Page 11 - Profmark Africa Overview 2024

Burkina Faso (GMT)

General:
▪ Capital City: Ouagadougou
▪ Official Language: French
▪ Currency: West African CFA Franc (XOF)
▪ Main Exports: Gold, cotton, zinc, phosphate and livestock
▪ Surface Area: 274.2 sq. km (thousands)
▪ Population: 23,7 million (2024,est)
Key Economic Indicators:
▪ GDP: $20.32 billion (2023)/ GDP Growth Rate: 3.0% (2024,est)
▪ CPI Inflation Rate (annual): 0.7% (2023)
▪ Sovereign Credit Rating: Standard and Poor’s: CCC+
▪ Indicator of Economic Freedom Score: 51.9/100
Exchange Controls:
▪ Exist, transfers within the CFA Zone are not restricted
Basis of Taxation: (Tax Year End: 31 December)
▪ Residents: Worldwide income
▪ Non-residents: Burkina Faso-Source income
Tax Rates:
▪ Individuals: Progressives rates to 25% (reduced on the basis of the number of
dependents, from 8% to 14%)
▪ Companies: 27.5%
▪ VAT: 18%
▪ Withholding Tax: Varying rates apply to residents and non-residents
▪ Capital Gains Tax (CGT): Generally taxed as ordinary income
▪ Double Taxation Agreements: France, Tunisia and UEMOA member countries
Useful links:
▪ Central Bank of West African States http://www.bceao.int
▪ Directorate of General Taxation http://www.impots.gov.bf/
▪ Official Government Portal http://www.gouvernement.gov.bf

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