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The cost of living in the East African countries is on a worrying upward trend with governments shifting huge debt repayments burdens to households and businesses through increased taxation measures. The issue is further compounded by a surge in fuel prices and weaker local currencies, which have seen the prices of essential commodities like bread, […]
Summary Revenue targets. Government hopes to raise at least Shs400 billion from 10 Tax (Amendment) Bills 2021 in the quest to meet revenue targets in an economy where the Covid-19 pandemic has battered collections. On April 1, Finance Minister Matia Kasaija proposed a raft of tax amendments, most of which tax analysts say if passed in […]
Summary Source close to the negotiations told The EastAfrican that the technical experts from member countries tasked with harmonising the varying tax rules and rates in the region have not held sessions for over a year after some member countries raised concerns over the plan to harmonise value added tax (VAT), Income tax and Excise […]
The renewed push by manufacturers in Kenya for higher taxation of finished products imported into East African Community (EAC) bloc is a double-edged sword that requires sober reflections. The Kenya Association of Manufacturers (KAM) says Kenya’s decision to apply a 30 percent Common External Tariff (CET) on imported finished products distorts the regional market because […]
In summary New import tax changes for the current fiscal year are effective July 1. The decisions to stay application of the EAC CET rate and apply a higher duty rate are aimed at stimulating local production and safeguarding markets against cheap imports. The import duty measures in the EAC Gazette issued on June 30 […]
East African Community finance ministers have agreed on measures to protect and enhance the competitiveness of the regional manufacturing industry ahead of the conclusion of a comprehensive review of the Common External Tariff (CET) that has dragged on for more than three years. In his budget speech on Thursday, Kenya’s Finance Minister Ukur Yatani said […]
Rwanda’s revenue collection is projected to reduce to Rwf1.4 trillion ($1.5 billion) in the 2020/2021 financial from Rwf1.6 trillion ($1.6 billion) projected in the 2019/2020 revised budget, as a result of the Covid-19 pandemic which has halted the economy since March. Taxable avenues in travel, hospitality, entertainment, and tourism were all halted, while disruptions were […]
I think it was eight years before Rwanda (together with Burundi) joined the East African Community in 2009, I was still editor at The Monitor, in Kampala, and we sat down in Kigali for an interview. I asked about the troubles in eastern Democratic Republic of Congo, where Rwanda and Uganda were still embroiled in […]
Negotiators have agreed to raise the East Africa Community’s (EAC) upper tariff band to 32 percent, breaking a deadlock that has delayed review of the customs taxes for close to 10 years. At the moment, the region’s three-band common external tariff (CET) structure has an upper rate of 25 percent, which is blamed by the […]
As the first UK-Africa Investment Summit came to end, African countries walked away with million dollar investments in renewable energy projects that are set to bring the African continent and the European Island even closer. Boris Johnson’s government is set to invest over US $65.7m into renewable energy projects in Africa, as it works with […]
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