Togo: Tax Authority offers major tax abatements for some second-hand vehicles

Economy
Thursday, 07 October 2021 15:40
Togo: Tax Authority offers major tax abatements for some second-hand vehicles

(Togo First) - The Togolese Tax Authority (OTR) issued tax abatements on vehicles parked at the customs which are over five years of age. The abatements which range from 25 to 40%, depending on time spent at the customs, are effective since October 1 and will expire on December 15, 2021.

The following table details the various abatement rates and the corresponding periods:

 

DATE OF ENTRY INTO STORES AND AREAS OF CUSTOMS CLEARANCE 

 ABATEMENT RATE

  December 1 and 15, 2021

 25%

January 1 and December 30, 2020

 30%

January 1 and December 31, 2019

 35%

  Before January 1, 2019

 40%

 

For old and damaged vehicles, the depreciation of the customs value will be assessed by the specialized services, depending on how much they are degraded. Those interested must pay the due duties “no later than December 31, 2021,” the OTR informs.

According to the tax authority, the incentive aims to support taxpayers “in these times marked by the Covid-19 pandemic,” and “decongest” storage sites.

Ayi Renaud Dossavi

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