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Morocco to impose new import tariffs on all online purchases from July 1

Published

2 years ago

June 19, 2022

From July 1, Morocco will commence the imposition of new import tariffs on all online purchases from abroad in a bid to tackle unfair competition and crack down on illicit trend of online shopping.

The Moroccan Administration of Customs and Indirect Taxes (ADII) announced the measure on Friday, saying the decision to impose the new import tariffs all products purchased online is meant to protect consumers.

“Starting July 1, 2022, purchases made via international e-commerce platforms will be excluded from import duty exemptions, regardless of value,” a statement from the ADII said.

The regulatory body added that the provision does not apply to shipments without commercial character received from abroad whose value does not exceed MAD 1,250 ($125), which will continue to benefit from the ADII decree’s customs exemption.

The statement said the decision follows an examination by the ADII of the notable development and turnover some foreign platforms obtained in Morocco through online purchases, which surpassed MAD 1 billion ($99 million) in 2021.

The ADII said it discovered that the worrying trend was the result of illicit acts, and it also found that shipments delivered by some international e-commerce platforms comprise large-quantity import operations under the cover of customs facilities given for extraordinary shipments, not of a commercial character and low-value commodities.

“In order to remedy this situation, the strengthening of customs control over e-commerce shipments has proved necessary, which is why it was decided to amend the provisions of Article 190-e)-2° of Decree No. 2-77-862 framing exceptional shipments devoid of any commercial character,” it said.

Related Topics:Featured Morocco Online Purchase Tariffs

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IMF mission concludes 4th loan program assessment in Egypt

Published

2 days ago

November 22, 2024

Ifeoluwa Dada

Following the completion of a recent visit to Egypt, the International Monetary Fund (IMF) has announced that its mission had achieved significant strides in policy talks aimed at concluding the fourth review of the IMF loan program.

The review is the fourth in Egypt’s most recent 46-month IMF loan program, which was authorised in 2022 and increased to $8 billion this year following an economic crisis characterised by high inflation and chronic foreign exchange shortages. It may unleash more than $1.2 billion in financing.

Along with reaffirming its commitment to maintain a flexible exchange rate system, the IMF stated that Egypt “has implemented key reforms to preserve macroeconomic stability,” including the unification of the currency rate that facilitated imports.

Earlier on Wednesday, Egypt’s Prime Minister Mostafa Madbouly said Cairo has asked the IMF to modify the targets for the programme not only for this year, but for its full duration, he added without giving more details.

“Discussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review,” the IMF added in its statement.

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Kenya seeks $750m from World Bank, obtains $200m from AfDB— Official

Published

4 days ago

November 20, 2024

Ifeoluwa Dada

The head of debt management for the finance ministry told Reuters that Kenya had obtained a $200 million loan from the African Development Bank (AfDB) and was negotiating a fresh $750 million loan with the World Bank.

After being forced to abandon proposed tax rises costing more than 346 billion shillings ($2.68 billion) in June due to fatal demonstrations, the East African nation’s administration, which has been grappling with significant debt, has been frantically seeking fresh funding.

The Finance Ministry’s public debt management office director general, Raphael Owino, told Reuters that the IMF’s October clearance of the seventh and eighth reviews, which opened the door for a $606 million loan tranche, had aided the ministry’s talks for more loans.

“The World Bank is coming on board, riding on the back of IMF receipts,” Owino said. “The AfDB is already on board.”

The discussions for more assistance, which came under the World Bank’s “Development Policy Operations” (DPO) with the government, were confirmed by a representative at the organization’s Kenya office.

“The amount of the current (loan) is yet to be determined. The amount will also depend on the implementation of the policy reforms agreed upon,” the spokesperson told Reuters, adding that past DPO loans averaged about $750 million.

In May, the World Bank approved the latest round of DPO loans, totalling $1.2 billion.

According to a statement made last month by Finance Minister John Mbadi, Kenya has set a foreign borrowing goal of 168 billion shillings for the fiscal year ending in June 2025.