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Okinawa Prefecture Special Financial Affairs Committee has decided to recommend that Nago City be granted a status of a special economic district. Following the decision Okinawa Governor Keiichi Inamine conveyed the committee’s recommendation to Koji Omi, the minister in charge of Okinawa Development Agency.
Nago City designated special economic district
Date Posted: 2002-06-23
Once the designation becomes the law, businesses operating within the city limits will enjoy various tax breaks of up to 30 percent for ten years. The tax breaks will also be extended to ordinary people’s income taxes.
Originally, officials at the central government had planned to extend the tax breaks to small areas next to Camp Schwab that would be directly affected when operations of MCAS Futenma are transferred to the new base off Camp Schwab. However, Nago City lobbied had to have the area extended to cover the entire city. Nago City officials believe that the tax breaks would attract much needed business and give the city’s fortunes a powerful boost.
“We hope to bring all kinds of businesses to Nago that would give the city a permanent boost and make it a viable alternative for our young people to stay and build their futures,” a representative of Nago City Chamber of Commerce said. “For that to happen we must work very hard to make the best use of our own resources. The proposed tax breaks are only a very useful beginning.”