Page 38 - Profmark Africa Overview 2024

Senegal (GMT)

General:
▪ Capital City: Dakar
▪ Official Language: French
▪ Currency: West African CFA Franc (XOF)
▪ Main Exports: Oil, petroleum products, phosphate, gold, fish, peanuts
▪ Surface Area: 196.7 sq. km (thousands)
▪ Population: 18,501 million (2024,est)
Key Economic Indicators:
▪ GDP: $31.01 billion (2023) / GDP Growth Rate: 3.7% (2023)
▪ CPI Inflation Rate (annual): 9.7%(2023)
▪ Sovereign Credit Rating: Moody’s: Ba3
▪ Indicator of Economic Freedom Score: 55.4/100
Exchange Controls:
▪ Exist, transfers within the CFA Zone are not restricted
Basis of Taxation: (Tax Year End: 31 December)
▪ Residents: Worldwide income
▪ Non-residents: Senegal-source income
Tax Rates:
▪ Individuals: Progressive rates to 43% [the first XOF 630,000 of taxable income - 0%]
▪ Companies: 30%
▪ Inheritance and Donations Taxes: N/A
▪ VAT: 18%
▪ 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:
▪ Government of Senegal https://www.sec.gouv.sn
▪ Central Bank of West African States http://www.bceao.int
▪ APIX http://investinsenegal.com

36 37