Page 34 - Profmark Africa Overview 2024

Mozambique (GMT +2)

General:
▪ Capital City: Maputo
▪ Official Language: Portuguese
▪ Currency: Mozambique New Metical (MZN)
▪ Main Exports: Aluminium, coal, bulk electricity, tobacco, cashew nuts, cotton
▪ Surface Area: 799.4 sq. km (thousands)
▪ Population: 34,631 million (2024,est)
Key Economic Indicators:
▪ GDP: $20.62 billion (2023)/ GDP Growth Rate: 5% (2023)
▪ CPI Inflation Rate (annual): 7.1% (2023)
▪ Sovereign Credit Rating: Moody’s: Caa2
▪ Indicator of Economic Freedom Score: 50.7/100
Exchange Controls:
▪ Exist, controlled by Mozambique Central Bank
Basis of Taxation: (Tax Year End: 31 December)
▪ Residents: Worldwide income
▪ Non-residents: Mozambiquan-source income
Tax Rates:
▪ Individuals: Progressive rates to 32% [from MZN 0 to 42,000 of taxable income -
taxed at 10%]
▪ Companies: 32%
▪ Inheritance and Donations Taxes: Varying rates from 2% to 10%
▪ VAT: 16%
▪ Withholding Tax: Varying rates apply to residents and non-residents
▪ Capital Gains Tax (CGT): Generally taxed as ordinary income
▪ Double Taxation Agreements: In place with several countries
Useful links:
▪ Central Bank of Mozambique https://www.bancomoc.mz
▪ Ministry of Finance and Economy https://www.mef.gov.mz
▪ Investment Promotion Agency http://invest.apiex.gov.mz
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