FITA helps you find
service providers for:


flag Senegal Senegal: Business Environment

In this page: Accounting Rules | Tax Rates | Intellectual Property | Legal Framework | Standards | Business Practices

 

Accounting Rules

Tax Year
The fiscal year begins on January 1st and ends on December 31st of the same year.
Accounting Standards
A new Common General Accountancy Plan, named as the West African Accounting System was put in place in the Western African Union since 1st January 1998. For more information, consult the website Invest in Senegal. The main objective: establishing uniform accounting practices in the Union so as to have homogeneous data.
Accounting Regulation Bodies
West African Accounting Council
Accounting Reports
A balance sheet, a profit and loss account, and the annexes. For more information visit the website of the West African Economic and Monetary Union (West African Economic and Monetary Union (UEMOA)).
Publication Requirements
At the end of each accounting year, companies have to produce summary tables and financials which include:
- Statement of financial 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
- off-balance sheet commitments (contingent liabilities)
- Statistical annexes
These various tables and documents are presented on normalized printed forms, called CUCI states (Single Centre for the Collection of Information).
Professional Accountancy Bodies
ONECCA (in French) , National Order of Certified Public Accountants and Chartered Accountants of Senegal.
Certification and Auditing
The financial statements of companies must be audited by a qualified auditor member of the ONECCA.
You can consult an external auditor: Ernst&Young, Deloitte, PricewaterhouseCoopers.
Accounting News
Einnews (en anglais)

Return to top

Tax Rates

Consumption Taxes

Nature of the Tax
Value Added Tax (VAT) - Taxe sur la valeur ajoutée (TVA local name)
Tax Rate
The standard rate is 18%.
Reduced Tax Rate
The reduced rate is 10%. It applies to domestic products, imports of some goods and services (in particular consumer products: fruit and vegetables, paper, etc.). A 15% rate applies to tourist industries. A 17% special tax applies on financial activities.
Other Consumption Taxes
Excise taxes exist on alcoholic beverages (40% for beverages containing alcohol and 3% for sparkling beverages), cigarettes (rate varies from 40% to 45%), coffee (5%), tea (5%) fat (rate varies from 5% to 12%), private cars with a horsepower (tax engine rating) superior to 13CV (10%), cosmetic products (10%), oil products.

Learn more about Service Providers in Senegal on Globaltrade.net, the Directory for International Trade Service Providers.

Return to top

Corporate Taxes

Company Tax
30%
Capital Gains Taxation
Capital gains are taxed at the same rate as normal income.
Main Allowable Deductions and Tax Credits
Deduction of reported profits from half of the expenses undertaken during the year with respect to real estate or securities in real estate (limited to 50% of the taxable profits realized, with the outstanding balance deferred during 8 years). The percentage of authorized deductions is increased to 30% for investments in the sectors of solar and wind energy without surpassing an amount equivalent to 25% of the taxable profits of the year.
Capital gains realized during the business activity is exempted provided it is reinvested in real estate within a period of 3 years.
A deduction, in excess of the depreciation, is provided for the renewal of  tools and material. This provision is calculated according  to an annual indices taking into consideration the inflation.
Other Corporate Taxes
Company tax on vehicle, stamp/registration duties, tax on real estate, business license tax...For more information consult the website of Invest in the Franc Zone.
Other Domestic Resources
Consult Doing Business Website, to obtain a summary of the taxes and mandatory contributions.
 

Country Comparison For Corporate Taxation

  Senegal Sub-Saharan Africa United States Germany
Number of Payments of Taxes per Year 59.0 39.0 11.0 9.0
Time Taken For Administrative Formalities (Hours) 666.0 319.0 175.0 207.0
Total Share of Taxes (% of Profit) 46.0 57.8 46.7 46.8

Source: Doing Business - Last Available Data.

Return to top

Individual Taxes

Tax Rate

Individual income tax Progressive rate from 0 to 50%
CFA 0 - 600,000 0%
CFA 600,000 - 890,000 18%
CFA 890,000 - 1,010,000 22%
CFA 1,010,000 - 1,410,000 25%
CFA 1,410,000 - 2,475,000 28%
CFA 2,475,000 - 3,540,000 30%
CFA 3,540,000 - 7,650,000 35%
CFA 7,650,000 - 9,650,000 40%
CFA 9,650,000 - 12,650,000 45%
Above CFA 12,650,000 50%
Allowable Deductions and Tax Credits
The deductible charges include: the arrears of pensions or alimony, the premiums of life insurance, the assessed income is divided into a certain number of shares fixed according to the dependents of the taxpayer.
Special Expatriate Tax Regime
There is no special expatriate tax regime.

Return to top

Double Taxation Treaties

Countries With Whom a Double Taxation Treaty Have Been Signed
See the list of Tax Conventions
Withholding Taxes
Dividends: 10%, Interest: 6/8/16/20%, Royalties: 20%

Return to top

Sources of Fiscal Information

Tax Authorities
General Tax Directorate (in French)
Other Domestic Resources
Information on taxation for companies

Return to top

Learn more about Taxes and Accounting in Senegal on Globaltrade.net, the Directory for International Trade Service Providers.

Intellectual Property

National Organizations
The trade marks, patents, and copyrights are protected within the framework of OAPI, The African Organization for Intellectual Property.
Regional Organizations
Senegal is a member of the African Intellectual Property Organization.
International Membership
Membership to the TRIPS agreement - Trade-Related Aspects of Intellectual Property Rights (TRIPS)
 

National Regulation and International Agreements

 
Type of property and law Validity International Agreements Signed
Patent
 
Protection of patents
20 years
Trademark
 
Agreement revising the Bangui Agreement of 2nd March, 1977, on the creation of an African Intellectual Property Organization, 24th February 1999.
10 years, renewable for consecutive periods of 10 years
Design
 
Agreement Revising the Bangui Agreement of March 2, 1977, on the Creation of an African Intellectual Property Organization, February 24, 1999
5 years, renewable for two further consecutive 5-year periods  
Copyright
 
WIPO Copyright Treaty

Return to top

Legal Framework

Independence of Justice
Judiciary in Senegal is not completely independent; it is often subjected to political and economic pressures.
Equal Treatment of Nationals and Foreigners
Foreign nationals can, to a large extent, expect an impartial trial from the country’s judicial system.
The Language of Justice
The judicial language used in the country is French.
Recourse to an Interpreter
Having an interpreter is possible.
Sources of the Law and Legal Similarities
The main source of law in the country is the new constitution of 2001. The country’s legal system is based on French civil law system and judicial review of legislative acts. The country accepts compulsory ICJ jurisdiction but with reservations.
Checking National Laws Online
SENLEX: Portal of the Senegalese Law

Learn more about Lawyers and Legal in Senegal on Globaltrade.net, the Directory for International Trade Service Providers.

Return to top

Standards

National Standards Organizations
ASN, Senegalese Association for Standardization
Integration in the International Standards Network
The Senegalese standards are generally derived from the French ones. ASN is a founding member of the African Organization for Standardization (ARSO), a member of the International Electrotechnical Commission (IEC) Afifliate Country Program, a correspondent member of the International Organization for Standardization (ISO), and a member of the African Electrotechnical Standardization Commission (AFSEC).
Classification of Standards
The Senegalese standards are the NS. For more information consult the ASN website.
Online Consultation of Standards
You can consult the Senegalese standards List.
Certification Organizations
ASN Senegalese Association for Standardization

Return to top

Business Practices

General Information
Kwintessential, Guide on Business practices
Opening Hours and Days
Banks open from Monday to Friday. from 08h30 to 11h00 and from 14h00 to 16h00.
Shopping centres open from Monday to Saturday, from 8h00 to 12h00 and from 15h00 to 19h30.
Administrations are open from Monday to Friday, from 7h30 to 13h00 and from 13h30 to 16h00.
 

Public Holidays

New Years Day 1st January
El am Hejir - Hegire - New Year Variable
Achoura - Muharrum Variable
Anniversary of the Prophet - Eid-Milad Nnabi Variable
Independence Day 4th April
Labor Day 1st May
End of Ramadan Variable
Eid-ul-Adha or Grand Baïram or Aïd or Tabaski or Id-Ul-Zuha (Bakrid) - Mutton Festival Variable
Christmas 25th December
 
 

Periods When Companies Usually Close

New Years Day 1st January
El am Hejir - Hegire - New Year Thursday 10th January 2008 (can vary by one day)
Achoura - Muharrum Saturday 19th January 2008 (can last 2 days)
 

Return to top

Any Comments About This Content? Report It to Us.

 

© Export Entreprises SA, All Rights Reserved.
Last Updates: January 2015