Support for the Reinforcement of the mobilization of non-oil revenues

MODERNIZATION OF THE REVENUE MOBILIZATION FRAMEWORK

In order to carry out the necessary mobilization of income, the following initiatives based on innovation, creativity, support and modernization of institutions and systems must be undertaken jointly:

To support the broadening of the tax base, different activities will be carried out, mainly oriented to:

  • Updating and diffusion of the general tax code.
  • Designation of a unique tax identification number for all taxpayers.
  • Drafting and implementation of a Tax Law under ethical criteria.
  • Prepare a Procedures Manual for the Tax Department on the management of VAT and excise taxes on alcoholic and carbonated beverages, overnight stays in hotels, automobile insurance, tobacco, telecommunications, and Timber.

 

Announcement of the measures applied.

In progress

The establishment of an integrated tax revenue management system is designed to optimize the collection flow, through:

  • Control of the income system.
  • Consulting and editing financial statements.
  • Interconnection of the corresponding services:
    • Taxes and Contribution Department (DGIC).
    • General Administration of Customs (DGA).
    • State Treasury.
    • General Directorate of Budget.
    • Public Accounting Office.

Training campaigns aimed at users.

In progress

The modernization of the Tax Department has two priority lines of action:

  • The informatization and interconnection of the financial records with the other economic and financial administrations of the Ministry of Finance and Budgets:
    • Setting up the DGE.
    • Informatization of the Tax Directorate.
    • Interconnection between the DGI’s own applications, the DGA and the DGT in order to optimize the flow of information.
  • Provide the necessary training:
    • Specialized training of 150 people per sector of activity (telecommunications, commercial and production, banking, insurance and hydrocarbons), except for the Department of Large Companies.
    • Special training of inspectors by type of tax (VAT, personal income tax, corporate, local, property and excise taxes).
    • Training of Inspectors from the Tax Department (DGIC Inspectors, Managers and Controllers).

In progress

IMPROVEMENT OF FINANCIAL RECORD SYSTEMS CAPABILITIES

To strengthen the systems of financial registries, two lines of action are being considered:

  • Implementation of phase II of SYDONIA so`ware in Bata, Mongomo, Ebebiyin, Corisco, Aconibe, Cogo and Rio Campo, accompanied by technical assistance for platform maintenance and user training.
  • IT equipment and network to promote SYDONIA outside Malabo.
  • Rehabilitation of customs offices outside Malabo.
  • Fight against fraud and corruption through verification and control brigades, with the support of vehicles, GPS equipment and the corresponding training.

In progress

  • Assessment of the accounting and migration of the SAGE system in order to prepare the interconnection with the aforementioned systems.
  • Technical assistance for launching and maintaining the new system.
  • Training at the management level (in particular oriented to the issuance of Treasury Bonds).
  • Technical assistance to the scoring process in order to reduce Equatorial Guinea’s country-risk perception in the issuance of government bonds until 2023 (TGE and Autonomous Fund for the Amortization of the Public Debt).
  • Support for the preparation of the Treasury Plan.

In progress