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

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

(Ecofin Agency) - 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.

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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