Taxes - Accounting

Senegal

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Tax Rates | Accounting Rules

Tax Rates

Consumption taxes

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%.
Other consumption taxes: Special taxes exist on alcoholic beverages, vehicles and cigarettes.

Corporate taxes

Tax rate

Corporate tax

25%

Capital gains taxation: Capital gains are taxed at the same rate as normal income.
Main allowable deductions and tax credit: 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: Company tax on vehicle, stamp/registration duties, tax on real estate, business licence tax. For more information consult the website of Invest in the Franc Zone.

Individual taxes

Tax rate

Individual income tax	Progressive rate from 0 to 50%
CFA 0 - 600,000	0%
CFA 600,000 - 600,000 - 890,000	18%
CFA 890,000 - 1,010,000	22%
CFA 1,010,000 - 1,410,000	25%
CFA 1,410,000 - 2,475,000	28%
CFA 2,475,000 - 3,540,000	30%
CFA 3,540,000 - 7,650,000	35%
CFA 7,650,000 - 9,650,000	40%
CFA 9,650,000 - 12,650,000	45%
Above CFA 12,650,000	50%

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: There is no special expatriate tax regime.

Double taxation treaties

Countries with whom a double taxation treaty have been signed: See the list of Tax Conventions
Withholding taxes: Dividends: 10%, Interest: 6/8/16/20%, Royalties: 20%
Bilateral agreement: Senegal and Tunisia are bound by a double taxation treaty: yes

Signed	Ratified	Enforced
17/05/1984	-	02/07/1985

Pour aller plus loin dans vos recherches nous vous proposons de connaître les taxes locales connaître les taxes locales qui s'appliquent à votre produit.

Sources of fiscal information

Tax Authorities: General Tax Directorate
Other domestic resources: Information on taxation for companies

Accounting Rules

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: A balance sheet, a profit and loss account, and the annexes. For more information 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: The financial statements of companies must be audited by a qualified auditor member of the ONECCA.
You can consult an external auditor: Ernst&Young, Deloitte, PricewaterhouseCoopers.
Accounting news: Einnews