Page 30 - Profmark Africa Overview 2024

Madagascar (GMT +3)

General:
▪ Capital City: Antananarivo
▪ Official Language: Malagasy, French
▪ Currency: Malagasy Ariary (MGA)
▪ Main Exports: Graphite, chromite, shellfish, coffee, vanilla and sugar
▪ Surface Area: 587.3 sq. km (thousands)
▪ Population: 31,964 million (2024,est)
Key Economic Indicators:
▪ GDP: $GDP: $16.03 billion (2023) / GDP Growth Rate: 4% (2023)
▪ CPI Inflation Rate (annual): 9.9% (2023)
▪ Sovereign Credit Rating: Standard and Poor’s: B-
▪ Indicator of Economic Freedom Score: 57.3/100
Exchange Controls:
▪ Exist
Basis of Taxation: (Tax Year End: 31 December)
▪ Residents: Worldwide income
▪ Non-residents: Madagascar-source income
Tax Rates:
▪ Individuals: Progressive rates to 20% [the first MGA 350,000 of taxable income - 0%]
▪ Companies: 20%
▪ Inheritance and Donations Taxes: Varying rates apply
▪ VAT: 20%
▪ Withholding Tax: Varying rates apply to residents and non-residents
▪ Capital Gains Tax (CGT): Generally taxed as ordinary income at 20%
▪ Double Taxation Agreements: France and Mauritius
Useful links:
▪ Ministry of Finance and Budget http://www.mefb.gov.mg
▪ General Directorate of Taxation http://www.impots.mg
▪ Central Bank of Madagascar https://www.banky-foibe.mg

28 29