Browsing: EAC member countries

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 …