WINDHOEK, June 6 — Namibia’s Finance Minister Iipumbu Shiimi on Monday said the country is considering offering tax incentives to the emerging industry of green hydrogen.
Namibia also seeks to reduce corporate tax by a small percentage, Shiimi said at a media briefing in Windhoek, the capital of Namibia, while reporting on developments discussed at the World Economic Forum in Davos, Switzerland.
“We always review the competitiveness of our corporate tax because that is directly linked to investment promotion. We have agreed that we will reduce our corporate tax in the current fiscal year to ensure it remains relevant and competitive,” Shiimi said.
Although tax incentives are always at the bottom of the list when it comes to what investors need, they also need to be good investors who are going to pay taxes and contribute to the development of the country, the official added.
Namibia has selected Germany’s Enertrag-backed Hyphen Hydrogen Energy to develop the country’s first mega green hydrogen project in the southwest. The project would ultimately produce up to 300,000 tons of green hydrogen per year and is expected to cost around 10 billion U.S. dollars. (Xinhua)
