Togo expects to collect XOF678.4 billion of taxes in 2020

Public finance
Friday, 20 December 2019 16:52
Togo expects to collect XOF678.4 billion of taxes in 2020

(Togo First) - Togo expects to collect XOF678.4 billion of taxes in 2020, up 1.3% compared to the forecasts for this year (XOF669.5 billion). As for non-tax earnings, the country hopes to mobilize XOF75 billion next year (against XOF69.4 billion in 2019). 

This was disclosed by the ministry of finance after the parliament passed the 2020 finance act. Forecasted revenues and expenditures under the latter total XOF1,466.2 billion (against 1,430.1 billion in 2019). It should be noted that 46.8% of the budget resources will be invested in social sectors such as education, health, agriculture, and rural electrification. According to the previsions, there should be a budget deficit balance of XOF 67.1 billion, representing 1.9% of the country's GDP (thus below the UEMOA 3% cap).

Let’s recall that over the first three quarters of 2019, Togo’s tax income rose by 22.4%, the second-highest increase behind Mali. 

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