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Browsing: Non-Tariff Barriers
These foreign exchange controls and restrictions will pose challenges for international businesses and foreign investors in Tanzania.
When introducing approvals and making them necessary for just about every kind of transaction, foreign exchange restrictions add a level of complexity to investors’ business model and implementation strategy.
The Tanzania Foreign Exchange Regulations require authorisations and justifications for several areas including exporting, importing or simply where a non-resident is directly investing in Tanzania.
While there could be a problem with income being paid outside of Tanzania for activities that are taking place in Tanzania, putting foreign exchange controls rarely constitutes the answer to encourage investors to keep their funds in the country.…
Because EAC products have been denied preferential market access as a result of trade sanctions, intra-EAC trade is currently at a low of 15 per cent, which will worsen employment opportunities, market access, and the economies of scale of our sectors for East Africans as a whole.
NTBs not only increase the time and cost of doing business across borders, but they also reduce the competitiveness of EAC-produced goods.
NTBs persist and grow because of the lack of an effective EAC trade dispute settlement system (the EAC Trade Remedies Committee) and the poor speed of resolution of NTBs by the EAC Reginal Monitoring Committee (EMC). …
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 …
The tool will help African governments monitor and eliminate challenges which slow trade costing the continent billions annually…