Public Management

Côte d'Ivoire announces tax exemptions on food products in 2024 Budget

Côte d'Ivoire announces tax exemptions on food products in 2024 Budget
Thursday, 16 November 2023 17:18

In a proactive move responding to the significant price pressures in the local market, the Ivorian government temporarily suspended the export of local rice and sugar until the end of the year. The decision was announced in September when the overall annual inflation rate reached 4.9%.

The Commission for Economic and Financial Affairs (CAEF) in Côte d'Ivoire recently announced the exemption of Value Added Tax (VAT) on natural food products intended for consumption in 2024. This announcement closely follows the unanimous approval of the 2024 budget and its fiscal annex by the National Assembly on November 11. The tax exemption encompasses essential staples such as corn, sorghum, rice (excluding luxury rice), unprocessed fish, and fresh meat.

This fiscal measure aligns with the government's commitment to safeguard the purchasing power of its citizens and mitigate the impacts of rising prices. In September 2023, the government took a conservative stance by suspending the export of local rice and sugar due to pronounced market tensions. During the same month, the overall annual inflation rate surged to 4.9%.

Expanding beyond food items, the CAEF disclosed an additional incentive: a waiver of customs duties on the importation of renewable energy production equipment or machinery for companies investing in the sector during the specified period.

Let’s note that Côte d'Ivoire's 2024 budget stands at $22.1 billion, focusing on a structural transformation of the economy and addressing social and security needs. In line with these objectives, the Ivorian government aims to sustain a 7% economic growth rate, anticipating a decline in the inflation rate to 2.6% by 2024.

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
Boston Consulting Group estimates Africa’s creative exports could reach $140–150 billion by 2030. The sector currently generates $59...
Ivory Coast outlined eight budget priorities focused on reforms, performance, and revenue mobilization. Authorities aim to complete the IMF-backed...
(SOUTHBRIDGE) - SouthBridge Investments announced its selection, for the second time, as an Emerging Impact Manager (EIM) in the ImpactAssets 50® (IA 50)...
Littlefish raised $9.5 million in a Series A round led by Partech Partners. The startup plans to expand into more than 10 African markets,...
Most Read
01

Telecel Ghana to boost network investment by 150% in 2026 Expansion targets capacity, reliabi...

Telecel Ghana plans 150% investment increase in MTN-dominated market
02

Namibia and Russia agreed to expand cooperation across energy, mining, and agriculture. Both coun...

Namibia and Russia Expand Economic Cooperation Across Key Sectors
03

Four years after Russia’s 2022 invasion of Ukraine, the fertilizer market is facing a new shock as m...

Hormuz Tensions Rattle Fertilizer Markets, Adding Pressure to Global Food Supply
04

Cameroon signs MoUs for $1.5 billion waste-to-energy projects Plans target waste treat...

Cameroon Signs $1.5 Billion Waste-to-Energy MoUs Amid Urban Sanitation Strain
05

Côte d’Ivoire raises 110bn CFA francs, meeting full target Investor demand hits 291bn CFA fra...

Côte d’Ivoire Raises $193 Million as Banks Drive Demand for Short-Term Bills
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.