Namibia to review position on SACU Revenue Sharing Agreement
19 Jul 2018 13:30pm
WINDHOEK, 19 JUL (NAMPA) Namibia plans to review its position on the Southern African Customs Unions (SACU) Revenue Sharing Agreement, Deputy Minister of Information and Communication Technology, Engel Nawatiseb said on Thursday.
The review will follow an assessment of the agreement by the customs union, he said.
The objective of the agreement is to facilitate the equitable sharing of revenue arising from customs, excise and additional duties levied by member states; and the development of common policies and strategies.
Nawatiseb during a media briefing here on Thursday on Cabinet resolutions taken on Tuesday said the customs union is currently assessing the potential impacts of the industrial policy and trade including the use of rebates, refunds and duty drawbacks within the framework of the SACU Agreement.
Once completed, the assessment would inform Namibias position.
He added that proposed changes to the current Revenue Sharing Agreement were not consistent with the guiding principles and were highly likely to result in a loss in some member states and gains in others.
Cabinet took note that nothing is agreed until everything is agreed, considering the linkage between trade policies and revenue policies, Nawatiseb said.