The rates have been reduced as follows :-
- Raw timber 17.5% of FOB value
- Processed /semi processed timber 12.5% of FOB value.
Previous rates were 25% to 15% for raw timber, sawn timber and other processed timber.
b) Export levy on cocoa/coffee, cotton sugar, rubber, palm oil and medicinal plants has been reduced to 1%.
c) Export levy on banana is now fixed at 4.000 Francs CFA per ton.
d) Plywood and other processed timber sold on the local market are now subject only to the assessment of turnover tax at the rate of 18.7% instead of being assessed to both turnover tax and the common external tariff rate of 30%.
e) The 5% import tax on pharmaceutical inputs has been suspended so as to bring these items under the same fiscal regime as imported drugs.
NOTE: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought for specifics.
For further information contact Mr Nico Halle, Tel: +237 42 64 79 or Fax: +237 43 26 34 or enter text search 'Nico Halle Law Firm' and 'Mondaq Business Briefing'.