Page 40 - Nexia SAB&T Africa Overview 2025

Senegal (GMT)

General:
▪ Capital City: Dakar
▪ Official Language: French
▪ Currency: West African CFA Franc (XOF)
▪ Main Exports: Oil, petroleum products, phosphate, gold, fish, peanuts
▪ Surface Area: 196.7 sq. km (thousands)
▪ Population: 18,9 million (2025,est)
Key Economic Indicators:
▪ GDP: $35,5 billion (2023) / GDP Growth Rate: 8.3% (2024)
▪ CPI Inflation Rate (annual): 2%(2025)
▪ Sovereign Credit Ratings: Moody’s: Ba3, S&P: B+, Fitch: Not rated (High Credit Risk)
▪ Indicator of Economic Freedom Score: 56.4/100 (2025): Mostly Unfree
Exchange Controls:
▪ Exist, transfers within the CFA Zone are not restricted
Basis of Taxation: (Tax Year End: 31 December)
▪ Residents: Worldwide income
▪ Non-residents: Senegal-source income
Tax Rates:
▪ Individuals: Progressive rates to 43%
▪ Companies: 30%
▪ 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: In place with several countries
Useful links:
▪ Government of Senegal https://www.sec.gouv.sn
▪ Central Bank of West African States http://www.bceao.int
▪ APIX http://investinsenegal.com

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