SACU revenue formula up for review
The Southern African Customs Union (SACU) is expected to review the contentious revenue sharing formula in this financial year.
This is according to its spokesperson Kungo Mabago, who recently spoke to Namibian Sun on developments in the trade arena.
“The revenue sharing formula was agreed upon collectively by all the member states as outlined in Annex A of the SACU Agreement, 2002. It is reviewed based on consensus reached by the member states and as and when need arises. Since entry into force of the SACU Agreement of 2002 the formula has not been reviewed. However, it is anticipated that the revenue sharing formula will be reviewed in the 2017/18 financial year,” said Mabogo.
She also gave an update of its work programme that was adopted at a ministerial retreat in Windhoek in 2016. “The work programme comprises issues and activities including review of the revenue sharing formula, industrial policy, rebates and tariff setting mechanism [amongst others],” said Mabogo.
“It is anticipated that the work will be carried out over 24 months following approval of the work programme and 'terms of reference' in June 2017,” added Mabogo.
Meanwhile, SACU reaffirmed its commitment to trade matters important to the BLNS countries, its member states. “The summit reaffirmed the importance of SACU as an organisation in deepening regional economic integration, industrialisation and economic diversification of SACU economies as a common goal, as well as positioning SACU to take advantage of regional and global economic developments.”
Botswana president Ian Khama also assumed the chairmanship of the customs union.
SACU was established in 1910 and is the oldest customs union in the world.
OGONE TLHAGE
This is according to its spokesperson Kungo Mabago, who recently spoke to Namibian Sun on developments in the trade arena.
“The revenue sharing formula was agreed upon collectively by all the member states as outlined in Annex A of the SACU Agreement, 2002. It is reviewed based on consensus reached by the member states and as and when need arises. Since entry into force of the SACU Agreement of 2002 the formula has not been reviewed. However, it is anticipated that the revenue sharing formula will be reviewed in the 2017/18 financial year,” said Mabogo.
She also gave an update of its work programme that was adopted at a ministerial retreat in Windhoek in 2016. “The work programme comprises issues and activities including review of the revenue sharing formula, industrial policy, rebates and tariff setting mechanism [amongst others],” said Mabogo.
“It is anticipated that the work will be carried out over 24 months following approval of the work programme and 'terms of reference' in June 2017,” added Mabogo.
Meanwhile, SACU reaffirmed its commitment to trade matters important to the BLNS countries, its member states. “The summit reaffirmed the importance of SACU as an organisation in deepening regional economic integration, industrialisation and economic diversification of SACU economies as a common goal, as well as positioning SACU to take advantage of regional and global economic developments.”
Botswana president Ian Khama also assumed the chairmanship of the customs union.
SACU was established in 1910 and is the oldest customs union in the world.
OGONE TLHAGE
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