Togo

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About

Togo

Capital
Official languages
Population
Currency

ISO 4217

Lomé

French

8.2 million

West African CFA Franc

XOF

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Economy

Togo is a small West African country with a population of 8.2 million people and a GDP of $7.2 billion. The economy of Togo is largely based on agriculture, which accounts for about 40% of the country’s GDP. The main agricultural products are coffee, cocoa, cotton, yams, cassava, corn, beans, and peanuts. The country also has a significant mining sector, with phosphate being the most important mineral resource. The manufacturing sector is relatively small, but it is growing, with the main industries being food processing, textiles, and construction materials. The services sector is the largest contributor to the economy, accounting for about 50% of the GDP. Tourism is also an important source of income for the country, with the number of visitors increasing steadily in recent years. The government of Togo has implemented a number of reforms to improve the business environment and attract foreign investment. These reforms have resulted in an increase in the country’s economic growth rate, which was estimated at 5.2% in 2019.

Taxation

Corporate Taxation in Togo:

- Corporate tax rate is 27.5%

- Capital gains are taxed as ordinary income

- There are no specific tax incentives or exemptions for foreign investors

Personal Taxation in Togo:

- Personal income tax rates range from 0% to 35%, depending on income level

- Capital gains are taxed as ordinary income

Tax Payment and Calendar:

- The tax year in Togo runs from January 1 to December 31.

- The deadline for submitting tax returns and paying taxes is March 31 of the following year.

- Corporate income tax payments are made in quarterly installments throughout the year, with the final installment due on March 31 of the following year.

- Individuals are required to make monthly tax payments on their income, with the final payment due on March 31 of the following year.

It is worth noting that the tax system in Togo is relatively simple, and there are limited tax incentives and exemptions available to businesses and individuals. The country has been taking steps to improve its business and investment climate in recent years, including implementing new tax reforms, but it is still considered to be a challenging environment for foreign investors. It is recommended to consult with a tax professional familiar with the specific circumstances in Togo for personalized advice on tax matters.

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