Following GEM, the Groupement des entreprises franches et partenaires (GEFP) is now sounding the alarm against the State, implicating the IMF. It is raising concerns about economic insecurity caused by fiscal measures outlined in finance laws, including that of 2026.
Hery Lanto Rakotoarisoa, president of GEFP, issued what he called "a solemn alert" in a statement released yesterday. "The Free Zone regime, which has created over two hundred thousand direct jobs in Madagascar, is being weakened year after year," the organization stated. This cry for help is directed at both the State and the International Monetary Fund (IMF).
According to GEFP's argument, the culprit is the growing instability of rules and economic insecurity generated by new taxes and fiscal obligations introduced in finance laws from 2023 through 2026. These pressures, the organization contends, are linked to the State's commitments with the IMF. The new fiscal measures in the recently adopted supplementary finance law adopted by the National Assembly proved to be the final straw.
"Since 2023, new taxes, charges and fiscal obligations have been introduced and modified by finance laws as part of commitments made with the IMF. Meanwhile, VAT refunds are falling far behind and businesses no longer know what rules they will operate under tomorrow," GEFP lamented. "Finance laws adopted from 2023 to 2026 have successively introduced fiscal and customs provisions that appear to contradict the founding commitments of the free zone regime."
GEFP points to rule instability and non-compliance with state commitments, citing the 2008 law on enterprises and free zones, and warns of risks to Madagascar's attractiveness for investors. It recalls that Article 6.8 of this law stipulates that taxes not provided for under this framework should not be added to the fiscal regime