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...
The World Customs Organization (WCO) has released a Guide for Rules of Origin under the African Continental Free Trade Area (AfCFTA) agreement. The AfCFTA agreement aims to create a single market for goods and services across Africa by allowing the free movement of business persons and investments, which will ultimately lead to the creation of...
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The implementation of the African Continental Free Trade Area (AfCFTA) agreement should be expedited as the free trade zone will boost intra-African trade and accelerate industrialization, the UN Economic Commission for Africa (ECA) Acting Executive Secretary Antonio Pedro has said. “While the AfCFTA’s promise is high, that promise can be realized only if the agreement...
