[vc_row][vc_column][custom_inner_menus select_menu="project"][/vc_column][/vc_row][vc_row][vc_column][single_project_block_1 heading="Alternative System for Secure Transit (ASSET)" implementor="EAC Revenue authorities" target_group=" Revenue authorities Traders and clearing agents Financial Institutions Insurance companies " project_value="$3,461,378" implementation_period="2011 - 2014" download_btn_text="Download Project PDF" download_btn_link="#url"]Custom bonds are a guarantee required by revenue authorities that goods will exit the country as required and will not be consumed in transit countries to avoid taxes. These bonds are a heavy additional cost to the trader. A TMA commissioned impact assessment demonstrated that switching from national bond schemes to ASSET could have saved $209,000,000 in Kenya alone in the year 2011. What: ASSET is an innovative system to eliminate the need for customs bonds, thus reducing the cost of doing business for traders and clearing agents, while safeguarding revenue. Through ASSET, taxes and duties payable at the country of destination are held in a dedicated financial facility before transit. This amount serves as the guarantee to revenue authorities in transit countries and as the duties and taxes payable upon safe arrival of goods at the intended destination. How: TMA is funding revenue authorities to conduct further research into the feasibility of ASSET and to develop the ICT infrastructure between the financial institutions and revenue authorities. The project supports Burundi and Tanzania revenue authorities to conduct a pilot on the Central Corridor for Burundi’s petroleum imports, through the port of Dar es Salaam. Contact: Alban Odhiambo: alban.odhiambo@trademarkea.com Click here to learn more about One Stop Border Posts Program[/single_project_block_1][/vc_column][/vc_row][vc_row type="fixGreySection" el_id="desired-result"][vc_column][single_project_block_2 heading="Desired Results" image_1="41987" image_2="41989"]ASSET will save traders money spent...
Alternative System for Secure Transit (ASSET)
Posted on: June 26, 2014
Posted on: June 26, 2014