Togo could lose as much as XOF200 billion of tax revenues by the end of 2020

Finance
Tuesday, 21 July 2020 16:42
Togo could lose as much as XOF200 billion of tax revenues by the end of 2020

(Togo First) - Togo could lose as much as XOF200 billion of tax revenues by the end of 2020. The information was relayed by the country’s minister of finance, Sani Yaya, who indicated on the same occasion that Togo was already recording a deficit of XOF35 billion in its tax income.  

The official attributes the negative forecast to the cancellation of many taxes and customs duties in support of private businesses that struggle as a result of the Covid-19 pandemic. 

To mitigate the potential losses and accelerate economic recovery, Togolese authorities are encouraging banks to finance the private sector, notably through the lines of credit extended by the BCEAO in this regard. Still, to speed up recovery, Sani Yaya urged the lenders to lower their interest rates, in consideration of the pandemic which is taking a heavy toll on the economy. 

Let’s recall that on the government’s side, various steps have been taken to help populations cope with the crisis. These include a money transfer initiative, free water and electricity for the poorest, and free water at public wells. 

Séna Akoda

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