Togo: Over CFA500 billion of tax revenues already collected so far this year

Public finance

Friday, 19 August 2022 17:44

Togo: Over CFA500 billion of tax revenues already collected so far this year

(Togo First) - Togolese authorities secured CFA504 billion in taxes between January and July, this year. That’s 62% of what the country’s tax revenue office, the OTR, expects for the year–CFA814 billion. The money will finance State spending, in line with the 2022 State expenditure law.

Philippe Kokou Tchodie, Head Commissioner of the OTR, disclosed the results last week, during a mid-year review session.

"We have made some progress despite the economic and social context of the sub-region, and a tense atmosphere at the national level. We managed to secure 62% to 63% of our annual target, and this means we have good momentum for the rest of the year,” said the official.

The tax office added that it is working on a tax earning strategy for the years 2023, 2024, and 2025. With this strategy, the OTR hopes to increase the tax pressure rate to 15% by 2025, from 13.6% in 2021.

In 2021, Togo collected CFA780 billion in taxes, according to Kokou Tchodie’s office.

Esaïe Edoh

REFORMS OVERVIEW

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