Burkina Faso: The Transitional Legislative Assembly unanimously adopts incentives for SMEs and amendments to strengthen the WAEMU Court of Auditors
The Transitional Legislative Assembly (TLA) unanimously adopted two bills on Tuesday, July 18, 2023, under the presidency of Dr. Ousmane Bougouma, the assembly’s president. The government was represented by Dr. Aboubakar Nacanabo, the Minister of Economy, Finance, and Prospective. The 67 present deputies voted unanimously in favor of both bills submitted for their adoption.
The first bill concerns the implementation of fiscal and customs incentives in favor of small and medium-sized enterprises (SMEs).
According to Dr. Aboubakar Nacanabo, this bill aims to create a conducive framework for the inclusion and development of SMEs.
Despite the challenging security context, it is essential to revive the economy by encouraging entrepreneurs.
SMEs are seen as dynamic, innovative, adaptable, and resilient entities, and it is crucial to provide them with a favorable environment for their inclusion and development.
The bill, therefore, provides advantages for SMEs to contribute to job creation, added value, and economic and social growth in Burkina Faso.
The measures taken in this bill are diverse. They include VAT exemptions for the importation of production materials and utility vehicles, particularly vehicles for transporting goods.
SMEs will also benefit from a two-year exemption from the patente tax, followed by a 50% reduction in the third year.
Similar measures have been applied to the tax on petroleum products. As for registration fees, a fixed tax of 6,000 FCFA has been established for newly created SMEs, as well as for the following two years.
Additionally, a reduction in the minimum flat-rate fee has been provided, including an exemption for the first and second years.
Regarding the second bill, it is an additional protocol of the West African Economic and Monetary Union (UEMOA) proposing modifications concerning the functioning of the UEMOA Court of Auditors.
This protocol will grant the Court of Auditors greater autonomy and the necessary capacities to fulfill its role of overseeing the UEMOA and its institutions, according to Dr. Nacanabo.
Adjovi Boko
