Page 39 - Nexia SAB&T Africa Overview 2025

Rwanda (GMT +2)

General:
▪ Capital City: Kigali
▪ Official Language: Kinyarwanda, French and English
▪ Currency: Rwandan Franc (RWF)
▪ Main Exports: Coffee, tea, tin, hides
▪ Surface Area: 26.3 sq. km (thousands)
▪ Population: 14,5 million (2025,est)
Key Economic Indicators:
▪ GDP: $13,7 billion (2023) / GDP Growth Rate: 6.9% (2024)
▪ CPI Inflation Rate (annual): 7% (2025)
▪ Sovereign Credit Ratings: Moody’s: B2, S&P:B+, Fitch: B+ (High Credit Risk)
▪ Indicator of Economic Freedom Score: 54.8/100 (2025): Mostly Unfree
Exchange Controls:
▪ Very liberal, some restrictions on the import and export of capital
Basis of Taxation: (Tax Year End: 31 December)
▪ Residents: Worldwide income
▪ Non-residents: Rwandan-source income
Tax Rates:
▪ Individuals: Progressive rates to 30%
▪ Companies: 28%
▪ Inheritance and Donations Taxes: N/A
▪ VAT: 18%
▪ Withholding Tax: Varying rates apply to residents and non-residents
▪ Capital Gains Tax (CGT): Generally taxed as ordinary income
▪ Double Taxation Agreements: Belgium, Mauritius and South Africa
Useful links:
▪ Rwanda Revenue Authority http://rra.gov.rw
▪ National Bank of Rwanda http://www.bnr.rw
▪ Rwanda Development Board http://www.rdb.rw

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