KHARTOUM Dec 20 (Reuters) – Sudan will hike taxes on
telecoms companies and seek assistance from “friendly” countries
next year, officials said on Tuesday, in a push to stabilise the
exchange rate and make up for lost revenues from the
oil-producing south.
Sudan has been pursuing fresh sources of income such as gold
and agricultural exports since South Sudan declared independence
in July, taking with it about three quarters of Sudan’s oil
output – a vital foreign currency earner for both governments.
Officials say they will also start a three-year austerity
programme in 2012 and draft a plan to eliminate commodity
subsidies that cost the state about $2 billion per year.
The government will raise sales and services taxes for
telecoms firms to 30 percent from 20 percent and a tax on
profits to 30 percent from 15 percent under the 2012 budget
parliament approved on Monday, Mohamed Osman Ibrahim, manager of
Sudan’s tax office, told reporters.
A social development tax will rise from three to
five percent, he added.
Central Bank Governor Mohamed Kheir al-Zubeir said Sudan
would also try to stabilise the foreign exchange rate.
The Sudanese pound has weakened against the U.S. dollar on
the black market since South Sudan seceded, falling to as low as
4.3 pounds to the dollar last month. The official rate is around
3 pounds to the dollar.
“We aim to reach a stable exchange rate for hard currencies,
as well as a single currency market and an end to the parallel
market,” Zubeir said.
“We are seeking foreign assistance from friendly countries
to help stabilise the exchange rate.”
Continued…
