Senegal Tax Tables or Tax Bracket 2012/2013

Senegal - TAXES ACCOUNTING 

Corporate tax / Income tax / VAT rates / Other important 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 FCFA 0%
From 600 001 to 890 000 FCFA 18%
From 890 001 to 1 010 000 FCFA 22%
From 1 410 001 to 1 410 000 FCFA 25%
From 1 410 001 to 2 475 000 FCFA 28%
2 475 001?3 540 000 FCFA 30%
From 3 540 001 to 7 650 000 FCFA 35%
From 7 650 001 to 9 650 000 FCFA 40%
From 9 650 001 to 12 650 000 FCFA 45%
Beyond 12 650 000 FCFA 50%

   




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 :.