In 2024, Cape Verde generated 513 million euros in tax revenue, an increase of 13.7% compared to the previous year, announced Banco de Cabo Verde (BCV), the country's central bank, on Wednesday, March 26. According to BCV, this performance is due to better tax collection efficiency

Cape Verde collected tax revenues of 513 million euros in 2024, an increase of 13.7% compared to 2023, the Bank of Cape Verde (BCV) said on Wednesday.

The sum collected in 2024 is almost double the tax revenue of 2015, the year marking the start of the Ministry of Finance's data series, said the same source, recalling that tax collection represents 81% of the revenue of the Cape Verdean government.

Value Added Tax (VAT), borne by consumers, accounts for 40% of Cape Verdean tax revenue, followed by income taxes (25%) and taxes on international transactions (25%) and taxes on international transactions (20%), added BCV.

"Economic activity and policy measures related to strengthening electronic invoicing and modernizing the collection of overdue taxes have supported an increase in tax revenue,” she explained.