aircraft, and other military hardware.

1. An industry manufacturing arms and ammunition, explosives military vehicle and equipment, aircraft and any other military hardware.
Section 1Verify source
§ 23. Administration of ActProvision

This section refers to industries manufacturing poisons, narcotics, dangerous drugs, and toxic, hazardous, or carcinogenic substances.

2. An industry manufacturing poisons, narcotics, dangerous drugs and toxic, hazardous and carcinogenic substances.
Section 2Verify source
§ 3Administration of ActProvision

This provision refers to an industry producing currency, coins, and security documents.

3. An industry producing currency, coins and security documents.
Section 3Verify source
§ 4ApplicationProvision

This section applies to an industry manufacturing a product that is restricted by any written law.

4. An industry manufacturing a product that is restricted by any written law.
Section 4Verify source

Legislative relationships

3 referenced instruments

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2 instruments

  • Act The Agency administers this Act

    Section 3

  • Act This section defines key terms used in the Act

    Section 2

N–S

1 instrument

  • Schedule to this Act

    Section 50

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