Togo: Government announces new measures to tackle high cost of living in 2023

Economic governance
Tuesday, 15 November 2022 15:49
Togo: Government announces new measures to tackle high cost of living in 2023

(Togo First) - The Togolese government plans to take several measures next year, to bolster social inclusion and improve the country’s business climate. These measures were disclosed last Friday, November 11, during the council of ministers dedicated to the adoption of the 2023 finance bill. 

In 2023, the government plans to extend tax exemption from school canteens to universities and companies. The authorities also want to reduce the patent rate to help fabric sellers to be more competitive. 

In the construction and building sector, equipment and materials will also benefit from tax and duty exemption. According to the government, this aims to support “construction and public works firms in the country.”

Moreover, insurance premiums that employers pay their employees will now be tax deductible. "The idea here is to assist the implementation of universal health insurance and at the same time support companies that are taking the step towards social protection for their employees," said government spokesman Ayewouadan Akodah.

These new measures add to those taken in 2020 to help people better live and cope with inflation.

At the same time, Lomé added that "the state budget for 2023 will also fund the continuation of the emergency resilience-building program in the savannah region," which is under threat from jihadists.

Esaïe Edoh 

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