Togo: In 2019, the government reimbursed more than X0F2 billion of VAT loans

Economic governance
Thursday, 07 May 2020 14:11
Togo: In 2019, the government reimbursed more than X0F2 billion of VAT loans

(Togo First) - Last year, the Togolese Office of Revenues (OTR) paid back more than XOF2 billion of VAT loans to business operators. 

The amount makes 65% of a total of XOF3.2 billion the authorities should have reimbursed. 

The OTR explained the non-payment of the remaining sum saying corresponding requests did not conform to their objectives. For example, some companies asked for money to purchase goods for personal use while others demanded funds for equipment that is not part of eligible goods. 

Throughout the reviewed year, VAT loans were repaid over an average of 23 days, according to data available. 

VAT loans are calculated by subtracting deductible VATs, which are paid by businesses upon purchases, and collected VATs, which is the amount collected after sales.

Séna Akoda

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