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Haiyambo.Tax Incentives and Foreign Direct Investment. the Nam Experience.Pdf POLYTECHNIC OF NAMIBIA HAROLD PUPKEWITZ GRADUATE SCHOOL OF BUSINESS Tax Incentives and Foreign Direct Investment: The Namibian Experience Emma Haiyambo Thesis submitted in partial fulfillment of the requirements for the degree Masters in International Business (MIB) in the Harold Pupkewitz Graduate School of Business at the Polytechnic of Namibia Supervisor: Tafirenyika Sunde Co-supervisor: Prof. Grafton Whyte July 2013 Tax Incentives and Foreign Direct Investment: The Namibian Experience ii Declaration By submitting this study, I declare that the entirety of the work contained therein is my own, and is original work. I have not previously in its entirety or in part submitted it for obtaining any qualification. Signature --------------------------------------- Date: September 2013 Tax Incentives and Foreign Direct Investment: The Namibian Experience iii Retension and use of thesis I, Emma Haiyambo, a candidate for the degree of Master in International Business accept the requirements of the Polytechnic of Namibia regarding the retention and use of Master’s thesis deposited in the library. In terms of these requirements, I give my consent that the original of my thesis deposited in the library will be accessible for purposes of study and research, in accordance with the normal conditions established by the librarian for the care, loan or reproduction of the thesis. Signature---------------------------------------------- Date: September 2013 Tax Incentives and Foreign Direct Investment: The Namibian Experience iv Acknowledgements My thanks goes firstly to the AlMIGHTY GOD for making this yet another step on my life’s journey. Secondly, to my supervisor, Mr Tafirenyika Sunde, for his support, advice and patience during the preparation of this dissertation. A great debt of gratitude is owed to Prof. G. Whyte, who through his comments, also provided the direction I needed to complete this research. I am also extremely grateful to my colleague and friend TJ (Tjiveze Tjipe) who showed his true friendship during the process of my undertaking this study and sacrificed his spare time to assist and comment on the work. Tax Incentives and Foreign Direct Investment: The Namibian Experience v Dedication I wish to dedicate this dissertation to my son, Jetaime, for the maturity shown (beyond his age), encouragement and wanting only the best for his mother, even if it means him sacrificing a bit of quality time with her, as long as it is in pursuance of the achievement of a goal. To my father, a retired teacher, who since my primary school has encouraging me to always pursue higher grounds academically; and my mother, also a retired teacher, for always reminding me to do the right thing – even when circumstances dictate otherwise. Thanks very much Dad and Mum! And Bonny, what a supportive partner you are! God Bless! Tax Incentives and Foreign Direct Investment: The Namibian Experience vi Table of Contents 1.Introduction......................................................................................................1 1.1 Background of the Study...............................................................................1 1.2 Statement of the Research Problem..............................................................3 1.3 Objectives of the Study.................................................................................4 1.4 Significance of the Study..............................................................................5 1.5 Research Approach and Limitations.............................................................5 2.Literature Review.............................................................................................7 2.1 Introduction...................................................................................................7 2.2 Theoretical Literature Review......................................................................7 2.3 Empirical Literature Review.........................................................................15 2.4 Chapter Summary.........................................................................................21 3.Overview of the Investment Incentives Framework of Namibia .............................23 3.1 Introduction..................................................................................................23 3.2 Types of Investment Incentives Offered by Namibia..................................24 3.3 FDI Inflow to Namibia versus the Region and World.................................30 3.4 Chapter Summary........................................................................................33 3.5 Theoretical Framework................................................................................34 4.Methodology....................................................................................................36 4.1 Introduction..................................................................................................36 4.2 Explaining the methodology........................................................................36 5.Determining the Impact of Tax Incentives on FDI in Namibia.......................43 5.1 The Impact of Corporate Tax Rate on FDI Flows in Namibia....................43 5.2 Assessing the Impact of Other Factors Identified as Important for Attracting FDI.......................................................................................................................46 5.3 Assessing the Cost of Tax Incentives Offered by Namibia.........................61 6.Study Conclusions, Limitations and Recommendations.................................68 6.1 Conclusions..................................................................................................68 6.2 Study Recommendations..............................................................................71 6.3 Study Limitations and Resulting Recommendations...................................74 6.3.1 Lack of available data........................................................................74 6.3.2 Poor response from companies..........................................................74 6.3.3 Recommendations resulting from the study limitations……………74 Tax Incentives and Foreign Direct Investment: The Namibian Experience vii References.................................................................................................................76 Appendix...................................................................................................................79 List of Tables Table 1 Namibia’s Share in Total FDI inflows to the Continent and Region...........43 Table 2 Namibia’s FDI Composition Trends............................................................57 Table 3 Total exports and selected export items........................ ........................60 Table 4 Correlations between total foreign investment as a percentage of GDP and natural resources exports as percent of total exports....................................61 Table 5 Results of chi-square test.............................................................................62 Table 6 Sectors which saw FDI inflows...................................................................63 Table 7 Namibia’s Foreign Direct Investment, Gross Fixed Capital Formation and GDP..............................................................................................................65 Table 8 Correlations between total foreign investment as a percentage of GDP and total foreign investment as a percentage of gross fixed capital formation..66 Table 9 Results of chi-square test.............................................................................66 Table 10 Correlations between total foreign investment as a percentage of GDP and investors protection index...........................................................................67 Table 11 Results of chi-square test...........................................................................68 Table 12 Correlations between total foreign investment as percentage of GDP and the number of days to start a new business in Namibia............................69 Table 13 Results of the chi-square test.....................................................................70 Tax Incentives and Foreign Direct Investment: The Namibian Experience viii Table 14 Correlations between total foreign investment as percentage of GDP and the Employment Rigidity Index...................................................................71 Table 15 Chi-square test results................................................................................71 Table 16 Correlations between the value of investment approvals (INVAPROV) and subsequent real gross fixed capital formation (RGFCF)..........................76 Table 17 Chi-square test results................................................................................76 Table 18 Employment by sector...............................................................................78 List of Figures Figure1: FDI developments in Namibia during 2000-2010.....................................41 Figure 2: Trend in FDI inflows and special corporate tax rates...............................56 Tax Incentives and Foreign Direct Investment: The Namibian Experience ix Abbreiviations BoN Bank of Namibian CMA Common Monetary Area ECCU Eastern Carribean Currency Union EPZ Export Processing Zone FIAS Foreign Investment Advisory Service FDI Foreign Direct Investment GDP Gross Domestic Product GFCF Gross Fixed Capital Formation IMF International Monetary Fund
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