Togolese Tax Authority eyes CFA814 billion of revenues this year

Public finance
Friday, 21 January 2022 15:49
Togolese Tax Authority eyes CFA814 billion of revenues this year

(Togo First) - Togo expects CFA814 billion of tax earnings this year. The target, set in the 2022 budget law passed at the end of December 2021, will be used to finance its expenditures.

Compared to 2021 when CFA780 billion was raised, earnings that the country’s tax authority hopes to mobilize in 2022 are 4.5% higher.

Out of the CFA814 billion expected, CFA420 billion should be mobilized by the Tax Office, and CFA397 billion by the Customs and Excise Office.

It should be recalled that the OTR recently initiated various steps to achieve its objective. These include broadening the tax base, strengthening control measures, fighting tax fraud and evasion, and simplifying tax procedures.

For 2022, budget revenues are forecast at CFA1,330 billion, compared to CFA1,219.3 billion in 2021, up 9.1% year-on-year. To achieve this objective, the government plans to collect CFA58.3 billion in non-tax revenues and nearly CFA200 billion in grants from its partners. The remainder will be financed by debt, the bulk of which should be mobilized on the UMOA-titres public securities market.

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