Login

Lost your password?

Sign Up

Register

Login

Login

Lost your password?

Register

Monday, July 4, 2022
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion

Africa's
Investment
Gateway

The Exchange
  • Login
  • Register
Subscribe
This Month's Edition
Previous Editions
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
No Result
View All Result
The Exchange
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
No Result
View All Result
The Exchange
LOGIN
Common Customs bond in East Africa will reduce costs

Source: News Central

Common Customs bond in East Africa will reduce costs

From July, Importers in East Africa will operate under a common Customs bond, which guarantees uniform import duties and taxes across all partner states.

by Caroline Muriuki
February 27, 2020
in Countries
0
Share on FacebookShare on LinkedIn

From July, Importers in East Africa will operate under a common Customs bond, which guarantees uniform import duties and taxes across all partner states.

Currently, due to the application of different duty rates, valuation and sensitivity of goods,  the value of Customs bonds varies from country to country.

In Kenya, importers of transit goods are required to secure a Customs bond issued by an insurance company, while sensitive or delicate cargo requires a bank or cash guarantee.  In Rwanda and Uganda, an insurance company the issues custom bond with rates based on the taxes charged by the destination country.

The common Customs bond will reduce the cost of doing business and goods turnaround time, according to the East Africa Community Single Custom Territory Monitoring and Evaluation Committee.

During the Council of Ministers in July, this common Customs bond is expected to be adopted as part of the pillar to create a Customs Union. The Customs Union is meant to create a level playing field for the region’s producers by imposing Customs procedures, uniform competition laws and external tariffs on goods imported from countries outside the region.

Also Read: EAC settles on 32pc tax to lock out cheap imports

The Monitoring and Evaluation Committee met in Kenya to discuss how to tackle the remaining trade barriers. The committee agreed that enhancing integration of Customs and port functions will ease the seamless exchange of information among partner states.

To secure cargo movement in the region, the revenue commissioners from all the EAC member countries who were in attendance, said they were already implementing cargo tracking systems and they will have one data control centre to monitor and track cargo before the end of this year.

The new data control centre involves computerisation of all Customs systems and it will help in enhancing online tools, which include a regional dashboard, a geographic information system and transport observatory system.

On the Northern Corridor, a regional cargo tracking system is already operating and in 2019, it reduced cargo loss to close to zero.

Despite the progress, the region is still experiencing persistent Non-Tariff Barriers, said Musoni William, the Rwanda Revenue Authority Deputy Commissioner.

Also Read: UK seeks trade pact with East African Community

Tags: cargo tracking systemcommon Customs bondEAC member countriesEast AfricaEast Africa Community Single Custom Territory Monitoring and Evaluation CommitteeImporters in East AfricaNon-Tariff Barriersnorthern corridorRwanda Revenue AuthorityUganda

STATE OF ECONOMY - GET THE REPORT

ASSESSING EAST AFRICA

Loading...

Caroline Muriuki

Related Posts

Africa

Era of the African Passport: A mixed bag of opportunities?

July 4, 2022
Africa

Unlocking Africa’s gas riches: Nigeria-Morocco gas pipeline a game changer

July 2, 2022
Africa

Powering Africa: Renewables safest bet for sustainable future

July 2, 2022
Next Post
Elecricity transmission infrastructure: Zimbabwe Situation: Exchange

Zimbabweans to pay more for electricity as tariff soars by 19 per cent

SNDBX Opening Image

First entrepreneurs one stop centre launched in Kenya

South African Finance Minister Tito Mboweni gestures as he delivers his budget speech at Parliament in Cape Town, South Africa, February 20, 2019. REUTERS/Sumaya Hisham - Exchange

Public Sector wages cut proposal firms South African rand




This months edition

Features

Africa

Era of the African Passport: A mixed bag of opportunities?

by june njoroge
July 4, 2022
0

Despite the passage of numerous set deadlines, incessant delays exacerbated by the Covid-19 pandemic; after eight years since inception of...

Read more
Economic Growth

Era of the African Passport: A mixed bag of opportunities?

by june njoroge
July 2, 2022
0

Despite the passage of numerous set deadlines, incessant delays exacerbated by the Covid-19 pandemic; after eight years since inception of...

Read more
Sibongile Thobakgale. She is the area sales manager for South Africa at Aggreko Africa. www.theexchange.africa
Investing

Transforming manufacturing in Africa

by Opinion
July 1, 2022
0

From cement to food and beverages to metal production and processing, manufacturing organisations are looking for sustainable energy solutions to...

Read more
Wallace Manyara. He is the Business Development Manager, Region South & East Africa, Wärtsilä Energy. www.theexchange.africa
Investing

Renewables, gas cheapest ways to meet Mozambique’s electricity demand

by Opinion
July 1, 2022
0

To meet its growing energy needs and increase electricity access across the population, Mozambique must build 1.3GW of new power...

Read more
By 2030, tech financing in Africa will hit US$90 billion. African governments have a lot to do to reduce the risk of investing in tech startups. www.theexchange.africa
Tech & Business

Challenges and opportunities across Africa’s tech ecosystems

by Njenga Hakeenah
July 1, 2022
0

In addition, governments have to make things better for businesses. Currently, tech start-ups have to pay a lot to comply...

Read more

News

Banking
Industry & Trade
Investing
Money Deals
Regional Markets
Tech & Biz
Opinion

Countries

Kenya
Tanzania
Uganda
Burundi
Rwanda
Southern Africa
Ethiopia

More

My Account
Contact us
Advertise
About us
Help Center

Subscribers Center

E-paper
Premium Stories
Education Rates
Corporate Subscriptions
Weekely Newsletter

  • My account
  • About us
  • Advertise
  • Contact
  • Privacy Policy
  • Refund Policy – The Exchange
  • Sitemap

No Result
View All Result
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
  • Login
  • Sign Up
  • Cart

© 2021 The Exchange - Powered by MediapixManaged by Supported by Digihandler,

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In