NYARUGENGE - The Investment Climate Facility (ICF) has signed a US$ 4.1m agreement with the Government of Rwanda that will boost the collection of taxes by the Rwanda Revenue Authority.
The agreement will help facilitate the tax body’s one-and-half-year e-filing project. ICF is contributing 61% while 39% will come from RRA.
The Minister of Finance, James Musoni signed for the government and Omar Issa, the Chief Executive Officer, on behalf of ICF.
Issa said the project will enable the tax body to collect taxes in an efficient and friendly manner. At the same function, the ICF chief hailed the progress Rwanda has registered in dealing with the backlog of commercial disputes.
Since the establishment of Commercial Courts, a backlog of over 3,000 commercial disputes inherited from classical courts have been cleared.
He added that a functioning judiciary is critical for business operations.
“You can have all reforms and best laws, but if commercial disputes take long to be settled, investor confidence erodes. Investors need a speedy and transparent judiciary,” Omar Issa said.
Last year ICF signed an agreement with the Government of Rwanda to boost the energy sector and increase the country’s investment potential.
This is aimed at facilitating the government achieve its target of having at least 16 percent of the population get electricity by 2012.
The deal is part of the ICF’s efforts to step up measures of improving infrastructural facilities in Africa as a way of empowering the continent to become an investment destination.
In the same vein, a Power Sector Task Force has been established by the ICF to respond to the growing deficit in power generating capacity in many African countries.
An initiative by the G8 countries, the ICF is a public-private partnership between government and the business sector that aims at helping Africa create a more attractive business environment and realise its potential as a global player and a trading partner.