Senegal

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Business Environment

General information: Kwintessential, Guide on Business practices
Opening hours and days: Banks open from Monday to Friday. from 08h30 to 11h00 and from 14h00 to 16h00.
Shopping centres open from Monday to Saturday, from 8h00 to 12h00 and from 15h00 to 19h30.
Administrations are open from Monday to Friday, from 7h30 to 13h00 and from 13h30 to 16h00.

New Years Day	1st January
El am Hejir - Hegire - New Year	Variable
Achoura - Muharrum	Variable
Anniversary of the Prophet - Eid-Milad Nnabi	Variable
Independance Day	4th April
Labor Day	1st May
End of Ramadan	Variable
Eid-ul-Adha or Grand Baïram or Aïd or Tabaski or Id-Ul-Zuha (Bakrid) - Mutton Festival	Variable
Christmas	25th December

New Years Day	1st January
El am Hejir - Hegire - New Year	Thursday 10th January 2008 (can vary by one day)
Achoura - Muharrum	Saturday 19th January 2008 (can last 2 days)

Tax year: The fiscal year begins on January 1st and ends on December 31st of the same year.
Accounting standards: A new Common General Accountancy Plan, named as the West African Accounting System was put in place in the Western African Union since 1st January 1998. For more information, consult the website Invest in the Franc Zone. The main objective: establishing uniform accounting practices in the Union so as to have homogeneous data.
Accounting regulation bodies: West African Accounting Council
Accounting reports: Visit the website of the West African Economic and Monetary Union (UEMOA).
Publication requirements: At the end of each accounting year, companies have to produce summary tables and financials which include:
- Statement of financial analysis.
- Statement of patrimonial accounts balance
- Balance sheet, profit and loss account
- Funds statement and evolution of the working capital
- Identification form of the company
- off-balance sheet commitments (contingent liabilities)
- Statistical annexes
These various tables and documents are presented on normalized printed forms, called CUCI states (Single Centre for the Collection of Information).
Professional accountancy bodies: ONECCA
Certification and auditing: Ernst&Young
Deloitte
Accounting news: Einnews

Nature of the tax: Value Added Tax (VAT)
Tax rate: The standard rate is 18%.
Reduced tax rate: The reduced rate is 10%. It applies to domestic products and imports of some goods and services, in particular consumer products (fruit and vegetables, paper, etc.). VAT on tourist industries is 15%.

Company tax: 25%
Capital gains taxation: Capital gains are taxed at the same rate as normal income.
Main allowable deductions and tax credit: The deduction of reported profits from half of the expenses undertaken during the year with respect to real estate or securities in real estate (limited to 50% of the taxable profits realized, with the outstanding balance deferred during 8 years). The percentage of authorized deductions is increased to 30% for investments in the sectors of solar and wind energy without surpassing an amount equivalent to 25% of the taxable profits of the year.
Capital gains realized during the business activity is exempted provided it is reinvested in real estate within a period of 3 years.
A deduction, in excess of the depreciation, is provided for the renewal of tools and material. This provision is calculated according to an annual indice taking into consideration the inflation.
Other corporate taxes: For more information consult the website of Invest in the Franc Zone.

Allowable deductions and tax credit: The deductible charges include: the arrears of pensions or alimony, the premiums of life insurance, the assessed income is divided into a certain number of shares fixed according to the dependents of the taxpayer.
Special expatriate tax regime: The same taxation as income earned in Senegal

Countries with whom a double taxation treaty have been signed: See the list of Tax Conventions
Whithholding taxes: Dividends: 10%, Interest: 6/8/16/20%, Royalties: 20%

National organizations: The trade marks, patents, and copyrights are protected within the framework of OAPI, The African Organization for Intellectual Property.
Regional organizations: Senegal is a member of the African Intellectual Property Organization.

Type of property and law	Validity	International agreements signed
Patent Protection of patents	20 years
Trademark Agreement revising the Bangui Agreement of 2nd March, 1977, on the creation of an African Intellectual Property Organization, 24th February 1999.	10 years, renewable for consecutive periods of 10 years	Trademark law treaty Nice agreement Protocol relating to the Madrid Agreement
Design Agreement Revising the Bangui Agreement of March 2, 1977, on the Creation of an African Intellectual Property Organization, February 24, 1999	5 years, renewable for two further consecutive 5-year periods

Independence of justice: Judiciary in Senegal is not completely independent; it is often subjected to political and economic pressures.
Equal treatment of nationals and foreigners: Foreign nationals can, to a large extent, expect an impartial trial from the country’s judicial system.
The language of justice: The judicial language used in the country is French.
Recourse to an interpreter: Having an interpreter is possible.
Sources of the law and legal similarities: The main source of law in the country is the new constitution of 2001. The country’s legal system is based on French civil law system and judicial review of legislative acts. The country accepts compulsory ICJ jurisdiction but with reservations.
Checking national laws online: SENLEX: Portal of the Senegalese Law

National standards organizations: Senegalese Association for Standardization
Integration in the international standards network: The Senegalese norms are generally derived from the French norms. Senegal is a member of AOPI, the African Organization of Industrial property. It is also a member of the Paris convention relating to intellectual protection as well as the international organisation of intellectual property.
Classification of standards: The work of detailing the norms is carried out by technical committees appointed by ASN (The Senegalese Association for Standardization). These technical committees are big forums consisting of different collaborators concerned by standardization : Administration, scientific and technical institutions, producers, consumers, etc.
Two hundred and seventy-four national experts working in enterprises and production companies, in the private sector and in public and para governmental organizations help to organize these technical committees. To this date, 246 norms were outlined and adopted.
Online consultation of standards: You can consult the Senegalese standards List.
Certification organizations: Senegalese Association for Standardization

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