Senegal

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:

TAXES - ACCOUNTING

 

 

Corporate tax

Tax rate for resident companies

The rate of the corporate tax was reduced to 33% (35% before). However, fiscal advantages established by the Code can be granted to foreign investors.

   
Tax rate on long-term capital gains In Senegal, capital gains is taxed at the rate of 33%. In certain circumstances the tax is deferred or reduced.
   
System governing groups of companies and dividends paid by subsidiaries to their parent companies Dividends are subjected to a payment at source at a maximum rate from 10% (16% before) from their gross amount if the person who receives them is the actual beneficiary.
   
Tax rate on branches The corporate tax is levied on branches in the same way as any other companies.




Income tax

Fiscal year The fiscal year begins on January 1st and ends on December 31st of the same year.
   
Income tax rate Individual taxes include a salary tax on the employee (3% for Senegalese worker and 6% for a foreign worker) and a general income tax with rate ranging up to 50%.
   
Tax deductions or other allowances The deductible loads include: the arrears of revenues 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.



VAT rates

Standard rates The regular rate is 20%.
   
Reduced rates The reduced rate is 10%. It applies to domestic products and imports of some goods and services, in particular consumer products (fruit and vegetables, papers, etc.).



Other important taxes


Name of tax
Rate
Patente  
various  
Impôt foncier, sur des plus-values résultant des ventes ou des transferts de terrains et de bâtiments  
15%  


 

Accounting

Introduction
Accounting rules in Senegal are governed by the Senegalese accounting plan. The list of the accounts and sub-accounts can be adapted to the activity of the company. Nevertheless, it must correspond to the legal and statutory stipulations of the Civil and Commercial Obligations Code. The main accounting information documents are inspired by the French model.


Obligations and publications
At the end of each accounting year, companies have to produce 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
- Investing out of balance sheet
- Statistical annexes
These various tables and documents are presented on normalized printed forms, called CUCI states (Single Centre for the Collection of Information).

Certification and auditing
The accounting frame must be divided into 10 classes :.



Useful links
For further information:
- the official website of Government (website in french);
- the website of Customs Administration (website in french).

Last modified in January 2007
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