Lusa - Business News - Cabo Verde: Q1 state revenue rises 21.7% YoY to €125.6M driven by tax collection

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Lusa - Business News - Cabo Verde: Q1 state revenue rises 21.7% YoY to €125.6M driven by tax collection

Praia, May 25,2023(Lusa) - Cabo Verde state revenues rose 21.7% by March, year-on-year, to almost 13.859 billion escudos (€125.6 million), driven by growth in tax collections, official figures indicate.
According to data from the summary report on budgetary execution until March, compiled on Thursday by Lusa, this performance is essentially the result of an increase in tax collection (21.8% compared to the same month of 2022) and in donations received.
The document from the finance ministry, which is provisional, also said that total spending had risen 5.6% to March, compared to a year earlier, to 13.73 billion escudos (€124.5 million).
The state thus collected, in three months, 21.3% of the 64.986 billion escudos (€589 million) in revenues budgeted by the government for the entire year.
In revenues, personal income tax (IRPS) rose 0.5% in March to 1.483 billion escudos (€13.5 million), while tax on company profits (IRPC) rose 85.8% year-on-year to 1.096 billion escudos (€9.9 million).
"The [IRPC] collection performance results from the increase in collection under the profit tax and the March fraction, and the payment of debts negotiated in instalments under the IRPC, which in the period totalled about 61 million escudos [€553,000]," the report reads.
In indirect taxes, Value Added Tax (VAT) continues to recover from the falls caused by the consequences of the Covid-19 pandemic and the drop in tourism, having earned in the first three months of the year almost 4.960 billion escudos (€45 million), up 26.7% on the previous year.
State revenues had already risen 17.5% year on year, to over 53.1 billion escudos (€480 million), mainly due to an increase in taxes collected.
According to data from the 2022 budget execution summary report, previously reported by Lusa, this performance resulted from the increase in tax collection (29.8% compared to 2021) and social security contributions (4.1%).
The document from the finance ministry also said that total expenditure from January to December rose 5.4% compared to the 12 months of 2021, to over 66.777 billion escudos (€605 million).
Cabo Verde is recovering from a deep economic and financial crisis, stemming from the sharp drop in tourism demand - a sector that guarantees 25% of the archipelago's gross domestic product (GDP) - since March 2020, due to the Covid-19 pandemic.
In 2020, there was a historic economic recession, equivalent to 14.8% of GDP, followed by growth of 7% in 2021 and 17.7% in 2022, driven by the recovery of tourism demand.
The government intends to raise the weight of tax revenue collection to 30% of GDP from the current 20%, the deputy prime minister said earlier, assuring that it can be done without increasing tax incidence.
"We have the ambition to put that tax revenue as a percentage of GDP, which is now around 20 to 22%, to 25% in a first phase and can even reach 30% of GDP in a second phase, if reforms are undertaken, without increasing incidence. Only by fighting tax evasion, fraud and avoidance, and substantially increasing the tax base, also fighting the casual labour market," said Olavo Correia.
The finance minister also said that, in order to do this, the focus would start with human resources, but also by fighting unregistered business.
PVJ/AYLS // AYLS
Lusa

Agency : LUSA
Date : 2023-05-26 02:58:00

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