Togo

Voa

Financially Include Women for Communities in Africa to Benefit-Togolese Minister

Voa 1When the Government at all levels promotes the financial inclusion of women several communities in Africa benefit immensely.

This assertion was made by the Minister for Financial Inclusion and the Informal Sector in Togo, Mazamesso Assih.

“In theory, African women can start a business. But in practice, they are not as well equipped to develop and secure their businesses over the long term,”

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“Financial literacy is not a magic bullet for economic growth, it must go hand in hand with a robust financial system and an effective regulatory environment,” Assih stated.

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Togo 1

Togo Moves Against Fraud

Togo 2The Togolese Government has introduced a new policy that requires that those involved in business transactions must be identified failure of which will attract appropriate sanctions.

The policy is targeted at curtailing fraudulent and shady transactions within the country.

The authorities further disclosed that the penalty for flouting the law will be met with a fine equivalent of 50 percent of the transaction’s value. 

The penalty is set by the 2021 Tax Procedure Book.

When the beneficiary of a shady transaction is not identified, parties involved will equally share the payment of the tax associated with the operation as well as a fine equivalent to 50% of the transaction’s value. 

This rule forces those doing business together to primarily identify their clients or suppliers to avoid transactions they carry out from being defined as fake or shady. 

It will make it easier for the tax authority to verify the authenticity of amounts declared, and if business partners are real or fake. Ultimately, the goal of the measure is, according to sources from Togo’s Tax Office (OTR), to fight tax evasion and tax fraud. When parties involved in a transaction are not identified, the person who collected the VAT does not transfer it into our accounts.