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  • Tax adjustment for the export of cashew nuts in Côte d'Ivoire

    Oct 11th, 2019

    <p>Among the six bills adopted on Tuesday in Abidjan, by members of the Committee on Economic and Financial Affairs (Caef) are two provisions on cashew. One is the ratification of a December 2017 order instituting a tax of FCFA 30 per kilo on the export of raw cashew nuts. On these FCFA 30, FCFA 20 will repay a loan contracted from the World Bank to, for example, subsidize up to FCFA 400 per kilogram local processing. The other FCFA 10 will support the sector and its sustainable development. </p><p>The second provision relates to an order of April 2019 setting the single right of exit (Dus). MEPs adopted the proposal to reduce by 3 points the DUS on cashew exports to 7% of the CIF price, in order to take into account the slump in the sector and the need to maintain a satisfactory minimum price in the sector. . A measure that provoked an uproar among MPs who wanted the removal of the DUS to relieve producers who sell the fruits at prices below the guaranteed minimum price.</p> Côte d'Ivoire is the largest African producer of cashew nuts and is in the midst of a revolution in its sector. While raw cashew processing was only 8% in 2018, it is growing considerably this year. The processing companies have developed along exports, and from 10 to 18 companies between 2017 and 2019. Exports of cashew kernels jumped 42% in the 1 st half of 2019 thanks to 5 tons shipped to the India, Vietnam and the United States. <br><p></p>


    Source: http://www.commodafrica.com/
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