Yearly Archives - 2020

Central African Republic: World Bank is roughly satisfied with the economic prospects

On the occasion of the release of the new edition of the Economic Update, on 24 January 2020, the World Bank’s Resident Representative in the CAR, said that the CAR’s economic outlook is roughly satisfactory and expects growth of 4.8% in the medium term, due to the peace agreement of 6 February 2019, and if a sustainable peace is experienced, growth could reach 5% threshold. However, he argued that there were still some weaknesses in the collection of internal resources. For [...]

October 29, 2020 Publications
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EQUATORIAL GUINEA – 13 civil servant arrested and detained for tax evasion

It is not good to confuse its own goods with tax revenues in Equatorial Guinea. 13 government officials have just learned it at their expense. On 16 July 2020, they were taken into custody for having participated in an illicit stamp tax trade, and they risk prison sentences ranging from six to ten years. These 13 unfortunate individuals had been trafficking in tax stamps for over 05 years. The excavations carried out at their homes made it possible getting hold of stamps [...]

October 29, 2020 Equatorial Guinea
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EQUATORIAL GUINEA – Taxes Increases

By the publication of the Law 2015 Financial n°4/2014, EG government has significantly amended Corporate income Tax, mainly regarding minimum tax and the cancellation of some exemptions in tax and customs duties. Since January 1st 2015, the main changes are: All the existing exemptions are cancelled All companies must renegotiate their tax and customs exemptions with the Ministry of Finances and Budget Failure to renegotiate will subject a company to all taxes and customs duties applicable to its activities in EG Value added tax, Personal [...]

October 29, 2020 Equatorial Guinea
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CHAD – Darayib, the application to verify the tax compliance of companies

Minister of Finance and Budget, launched Darayib application on 23 January 2020 in N’Djamena during the presentation of the general budget of the State for the fiscal year 2020. This application usable on mobile phone or computer, will allow any user to check if a company is up to date with its tax obligations. The objective, the Minister insists  is: To Modernize the tax base, To verify taxpayer’s tax compliance, To improve fiscal citizenship and transparency in public market access, NGOs, and development partners [...]

October 29, 2020 Publications
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CHAD – One-Stop Shop For Companies Creation In Chad

The OHADA uniform act related to commercial corporate law and the Economic Interest Group(EIG) submits the formation of a trading company to certain legal requirements. Chad set up via order N ° 037 / PR / PM / MCI / 2010, the Companies Formalities Center ( CFC) which includes within it a single window of new business start-up and the follow up of existing ones. This structure administratively topped by the national agency of the investments and the exports. Its missions [...]

October 29, 2020 Publications
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CONGO – A New Tax Treaty with China in perspective

The Senate has just adopted on August 07, 2020 in Brazzaville, the bill authorizing the ratification of the convention between Congo and China for the elimination of double taxation concerning taxes on income and the prevention of evasion of tax fraud. This Convention was signed on September 5, 2018 in Beijing, with the purpose of taxing income only in one of the two States where their owners reside or in respect of companies, where their headquarters are located, in order [...]

October 29, 2020 Publications
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CONGO – Four new decrees implementing Law No. 2016 28 of 12 October 2016 relating to Hydrocarbon Code

Four new decrees, all dated November 15, 2019, set out the terms and conditions of application of Law No. 2016 28 of October 12, 2016 relating to Hydrocarbons Code. Published in the OFFICIAL GAZETTE OF THE REPUBLIC OF CONGO No 47 of Thursday 21 November 2019, these decrees are summarized below in their main points: Decree No 2019-342 laying down the conditions and procedures of subcontracting in the oil sector It defines in the Oil business the concepts of subcontracting, oil operator, [...]

October 29, 2020 Publications
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CONGO – New Law Governing Cash Payments

The 2016 finance law through article 461 sets out new measures of safeguarding tax income, by fixing the following principle: ” The taxes and rights enacted in tax code are exclusively paid by bank transfer at the benefit of the public treasury. Exceptionally, small and very small companies as well as the individuals are authorized to make the payment of the taxes and the rights in cash or by check for a maximum amount of hundred thousand (100 000) FCFA “. This [...]

October 29, 2020 Publications
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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 [...]

October 29, 2020 News
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GABON -Tax Web-Portal

Put on-line since February, 2014 by the tax office, the fiscal Tax web-portal is a venue aiming at ” dematerializing tax processes “, and modernizing of the tax office services. hence, tax declarations, payment orders, tax receipts, etc… are archived and can be downloaded or printed out at any time on www.etax.dgi.ga Dematerialization offers the following advantages: Declaration on Internet of taxes gradually put on-line Remote payment by a transfer order since e-t@x, and available 24/7 Direct Payment safely and without any contribution of [...]

October 29, 2020 News
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