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Last Friday, Togo’s parliament adopted a new general tax code. The new regulation replaces a 25-year old one which has been amended multiple times over the years, as new issues emerged, both in the country and worldwide.
Number of taxes imposed slightly reduced
The new code suppresses some taxes which used to make things harder for firms, harmonizes collection with neighboring countries, and...
Togolese entrepreneur Bemah Gado was selected as one of 35 leaders impacting the Francophone environment. The youth, founder of Green Industry Plast Togo, received the related award, under the Environment category, last week in Abidjan.
With his firm which thrives to preserve the environment, the Togolese was the only one selected and rewarded under the category.
Gado’s company recycles...
Across the West African Economic and Monetary Union (WAEMU), Togo and Senegal are the countries that diversified their exports the most in 2016. This was disclosed in BCEO’s latest report on external trade.
“Looking at the diversification index for every country of the Union, the report shows…a greater improvement in Senegal and Togo than in the other countries,” the report released last...
In 2017, the value of goods exported by Togo fell by CF112 billion after rising over the two previous consecutive years.
From CFA644.1 billion in 2016, exports value, excluding transportation, insurance and duty fees, slumped to CFA532.1 billion (-14%) in 2016.
The decrease was spurred by lower re-exportations (-81%) of phosphate (-17.5%), chemical products, clinker and cement, cocoa products,...
During the ministers council held November 8, 2018, President Faure Gnassingbé urged his administration to maintain its dynamic reforms to pass the 100th rank of the Doing Business. This is as the country, in this year’s edition of the global ranking, saw its ranking improve (from 156th last year to 137th).
In the long term, the country aims to have one of the best business environments, if...
Last Tuesday, Paykap, mobile money transfer and e-payment solution behind Fricacoin, Africa’s first cryptocurrency, signed various partnership agreements with some ten local microfinance institutions, thus entering the Togolese market.
Under the agreements, the fintech which operates only in Cameroon, Côte d’Ivoire and Canada so far, will create decentralized financial systems (DFS)...
Togo’s power utility, CEET, has launched a tender to rehabilitate and improve its low-voltage and medium voltage distribution networks. The tender will close on December 13, 2018.
Related works are grouped into three distinct lots valued at $638,768 (about CFA366 million). They fall under the Energy Sector Investment and Reform Program (PRISET) which received a $35 million funding...
Togo’s government will order a study on the management of Kara’s new market. This will fall under the Project to Support Reconstruction of Markets and Sellers of Kara and Lomé (PARMCO) which is financed, through a loan and a grant, by the African Development Bank (AfDB).
The study aims to improve the market management and involves a review of how the old market was managed, suggesting...
On November 5, 2018, Millennium Challenge Corporation (MCC) produced its yearly assessment of performances of countries rivaling to benefit from its investment programs for developing economies.
The report looks at three indicators namely good governance, economic freedom and human capital investment. This edition, the sixteenth, analyzed performances of 80 countries, including Togo. The...
Burkinabe banking group Coris Bank International (CBI), also active in Togo, has over the first three quarters of 2018 recorded a net profit of CFA19 billion, up 13% compared to 2017. Same goes for its pre-tax profit which grew by almost 15% over the period reviewed reaching CFA21 billion.
The lender attributes the performance to “a surge of intermediation and treasury activities as well as to...
Works executed by the Autonomous Company for Road Maintenance Financing in 2017-2018 will be audited, technically and financially.
In detail, the audit will focus on road maintenance programs by the General Directorate of Public Works, training activities conducted by the Regional Centre for Road Maintenance Training (CERFER) and also procurement provision process over the period under...
In Togo, about 40km North-East of Lomé, the Vo prefecture will soon host a multipurpose agro-pastoral research and experimentation centre.
According to Togo Press which released the information, construction works for the project were just launched by Victoire Tomégah-Dogbé, minister of grassroot development, in the presence of her peer from the ministry of agriculture and husbandry,...
Beam, an investment platform created by private equity firm Bamboo, has partnered with French energy giant EDF to inject funds in Bboxx Togo, subsidiary of the eponymous British firm specialized in solar systems.
Though the transaction’s amount is yet to be disclosed, it will allow EDF to acquire 50% of Bboxx Togo, as agreed last month, and help Bboxx to expand its footprint in the West...
In four months, Togo’s agricultural financing incentive mechanism (MIFA) has provided technical support to nearly 4,500 farmers. This was disclosed by Noel Bataka, coordinator of the mechanism’s value chains, during an interview with local news website, Actu Togo.
According to the former strategic coordinator of PNIASA, since it was launched on June 25, 2018, MIFA helped provide around...
Lomé is currently hosting until November 9 a regional seminar on ways to counter tax fraud. Organized by the International Monetary Fund's Regional Technical Assistance for West Africa (AFRITAC WEST - AFW), the seminar’s theme is “Fighting tax fraud efficiently”.
The general commissioner of Togo’s Revenue Office (OTR), Kodzo Adedze, who expressed himself at the seminar’s opening put...
Since 2017, never has the number of firms created over a month been as high as that recorded in October 2018. Last month, a total of 1,281 new companies were created. A true record that confirms a dynamic entrepreneurship which was spurred by the many incentives introduced by the government, and also because of the quick recovery of the economy from a political crisis which it tried to overcome...