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Senegal-TAXES ACCOUNTING

Corporate tax


Tax rate for resident companies

The rate of common law of the corporate tax was reduced to 33% (35% before). However, fiscal advantages established by the Code can be granted to foreign investors.
   

Taxe rate on long-term capital gains

 No tax on surplus in Senegal.
   

System governing groups of companies and dividends paid by subsidiaries to their parent companies

Dividends are subjected to a payment at source at a maximum rate from 10% (16% before) from their gross amount if the person who receives them is the actual beneficiary.
   

Tax rate on branches

 The corporate tax is levied on branches in Senegal in the same way as any other companies.


Income tax


Fiscal year

The fiscal year begins on January 1-st and ends on December 31 of the same year.
   

Income tax rate

The progressive rate From the income tax extends from 0% to 50%; the tax system applying on people, adopts the principle From the restraint at source and grows rich From the Representative Tax From From Minimum Fiscal Tax (TRIMF).
From 0 to 600 000 FCFA0%
From 600 001 to 890 000 FCFA18%
From 890 001 to 1 010 000 FCFA22%
From 1 410 001 to 1 410 000 FCFA25%
From 1 410 001 to 2 475 000 FCFA28%
2 475 001?3 540 000 FCFA30%
From 3 540 001 to 7 650 000 FCFA35%
From 7 650 001 to 9 650 000 FCFA40%
From 9 650 001 to 12 650 000 FCFA45%
Beyond 12 650 000 FCFA50%
   


VAT rates


Standard rates

 The regular rate is 20%.
   

Reduced rates

The reduced rate is 10%.


Other important taxes



Name of tax
Rate
Tax on interests  
Held at source of 15%  
Tax on royalties  
15%  


Accounting


Introduction


Accounting rules in Senegal are governed by the Senegalese accounting plan. The list of the accounts and sub-accounts can be adapted to the activity of the company. Nevertheless, it must correspond to the legal and statutory stipulations of the Civil and Commercial Obligations Code. The main accounting information documents raeinspired by the French model.



Obligations and publications


At the end of each accounting year, companies have to produce financials which include:
- Statement of financoial analysis.
- Statement of patrimonial accounts balance
- Balance sheet, profit and loss account
- Funds statement and evolution of the working capital
- Identification form of the company
- Investing out of balance sheet
- Statistical annexes
These various tables and documents are presented on normalized printed forms, called CUCI states (Single Centre for the Collection of Information).

Certification and auditing


The accounting frame must be divided into 10 classes :.



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