According to recent reports, Burkina Faso's Ministry of Finance has decided to postpone the application of the country's new financial activities tax (Taxe sur les activités financières -TAF) until 1 July 2021. The TAF was introduced as part of the Finance Law for the 2021 Budget at a rate of 17% on banking and financial transactions, with certain exemptions, and a reduced 15% rate for taxpayers under the normal real income taxation regime and for interbank refinancing transactions. Where applicable, the TAF replaces VAT. The postponement was reportedly provided to give additional time to implement the necessary changes in accounting and banking information systems needed for the tax.