Côte d’Ivoire wants to speed up the local processing of cashew nuts.
The Council of Ministers issued an order granting new tax incentives to entrepreneurs who process cashew nuts during the meeting on 3rd July according to Ecofin agency.
Cashew nut processors in Côte d’Ivoire will be exempted from customs duties and VAT on purchases of equipment and spare parts for a period of 5 years.
and f or five years, these entrepreneurs will also benefit from “the granting of tax credits to companies, developing their activities by increasing or modernizing existing installations”.
Côte d’Ivoire, which processes barely 10% of cashews wants to increase this figure to 50%.
World leader in nut production, Côte d’Ivoire is projecting a production of 730,000 tonnes this year