Home ECONOMY EPZs to Sell All Products Locally

EPZs to Sell All Products Locally

by biasharadigest

The National Treasury has allowed Export Processing Zones (EPZs) to sell 100% of their produce in the local market, albeit temporarily, countering the earlier law that restricted them to only 20% sales.

The move seeks to cushion the industry from losses inflicted by the global COVID-19 pandemic.

This comes even as major export markets for EPZ-made products, including the US and Europe have sealed off their borders in efforts to curb the spread of the virus, therefore cutting off EPZs’ exports.

In a letter to the Kenya Revenue Authority, Treasury CS, Ukur Yattani, directed them to release all EPZ goods that were awaiting clearance, reiterating that the government will pay the duties and taxes for 90 days up to 20th June 2020.

Business Daily reports that EPZ -based companies made KSh77.2 billion in sales in 2018, compared to KSh67.3 billion in 2017.

Export Processing Zones are designated parts of Kenya that promote and facilitate export-oriented investments.

Currently, there are over 40 gazetted zones spread across Nairobi, Mombasa, Athi River, Kilifi, Voi, and Kerio Valley in various stages of development by both private and public zone developer/operators.

See Also:

EPZ Sales to Hit KSh90 Billion in 2019

Singapore Firm Granted Permission to Set up Clothes Factory in Kenya

Related Posts

Leave a Comment