COMESA 2018 | Page 37

SPECIAL REPORT building materials such as glasses, profi les, metal sheets, tiles, cement, etc. There is need to establish a chemical industry, and manufacture fertilisers for agriculture. Additionally, there is only one textile industry with very limited technology. Healthcare: The healthcare sector continues to expand in Burundi. Setting up of private health institutions will enable Burundi to become a healthcare hub for populations within Burundi and the neighbouring Democratic Republic of the Congo and Tanzania. Education: Burundi is thirsty for skills to help spur its economy forward. With a huge population of young adults, Burundi is in need of skilled manpower. Strong measures have been taken to combat and eradicate corruption, including the setting up of the General Prosecutor’s offi ce at the anti-corruption court Finance & Banking: The fi nancial services sector in Burundi remains largely untapped as the country has a huge population that does not have access to banking facilities Legal Framework for FDI in Burundi • Creation of the Burundi Revenue Authority for better tax payment services and tax collection performance. • Non-discriminatory and attractive Investment Code ensuring the protection of investors and investments. • Freedom of establishment and investment of capital. • The granting of visas and the freedom to apply for residence visas for investors and expatriates. • Guarantees the right of ownership to any natural or legal person, without any discrimination. • Guarantees free transfer of foreign capital and their income, after payment of taxes and duties. • Strong measures have been taken to combat and eradicate corruption, including the setting up of the General Prosecutor’s offi ce at the anti-corruption court, and the establishment of the Special Anti-Corruption Police, the institution in charge of fi ghting corruption. Tax Benefi ts Acquisition of buildings and land, essential to the realisation of business opportunities, is exempt from the purview of transfer duties. The investor also benefi ts from a reduction in the tax rate on profi ts as follows: • 2 percent, if it employs a number of Burundian workers between 50 and 200; • 5 percent, if it employs more than 200 Burundian workers. The staff counted is the one benefi ting from remuneration subject to the taxation of wages and registered to the National Institute of Social Security insurance. There is also ongoing implementation of bold reforms and simplifi ed administrative procedures to make it easier to do business in the country. VAT exemption for investment projects identifi ed and approved by a special board as part of priority sectors which are strategic to the growth of the national economy has also been introduced.  * The author is the Chief Executive Offi cer of Burundi Investment Promotion Authority COMESA• 2018 • 37