Togo’s Chamber of Commerce and Industry (CCIT) has created, with various partners, the Accredited Management Center (CGA) which helps businesses with a turnover of less than XOF100 million ( $167,080) to efficiently manage their accountability, taxes, and elaboration of financial statements.
The firms will in turn pay the institution a percentage of their turnover every month.
“Monthly payments vary according to the turnover amount ranging from XOF5,000 to XOF60,000. In exchange, the CGA produces financial statements which beneficiaries have to submit to tax offices,” Germain Meba, CCIT’s chairman told Togo First. Meba added that regional CGAs all over the country will be created by 2020.
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In addition to the above-mentioned benefits, businesses adhering to the CGA also benefit from tax incentives. The latter spans five years according to the business tax regime (Single Professional Tax or Simplified Taxation Regime).
“Businesses that adhere to accredited management centers benefit from a 40% reduction in combined tax over the four years following the date of adhesion. In the fifth year, this reduction is brought down to 15%,” declared Sandra Johnson, Minister-Counsellor to the President, in charge of Business Climate.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world