Togo: Customs and Tax Office Collected CFA207 Billion in Q1 2024

Public finance

Monday, 24 June 2024 17:40

Togo: Customs and Tax Office Collected CFA207 Billion in Q1 2024

(Togo First) - Togo’s Customs and Tax Office, the OTR, collected CFA207 billion in Q1 2024. This is 17% more than the amount collected in Q1 2023 – CFA176.8 billion. The figures are derived from the Tableaux des Opérations Financières de l'Etat (TOFE) for 2024.

The CFA207 billion was broken down into CFA108.6 billion secured by the tax department and CFA99.3 billion by the customs department. Year-on-year, both figures were up by 14.7% and 21.1%, respectively.

This year, the tax and customs departments are eyeing respective revenues of CFA460 billion and CFA434 billion.

An analysis of specific contributions revealed that value-added tax (VAT) on imports rose sharply, reaching CFA43.69 billion in Q1 2024, against CFA21 billion in Q1 2023. VAT on goods consumed locally and the tax on financial activities (TAF) generated CFA35.9 billion combined. Customs duties stood at CFA35 billion, while corporate income tax (IS) garnered CFA30 billion. Except for the VAT on goods consumed in-country and the TAF, all taxes and levies increased.

This year, the OTR targets CFA895 billion in liquid tax revenues, against CFA765 billion in 2023.

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REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

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.