Togo: Customs and Tax Office Collected CFA207 Billion in Q1 2024

Public finance
Monday, 24 June 2024 17:40
Togo: Customs and Tax Office Collected CFA207 Billion in Q1 2024

(Togo First) - Togo’s Customs and Tax Office, the OTR, collected CFA207 billion in Q1 2024. This is 17% more than the amount collected in Q1 2023 – CFA176.8 billion. The figures are derived from the Tableaux des Opérations Financières de l'Etat (TOFE) for 2024.

The CFA207 billion was broken down into CFA108.6 billion secured by the tax department and CFA99.3 billion by the customs department. Year-on-year, both figures were up by 14.7% and 21.1%, respectively.

This year, the tax and customs departments are eyeing respective revenues of CFA460 billion and CFA434 billion. 

An analysis of specific contributions revealed that value-added tax (VAT) on imports rose sharply, reaching CFA43.69 billion in Q1 2024, against CFA21 billion in Q1 2023. VAT on goods consumed locally and the tax on financial activities (TAF) generated CFA35.9 billion combined. Customs duties stood at CFA35 billion, while corporate income tax (IS) garnered CFA30 billion. Except for the VAT on goods consumed in-country and the TAF, all taxes and levies increased.

This year, the OTR targets CFA895 billion in liquid tax revenues, against CFA765 billion in 2023.

Fiacre E. Kakpo

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