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Business News of Wednesday, 25 August 2021


Introduce tax breaks, other policies to grow maritime industry

Chief Executive Officer (CEO) of Baj Freight and Logistics, Joseph Ato Chief Executive Officer (CEO) of Baj Freight and Logistics, Joseph Ato

Chief Executive Officer (CEO) of Baj Freight and Logistics, Joseph Ato Biney, has urged the government to introduce deliberate policies which include tax breaks to grow and nurture local companies in the sector.

Speaking to the B&FT in an interview, Mr Biney said that COVID-19 had negatively impacted the maritime industry for almost two years now, as companies continue to grapple with slow business up to this point, yet, it does not have any concessions from the government.

He urged the government to come to the sector’s aid by giving them tax breaks to stay afloat in business.

“Our revenue level has dropped significantly as a result of the COVID-19, and we need help from the government. We have applied for a loan under the Coronavirus Alleviation Program (CAP) being disbursed by the NBSSI, but we didn’t get anything.

I know that in other countries, governments are able to aid local companies that are struggling as a result of this CIVID-19 to stand afloat. Because, if this COVID-19 should go away, it is the same companies that would lead the charge so the government can do well by giving us tax breaks, at least, so we can stay afloat,” Mr Biney said.

One very important aspect he wants the government to look at is to limit services like customs house clearance and logistics for indigenous companies.

He further stated that government should bar foreign nationals from doing what local people are already doing here, with the explanation that they are currently in a competition that is quite unfair.

In this way, Mr Biney said the government can help players in the sector by giving them more business and retaining revenue that comes into the country, adding that the local companies can do what foreign shipping lines do in the country.