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Togo imposes tax on cashew nut export

Togo imposes tax on cashew nut export

09 October 2018

 

In Togo, the government imposed a new tax on cashew exports during the ministers’ council held last week. The tax’s value was however not disclosed.

 

With the new tax, Togo is now on par with its neighbors, Benin, Burkina Faso and Côte d’Ivoire. A decision which is to be attributed to a global rise of cashew price.

 

Indeed, the global surge recorded over the recent years spurred an “excess” of competitiveness in West Africa’s cashew industry. According to experts, this competitiveness hampers the growth of this industry and the processing of the nuts, due to a great pressure resulting from international demand.

 

The purpose of this new tax is improve tax revenues which will be injected back in the cashew sector, contributing to its growth and boosting local processing, which produces more added value.

 

Source:https://www.togofirst.com