Trending
- Technology trends that will revolutionize Africa in 2023
- Kenya’s Equity Bank completes acquisition of Spire Bank
- Nigeria’s Union Bank gets $30Mn loan from IFC to lend to SMEs
- African countries open to cheaper flights to boost domestic travel
- Majority of Kenyans buy from companies with distinctive branding – Report
- Tapping into the potential of Africa’s music industry
- Breaking the Cycle: Strategies for Managing Black Tax
- US and Mozambique Agree on Key Components of Mozambique Compact
Browsing: tariffs
Negotiators agreed to raise the East Africa Community’s (EAC) upper tariff band to 32 per cent.
This breaks a deadlock that has delayed review of the customs taxes for close to 10 years.
Currently, east Africa’s three-band common external tariff (CET) structure has an upper rate of 25 per cent, which is the private sector blames for letting in cheaper goods from outside the bloc.
Raw materials and capital goods are currently charged zero per cent by the region, while inputs are charged 10 per cent and 25 per cent on finished goods imports.
In addition, items that can be produced within, EAC has put them under the sensitive list to attract CET at rates between 35 and 100 per cent this includes a number of products such as maize, rice and textile.
According to the agreement, the tariffs will be reviewed to charge import duty of 32 per cent …
