Cape Verde: Fiscal revenue represents 19% of GDP

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Cape Verde: Fiscal revenue represents 19% of GDP

8:58 CAT | 01 Nov 2018

Cape Verde’s tax revenue accounted for 19% of the country’s Gross Domestic Product (GDP) in 2016, according to a report released by the Organisation for Economic Co-operation and Development (OECD) on Wednesday in Paris.

Taxes on goods and services contributed the most to overall tax revenue, accounting for 12.5% of GDP in 2016, followed by personal income taxes (6.2%). The remaining 0.3% came from wealth tax.

According to the report, “Statistics of Revenue in Africa 1990-2016,” Cape Verde collected $312 million (around €276 million) in taxes in 2016.

Non-tax revenues were responsible for 7.2% of GDP, representing $118 million (around €104 million).

Cape Verde’s economy grew 4.5% in 2016, 1.7 percentage points more than the previous year when gross domestic product (GDP) rose 2.8%, the country’s National Statistics Institute (INE) said on Wednesday.

Source: Lusa