Ivorian government to reduce export taxes for cocoa products

ABIDJAN: The Ivorian government has announced reduced export taxes for cocoa products in a bid to encourage production and processing in the West African country.

Taxes on exports of cocoa butter will fall to 11 percent from 14.6 percent and taxes on cocoa mass will drop to 13.2 percent from 14.6 percent, the government said.

The export tax on cocoa powder will fall to 9.6 percent from 14.6 percent.

Also, trading houses such as Cocoa Barry, Olam and Cargill will be able to increase their processing capacity by 7.5 percent. Smaller processors will be able to expand by 10-15 percent.

The changes are pending formal contracts to be signed between processors and the government.