(3 minutes read)
· To maximize tax revenues from mining in Togo, the Togolese Revenue Authority (OTR) is developing skills of its employees to acquaint them with assessment of mining operations and how to control losses in revenue due to inaccurate assessment of taxes
· In 2017, mining generated around CFA 15 billion in terms of taxes and royalties and CFA 932 million in social payments
· During the year 73 mining licenses have been granted to 67 companies so far at the end of April 2020
To maximize tax revenues from mining in Togo, the Togolese Revenue Authority (OTR) is developing skills of its employees to acquaint them with assessment of mining operations and how to control losses in revenue due to inaccurate assessment of taxes. This, according to the OTR, should build staff capacities for controlling mining operations in the country and to realize higher revenues.
This is a part of the country’s new mining strategy set in a bill that was cleared recently at a ministers’ council. Eventually, Togo will amend the existing mining code to make it reflect the current realities and to create credible structures that realize higher revenues for the government. One of the proposed changes in the code is the revision of fixed mining rights and royalties to enable Togo to better tap into the sector’s economic potential.
In 2017, mining generated around CFA 15 billion in terms of taxes and royalties and CFA 32 million in social payments. During the year 73 mining licenses have been granted to 67 companies so far at the end of April 2020.
