Trade and Financial Services Round-Up.

  • 15 Mar 2024
  • 2 Mins Read
  • 〜 by Brian Otieno


New levy lined up for State contractors

The Treasury has introduced a new levy on contractors making supplies to both national and county governments, a shift likely to raise the cost of public procurement.

New regulations published by Treasury Cabinet Secretary Njuguna Ndung’ u show a tax known as capacity building levy would be charged at 0.03 percent of the total value of supplies to State agencies.

“There shall be paid a levy by a supplier on all procurement contracts signed between the supplier and a procuring entity, at the rate of zero point zero three percentum (0.03 percent) of the value of the signed contract, exclusive of applicable taxes,” the regulations say.

(Business Daily)


Tanzania, Rwanda to open new border crossing to boost trade

Tanzania and Rwanda have reached an agreement to open a new border crossing, aiming to enhance trade and facilitate the movement of people between the two countries. This decision was announced following a meeting between Rwandan Foreign Minister Vincent Biruta and Tanzanian counterpart January Makamba.

(The Citizen)


Civil society, MPs moot policy to enable taxation of pastoral income

Legislators are looking into expanding the tax base and have mooted revisiting laws that will see the government be able to tax pastoral communities. The aim of this proposal is to enable the government to address challenges such as land, food security, environment, and climate change within pastoral communities.

(The Monitor)


Penalties await middlemen exploiting maize farmers

The Ministry of Trade and Industry (MINICOM) has fined 113 middlemen who were found to have purchased maize harvests without the necessary licences. As of March 14, 2024, the middlemen had paid Rwf43.2 million in fines, Cassien Karangwa, the Director of Domestic Trade at MINICOM, told The New Times.

The crackdown on middlemen comes after farmers across the country reported that, although they received an abundance of maize harvest during the concluded Agricultural Season A 2024, they were struggling with finding buyers.

(The New Times)


High-level development forum commits to establishing renewed partnership with Ethiopia

The high-level development forum meeting which took place in Addis Ababa underlined its commitment to establishing a renewed partnership to strengthen a democratic and peaceful Ethiopia on a path towards prosperity.

In a communique, the 2024 high-level development forum issued on Thursday, March 14, welcomed the leadership demonstrated by the Ethiopian government working with other stakeholders in implementing the Cessation of Hostilities Agreement (CoHA) as well as enabling further progress towards an inclusive National Dialogue for lasting peace.

It also reaffirmed the strong commitment of all parties to supporting Ethiopia’s efforts towards economic recovery, growth, and prosperity to the benefit of all Ethiopians.