Page 27 - Profmark Africa Overview 2024

Lesotho (GMT +2)

General:
▪ Capital City: Maseru
▪ Official Language: Sesotho and English
▪ Currency: Loti (LSL)
▪ Main Exports: Clothing, diamonds, vehicles, water, wool, tobacco
▪ Surface Area: 30.4 sq. km (thousands)
▪ Population: 2,337 million (2024,est)
Key Economic Indicators:
▪ GDP: $2.04 billion (2023) / GDP Growth Rate: 0.9% (2023)
▪ CPI Inflation Rate (annual): 6.3% (2023)
▪ Sovereign Credit Rating: Fitch: B
▪ Indicator of Economic Freedom Score: 51.9/100
Exchange Controls:
▪ Exist, part of the Common Monetary Area (CMA)
Basis of Taxation: (Tax Year End: 31 March)
▪ Residents: Lesotho-source/deemed source income
▪ Non-residents: Lesotho-source income
Tax Rates:
▪ Individuals: Progressive rates between 20% and 30%
▪ Companies: 25%
▪ Inheritance and Donations Taxes: Varying rates apply
▪ VAT: 15%
▪ Withholding Tax: Varying rates apply to non-residents
▪ Capital Gains Tax (CGT): Generally taxed as ordinary income
▪ Double Taxation Agreements: Mauritius, South Africa and the United Kingdom
Useful links:
▪ Central Bank of Lesotho http://www.centralbank.org.ls
▪ Lesotho Revenue Authority http://www.lra.org.ls
▪ Lesotho Nat. Development Corp. http://www.lndc.org.ls

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