Business
13 Year Tax Exemption for Cashew Project Confirmed
13 Year Tax Exemption for Cashew Project Confirmed.
About this update from Dekel Agri-vision Plc
[{"type":"text","content":"\n \nRNS Number : 3813U Dekeloil Public Limited 12 July 2018 \n\nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service (\"RIS\"), this inside information is now considered to be in the public domain.\n \nDekelOil Public Limited / Index: AIM / Epic: DKL / Sector: Food Producers\n12 July 2018\nDekelOil Public Limited (\"DekelOil\" or the \"Company\")\n13 Year Tax Exemption for Cashew Processing Project Confirmed \n \nDekelOil Public Limited, the West African focused agricultural company, is pleased to announce that it has received confirmation from the Government of Côte d'Ivoire that future profits generated at the planned 10,000tpa raw cashew nut (\"RCN\") processing project at Tiebissou will be fully exempt from corporation tax for a period of 13 years. This follows a successful application under the Investment Incentives Code, which is administered by government agency CEPICI. Operations at Tiebissou are targeted to commence in Q3 2019 at an initial rate of 10,000tpa. As announced on 26 June 2018, DekelOil has secured an option to acquire a 58% majority interest in Capro CI SA, which is developing the RCN processing project at Tiebissou. \n \nUnder the terms of the Investment Incentives Code, profits generated at Tiebissou will be fully exempt from corporation tax for a period of 13 years. In Year 14, profits will be taxed at a rate equivalent to 50% of the prevailing rate of tax, rising to 75% in Year 15. Profits thereafter will be taxed at the full prevailing corporation tax rate, currently 25%. \n \nDekelOil Executive Director Lincoln Moore said, \"The tax exemption greatly enhances the already highly attractive economics of processing cashews in Côte d'Ivoire. It also demonstrates government support for the in-country cashew processing project which is being developed at Tiebissou. Côte d'Ivoire is the world's largest producer of cashews, but only 7% of its output is processed in-country. By adopting the collaborative model we successfully deployed at our producing palm oil project in Ayenouan, the 10,000tpa plant at Tiebissou, which ...