Kenyan President William Ruto has declared that Value Added Tax (VAT) on exported services will be removed starting July 1, 2023, as part of efforts to increase Kenya’s attractiveness as an investment destination. The VAT on exported services was introduced through Finance Act 2022, which reclassified exported services (except Business Process Outsourcing) from exempt to...

The African Continental Free Trade Area (AfCFTA) Secretariat and the African Export-Import Bank (Afreximbank) have signed a Host Country Agreement with the Republic of Rwanda for the AfCFTA Adjustment Fund. The $10 billion fund will be headquartered in Kigali, Rwanda. It will help countries to implement agreed protocols while supporting African firms to retool for...