BUJUMBURA (Reuters) - Burundi fiscal revenues grew 38 percent in the third quarter of 2009 compared with the same period last year due to higher value-added tax collections, the finance ministry said on Wednesday.
The taxation department at Burundi's finance ministry said it collected 39.1 billion francs between July and September, up from 28.3 billion in the same period in 2008.
"Since the country started to apply VAT, figures on fiscal revenues are positive," said a report by the taxation department.
The tiny central African nation introduced VAT -- which is levied at 18 percent -- in July to replace an old transaction tax which officials said was hampering investment.
Authorities believe VAT will promote business and boost tax revenues in the landlocked country.
Burundi, which joined the regional trade bloc East African Community in 2007, has begun harmonising its laws to make them similar with those of the other four member states: Kenya, Tanzania, Rwanda and Uganda.
It officially joined the bloc's customs union in July.
Source:af.reuters.com/
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