Togo: Government wants to help increase the number of local tech startups

ITC

Monday, 16 January 2023 14:15

Togo: Government wants to help increase the number of local tech startups

(Togo First) - Togo’s government recently adopted a bill to boost digital and technological innovation. The bill was passed on January 11, during the council of ministers.

A “Tech” labeling mechanism

The bill aims to foster the innovation ecosystem in Togo, by creating a labeling mechanism for startups and companies in the Tech industry. According to the authorities, this labeling will be done based on objective criteria that integrate "creativity, innovation, creation of high added value, as well as growth potential."

Once the parliament approves it, the law will help set up an environment favorable to “the modernization of the Togolese economy.” It will do so mainly by supporting digital projects, both in the public and private sectors, ”for the good of the people and businesses.”

Tax and customs incentives

The bill should also enable the establishment of a regime of tax and customs incentives, to facilitate the development and adoption of digital technologies. There will also be “measures favoring the emergence of Togolese technological startups.”

Though it has few big tech startups, Togo still has a certain number of tech startups, such as SEMOA, a fintech that provides mobile-banking and digital ticketing services in Togo and abroad, or DizzitUp, a recent finalist of the Ecobank Fintech Challenge.

Ayi Renaud Dossavi

REFORMS OVERVIEW

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PUBLIC PROCUREMENT (more info)

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PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.