Page 32 - Nexia SAB&T Africa Overview 2025

Madagascar (GMT +3)

General:
▪ Capital City: Antananarivo
▪ Official Language: Malagasy, French
▪ Currency: Malagasy Ariary (MGA)
▪ Main Exports: Graphite, chromite, shellfish, coffee, vanilla and sugar
▪ Surface Area: 587.3 sq. km (thousands)
▪ Population: 32,7 million (2025,est)
Key Economic Indicators:
▪ GDP: $16,5 billion (2023) / GDP Growth Rate: 4.5% (2024)
▪ CPI Inflation Rate (annual): 8.4% (2025)
▪ Sovereign Credit Rating: Currently no rating
▪ Indicator of Economic Freedom Score: 57/100 (2025): Mostly Unfree
Exchange Controls:
▪ Exist
Basis of Taxation: (Tax Year End: 31 December)
▪ Residents: Worldwide income
▪ Non-residents: Madagascar-source income
Tax Rates:
▪ Individuals: Progressive rates to 20%
▪ Companies: 20%
▪ Inheritance and Donations Taxes: Varying rates apply
▪ VAT: 20%
▪ Withholding Tax: Varying rates apply to residents and non-residents
▪ Capital Gains Tax (CGT): Generally taxed as ordinary income at 20%
▪ Double Taxation Agreements: France and Mauritius
Useful links:
▪ Ministry of Finance and Budget http://www.mefb.gov.mg
▪ General Directorate of Taxation http://www.impots.mg
▪ Central Bank of Madagascar https://www.banky-foibe.mg

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