SENEGAL

Taxable persons

Fully taxable businesses :

- Capital companies,

- Civil societies that engage in industrial operations, commercial, forestry and mining,

- Civil societies engaged in agricultural and craft operations and who have not opted for the status of partnerships,

- Consumer cooperatives when they own establishments, shops or stores for the sale or delivery of goods, products or cargo,

- Companies cooperatives and cooperative unions of industrialists, traders and craftsmen,

- Production Cooperatives,

- Mortgage loan companies,

- Institutions, bodies of state and local governments that enjoy financial autonomy and engage in industrial acticitivies, commercial or profit-making activities,

- Insurance companies, reinsurance companies, and mutuals,

- Government-owned corporations,

- Legal persons engaged in business or profit-making activities,

- Legal persons domiciled abroad beneficiaries of land revenue in Senegal, or realizing capital gains as a result of sales of securities or social rights held in Senegalese incorporated firms,

- LLCs whose sole shareholder is a corporation,

- The share of profits corresponding to the rights of associates of associations by participation, including the financial unions and ship owners companies, whose names and addresses have not been communicated to the administration,

- The share of profits for the rights of limited partners unless they opt to IS

Corporations subject to taxation by option are :

- Partnerships (CNS)

- Joint ventures,

- Individual companies,

- Economic interest groups (GIE),

- Limited partnerships (SCS),

- LLCs whose sole shareholder is a natural person,

N.B.: Once chosen, the option becomes irrevocable.

Exemption

The consumer purchasing groups that simply gather orders

of their members and distribute in their consignment stores foodstuffs, products

and goods which were the subject of these orders,

- Mutual agricultural credit banks,

- Agricultural cooperative organizations and associations,

- Insurance companies or agricultural mutual reinsurance operating

in accordance with their purpose and the status of similar companies,

- Mutual benefit societies,

- Rural development and management companies, provided that their resources are constituted by at least 80% of public subsidies,

- Associations or non-profit organizations,

- Public institutions of a managerial or professional nature,

- Housing cooperative societies and "Castor" groups, which perform, nonprofit, the subdivision and housing construction for the exclusive benefit of its members.

Rate

The rate of corporate tax is 25%.

However, it is reduced to 15% for companies benefiting from the free export enterprise status.

Any portion of the taxable income of less than 1,000 francs is neglected.

Minimum flat tax

In case of loss or small profit, companies subject to corporate income tax are allocated the Lump Minimum Tax (MFIs). The annual amount is fixed into consideration of the turnover excluding tax realized the previous year, at the rates below :