Cashew crop in Guinea Bissau officially opened on September 7, 2021 with a minimum price at the farm gate FCFA 360 / kg, down 4% from 2020 (FCFA 375 / kg). Council of Ministers has also set tax base for cashew exports is 850 USD / ton.
The total crop taxes and fees rate of 2021 is expected to be about 100 USD / ton higher than the 2020 crop
LOẠI THUẾ | 2021 | 2020 | DIFFERENCE (USD/TON) |
Contribuição industrial comercialização interna da castanha de caju | 13 CFA/kg (24 usd) | 8 CFA/kg (15 usd) | 9 usd |
ACI | 5% On 1050 USD (53 usd) | 3% On 950 USD (29 usd) | 24 usd |
CPR-Produtores | 15 CFA/kg (27 usd) | Không có | 27 usd |
CPR-exportadores | 50 CFA/kg (91 usd) | 28 CFA/kg (51 usd) | 40 usd |
TOTAL | 195 usd/ton | 95 usd/ton | 100 usd/ton |
Estimated exchange rate: 1 USD = 550 cfa
With tax rates rising to 100 USD compared to 2020, this is a challenge for Vietnamese and Indian manufacturers as the world economy is still suffering from covid 19 and the high Freight rates in Asia from the end of 2020 up to now continue to take place and have not shown signs of stopping
This year's Bissau season opens earlier than 2020 (May 22). Therefore, Bissau exporters hope that this year's exports will be licensed soon and may minimize the shortage of vessels that have occurred during the season.
Note: The tax rate above is an estimate to help readers refer to the total tax fee.