Our broad strategy is therefore to push for better taxation collection rather than imposing new taxation. We commit to increase domestic revenue to 20% over 3 years. Such efforts hold the potential to stimulate growth and investment whilst also allowing for increased levels of tax collection.Specifically, the following shall be the focus:
- We intend to reduce these waivers by at least 50% in the first two years and level around 25-30% in 3rd to 5th year. These alone will provide additional revenue of around Le150 billion per year. All holders of elective office and political appointees including the President and Vice President will pay tax on their earnings to ensure fairness in the tax system. This will generate additional taxes of at least Le15.0 billion per year.
- We will implement ECOWAS Common External Tariff (CET) fully like in other countries, generating additional resources of about Le35.0 billion yearly.
- Implement without delay the Treasury Single Account (TSA) system that would allow Government to aggregate receipts from all government sources in order to give a better oversight of public finances, improve cash management and reduce reliance on bank financing.
- Implement the Carbon Trade facility; this will yield an estimated annual revenue of US$60.0 million or Le450.0 billion