bfslmu, Author at BPML

June 8, 2024 By bfslmu

Budgetary Measures 2024-2025 – Freeport and Logistics

Following the Government Budget 2024-2025, please find below the Budgetary Measures 2024-25 relating to the Freeport and Logistics.

Freeport Act

The Freeport Act will be amended to –

(a) allow a company to operate under both a Global Business licence and a Freeport certificate but it will not be entitled to the tax holiday granted to qualifying Freeport operators;

(b) provide for the extension of the maximum period during which goods may be warehoused in a freeport zone by 3 years; and

(c) authorise a Fulfillment Centre as a Freeport activity, provided that it does not include any –

(i) manufacturing activity; or

(ii) activity which does not involve physical movement of goods in the Freeport.

Source: Annex to Budget Speech 2024-25

Participation of BFSL to an Investment and Promotion Mission in the UAE

BFSL recently participated in an Investment and Promotion Mission in the UAE, organized by the Economic Development Board (EDB). This event saw the active participation of over 40 local companies representing diverse sectors of the economy, including finance, banking, corporate services, real estate, freeport, and logistics to name a few. Mr. Hans Jude Mungtah, Business Development Manager, represented BFSL during this significant overseas Investment and Prospective mission in Dubai and Sharjah.

The Investment and Business Prospection Mission, organized by the EDB, took place from May 14 to 22, 2024, targeting key regions in the Middle East, specifically the UAE, the Sultanate of Oman, and the Kingdom of Saudi Arabia. BFSL exclusively participated in the UAE leg of the mission, recognizing a strategic opportunity to enhance its presence in this vibrant market.

Our participation in the UAE Investment and Promotion Mission was a resounding success. The event provided an invaluable platform for BFSL to strengthen its network, engage and explore new business opportunities while enhancing its visibility in the UAE market.

Celebrating World Environment Day: Tree Planting Event in Freeport Zone 6, Mer Rouge

Celebrating World Environment Day: Tree Planting Event in Freeport Zone 6, Mer Rouge

In celebration of World Environment Day on Wednesday the 05th of June 2024, our Staff Welfare Committee organized a significant tree-planting event in Freeport Zone 6. This meaningful occasion highlighted the critical importance of environmental conservation and fostered a deeper connection with nature among our Staff.

Together, we planted a tree, enhancing the natural landscape within our Freeport zone and underscoring our unwavering commitment to environmental stewardship.

Tree planting is more than just planting; it symbolizes our efforts to combat climate change, improve air quality, and provide vital habitats for local wildlife. This initiative reflects our ongoing dedication to promoting sustainable practices and cultivating an eco-conscious culture within our organization and beyond.

We extend our heartfelt thanks to everyone who contributed to this event. Your participation and commitment are vital to our shared mission of creating a greener, healthier planet.

Let’s continue to work together to safeguard our environment and celebrate the beauty and importance of nature every day.

Happy World Environment Day!