Sao Tome, Sao Tome and Principe, 24 Aug – The Sao Tome government is going to put an end to exemptions of customs fees – up until now covered by the State – in order to increase its tax revenue, announced the Sao Tome department of treasury and heritage.
The measure is part of the public finance reform currently taking place, according to a Ministry of Planning and Finance note cited by Jornal de Sao Tome.
The government’s priorities include controlling spending and selectively managing public money, the document said.
The high costs associated with paying taxes and other customs fees of imported goods, mainly with automobiles, have limited the rise of tax revenues, said the treasury and heritage department.
As a result of this change, exemptions on imported goods will only be accepted via a previously established agreement with the Sao Tome authorities, the note said. (macauhub)