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House Considers 17-year Tax Cut Deal for Cement, Steel Factory

first_imgFlashback: Program making official signing ceremony for the Agreement between the Government of Liberia and TIDFORE (Hong Kong) Investment (LICEMCO) for the Establishment of a Steel Plant in Liberia In an endeavor to develop a sustainable economic environment and boost the country’s steel and cement industries, the House of Representatives is investigating a 17-year tax cut proposal from President Ellen Johnson Sirleaf.The tax cut deal is part of an Investment Incentive Agreement with a 17-year agreement term valued at US$200,000. The draft law is entitled: “The Investment Incentive Agreement between the Republic of Liberia and the TIDFORE Investment Company and Liberia Steel and Cement Mining (LICEMCO).”The Joint Committee on Investment and Concession and Lands, Mines and Energy, chaired by Grand Gedeh District #1 Rep. Zoe E. Pennue, is analyzing the Tax Cut Deal and will report to plenary in two weeksAccording to the bill, LICEMCO will develop and operate a steel and cement factory (plant) in accordance with the International Mining Standards & Laws and prudent business practices. In a letter to the House of Representatives, President Sirleaf said the investor under the incentive agreement will completely construct, acquire and install proposed steel plants infrastructure and equipment at the facility (plant).The President also said if the Legislature ratifies the 17-year tax cut proposal of LICEMCO it will “provide for safety procedures, create jobs at all levels, cause the investor to enhance its corporate social responsibilities, generate needed revenue for the country and promote economic development and sustainability.”“This Investment Incentive Agreement is in line with Liberia’s relevant laws and public policy to complement the development plan of the mining and steel sector of Liberia.”The President further said: “As government commits to creating jobs and a sustainable economic environment, the passage of Law of this Investment Incentive Agreement will demonstrate Liberia’s commitment and implementation in that endeavor.”The Joint Committee on Investment and Concession and Lands, Mines and Energy is analyzing the Tax Cut Deal and will report to plenary in two weeks. Grand Gedeh County District #1 Representative Zoe E. Pennue and Nimba County District #9 Representative R. Matenokay Tingban are the chairman and co-chairman of the Joint Committee, respectively.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window) – Advertisement –last_img read more

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Food, drugs, cosmetics not labelled in English will be refused entry

first_imgGovt warns importers, retailers…actions will be taken countrywide to remove all such items from local marketThe Government Analyst-Food & Drug Department (GA-FDD) is issuing a warning to importers, wholesalers, and retailers to discontinue the importation and the sale of food, drugs and cosmetics which are labelled in a foreign language.The GA-FDD says the product labelled in Spanish (on the left) is unacceptable while the one on the right in English isAccording to the GA-FDD Director, Marlon Cole, the Food and Drug Regulations of 1977 section 18 (15) stipulates that declarations made on labels of any food, drugs, cosmetics or medical devices must be in English; making it an offence to import, sell or distribute those foreign labelled articles on our local market.“The Department is therefore urging importers to ensure that only items labelled in English or with English translation are imported and to immediately cease the importation and sale of same. This decision has become increasingly necessary because of the illegal practice of some importers tampering with labels, consumer complaints and observations made by the Department,” Cole said in a release.He further stated that members of the National Food Safety and Control Committee were briefed at a statutory meeting held on December 12, 2017, of this malpractice; “hence enforcement actions will be taken countrywide to remove all foreign labelled food items from our local market.”According to Cole, consumers are strongly advised to purchase items that are properly labelled in English.The Department said it will be working in collaboration with the Guyana Revenue Authority, through its Customs Department to ensure only items that are labelled in English are released for sale on our local market.“Foreign labelled items will be refused entry,” said the GA-FDD Director.last_img read more