Page 9 - Profmark Africa Overview 2024

Benin (GMT +1)

General:
▪ Capital City: Porto Novo
▪ Official Language: French
▪ Currency: West African CFA Franc (XOF)
▪ Main Exports: Cotton, cocoa, maize, seafood, textiles, palm products
▪ Surface Area: 114.8 sq. km (thousands)
▪ Population: 14,13 million (2024,est)
Key Economic Indicators:
▪ GDP: $19,67 billion (2023) / GDP Growth Rate: 6.35% (2023)
▪ CPI Inflation Rate (annual): 2,7% (2023)
▪ Sovereign Credit Rating: Fitch’s: B+
▪ Indicator of Economic Freedom Score: 57.7/100
Exchange Controls:
▪ Exist, transfers within the CFA Zone are not restricted
Basis of Taxation: (Tax Year End: 31 December)
▪ Residents: Worldwide income
▪ Non-residents: Benin-source income
Tax Rates:
▪ Individuals: Progressive rates to 30% [the first XOF 60,000 of taxable income - 0%]
▪ Companies: 30%
▪ Inheritance and Donations Taxes: Taxable at varying rates
▪ Sales Tax: 18%
▪ Withholding Tax: Varying rates apply to residents and non-residents
▪ Capital Gains Tax (CGT): Generally taxed as ordinary income
▪ Double Taxation Agreements: France, Norway and WAEMU countries
Useful links:
▪ Central Bank of West African States http://www.bceao.int
▪ Department of Finance and Tax http://www.impots.finances.gouv.bj
▪ Chamber of Commerce and Industry http://www.ccibenin.org

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