africa Economy Finance import Industry Mozambique Tax

Mozambique: Vehicle importation doubles in first quarter

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Mozambique’s National Statistics Institute (INE) has said the country’s automobile import volume doubled at the end of the first three months of this year by 124.4 percent when compared to the same period last year.Without releasing figures, INE said in a statement to APA on Thursday, the purchase of parts for the automotive industry followed the same performance, having grown by 52.9 percent, compared to the first quarter of 2017.

In relation to the fourth quarter of 2017, imports of parts and cars also increased by 25.4 percent and 21.1 percent, respectively.

‘This rise was pushed by approval by parliament to reduce by 30 percent to 25 percent the import rate of vehicles with six years of use, keeping the import rate at 30 percent for cars with more than six years of use”, INE said.

The new tax, which is part of the changes in the Specific Consumption Tax, approved by parliament, also foresees a reduction in the import rate of new vehicles to 25 percent from 30 percent as the government aimed to stimulate investment, promote the emergence of new industries, encourage the use of local raw materials, broaden the tax base and, as a result, increase revenue for the state and create new jobs.

Source: Journal du Cameroun

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