São Tomé and Príncipe - Taxation



Export and import taxes, customs duties, and sales tax are the main sources of revenue from taxation. Income tax accounted for only 7% revenue in 1985. In 1997, the government began a program to improve tax collection. In 2002, remarkable increases in tax revenue were reported. A larger issue was politics of allotting the country's off-shore oil fields for development. Production is projected to begin in 2006 or 2007, bringing a new level of wealth. In July 2003, the military took over the government while the President was out of the country.

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