The government puts in place various tax relief measures for businesses amid Coronavirus pandemic

Economic governance
Wednesday, 22 April 2020 15:33
The government puts in place various tax relief measures for businesses amid Coronavirus pandemic

(Togo First) - Togo just adopted a battery of fiscal measures to support businesses as they grapple with the Coronavirus pandemic. 

Among others, the tax rate for the hospitality and catering sectors that are severely impacted by the outbreak has been reduced to 10%. Also, authorities have suspended ongoing tax audits and have limited the inspection to corporate citizenship. 

Moreover, penalties for the late payment of taxes due in the second quarter of the year have been suspended as well. In parallel, penalties were revised for companies that have been audited. 

Authorities will also provide support to one-man businesses that could not submit financial statements before March 31, 2020, and to corporations that will not be able to pay their taxes by April 30, 2020. 

SMEs and SMIs will benefit from a special treatment which consists in allowing them to pay taxes in tranches and enjoy more flexibility in regard to outstanding taxes (this measure applies to all taxpayers in general).

Séna Akoda

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