From one year, exemption period for TPU payment has been increased to two years, for newly created businesses

Economic governance
Tuesday, 15 January 2019 16:55
From one year, exemption period for TPU payment has been increased to two years, for newly created businesses

(Togo First) - In Togo, firms paying the Single Professional Tax (TPU in French) are exempted from paying this tax in their first two years of activity. This was revealed last Monday by the tax commissioner himself, Ahmed Esso-Wavana Adoyi.

Exemption period in 2018 was only a year but it has been extended in line with incentives initiated by Lomé to cut charges paid by young entrepreneurs when starting their business. Last year, the initial exemption pushed the number of new businesses created by persons in Togo to 7,512 which represented 71% of all firms created that year.

The TPU is a tax paid by craftsmen and microenterprises operating in the informal sector and backed by public entities like the DOSI. It is paid to the government or local communities (for businesses whose turnover are equal to or less than CFA30 million). It concerns only individuals whose annual turnover is equal or lower than 60 million CFA, regardless of their business. It should be highlighted that under the previous tax code, the turnover set for firms paying this tax was set at CFA30 million.

Also, by paying the TPU, firms concerned no more have to pay income tax, annual minimum tax (IMF), business tax now a patent, 3% tax on wages and value added tax (VAT).

Fiacre E. Kakpo

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