East African Community member states have failed to reach a deal on a common tax rate as the bloc’s smaller economies worry about significant revenue losses.
The failure to harmonise value added tax, income tax and excise tax rates has left the regional bloc deliberating on how to harmonise legislation and regulatory frameworks governing the operations of these taxes in each country.
A three-day meeting — convened by the EAC’s Sectoral Council on Finance and Economic Affairs in Arusha Tanzania from May 5-7 — to deliberate on the issue failed to agree on a policy framework to guide the process and instead sent the document to a consortium of experts. Read more. Source | East African