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Find all the economic and financial information on our Orishas Direct application to download on Play StoreThis is the main message delivered by the Director of Budget and Treasury of the ECOWAS Commission, Molokwu Azikiwe, during the plenary of the second Extraordinary Session 2020 of the ECOWAS Parliament, which is held by videoconference.
Speaking on behalf of the Commissioner for Finance of the ECOWAS Commission, Halima Ahmed, he presented a less than rosy picture of the recovery rate for the past four years (2016, 2017, 2018 and 2019) which is respectively 26 .4%, 37.8%, 38.3%, and 73.1%.
Despite a marked increase over the past four years, this recovery rate is still insufficient.
And this has the immediate consequence of reducing the capacity of ECOWAS to implement projects and programs, reducing the visibility of the institution among the citizens of the community or even slowing down the pace of economic integration.
Faced with this situation, the Commission representative asked parliamentarians to use their influence to encourage the Member States to apply the provisions of the Community levy protocol, in particular the strict application of the tax base (including on petroleum products and other items), strict application of the levy rate (0.5%) on all imports intended for domestic consumption and compliance with a one-time deposit (30 days after collection) of the amounts collected.
Moreover, Parliament is examining, during this session, a request from the President of the Commission for the assistance of the Assembly in the implementation of the ECOWAS protocol on the community levy.
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