Togo trims current budget

APA - Lomé (Togo)

Togo’s 2018 budget has been trimmed by 1 percent, standing now in revenue and expenditure at CFA1,308,134,862, 000 against CFA1,318,500 000,000 in the initial Finance Act, official sources revealed to APA.

A government statement released on Friday evening in Lomé explains that “the Draft Corrective Finance Act, for 2018 is made necessary by the evolution of the socio-economic and financial situation in our country, characterized by the socio-political crisis associated with violence, which has negatively affected economic activity since the second half of 2017, thereby reducing the level of mobilization of tax and customs revenue.”

It adds: “This situation observed during the 2017 exercise is also reflected in the implementation of the 2018 budget for which the level of tax revenue collected during the first quarter did not reach the set target”.

The government announced in the initial budget vote that resource tax reforms would be continued, with a focus on broadening the tax base, in an attempt to reduce the tax burden on economic operators, “as well as search for new tax loopholes and tax innovation policy, for a higher tax rate.”


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