GABON -New 2% tax on cash withdrawals from banking institutions
The 2% tax on bank withdrawals instituted by the government and contained in the amending finance law (LFR), should finally be adopted. According to the Ministry of Economy, “Physical currency presents health risks highlighted by the Covid-19 pandemic. Economically, physical currency-based transactions are difficult to control and promotes the informal economy.” The objective of this tax is therefore “to accelerate the change of users habits, by economically encouraging them to favor digital or traceable transactions (via cheque, bank transfer, payment cards [...]