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  • The cashew nut industry generated 622 billion FCFA of tax (Minister) AIP

    Dec 13th, 2018

    The Secretary of State to the Prime Minister in charge of the Budget and State Portfolio, Moussa Sanogo, announced Wednesday in the National Assembly that the cashew nut sector generates CFAF 622 billion in taxes. the State. Mr. Sanogo said that part of this tax goes to stakeholders in the sector and the other paid into the coffers of the State of Côte d'Ivoire.

    The main novelty for the previous campaign was the introduction of a tax on cashew exports, set at 10% of their CIF value in order to encourage on-site processing. About 86% of Ivorian production is exported, mainly to Vietnam (68%), India (28%) and Brazil (3%).

    Faced with the slump of the cashew nut during the 2017-2018 campaign, producers point the finger at this tax that not only scares players to other producing countries and leads the price edge field is trading at 200 and 300 FCFA against more than 500 FCFA at the beginning of the campaign. Ivory Coast aims to transform 100% of cashew nut production by 2020. Ivorian milling capacity currently stands at 109,500 tonnes, with 29 processing units.


    Source: http://www.atoo.ci/