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 Income Tax, Integration Community Tax are henceforth excluded from land of exemptions
• Minimum Income Tax(MIT) moves from 1% to 3% of the turnover
• Minimum Income tax should not be less than 800.000XAF

If MIT amount exceeds the CIT amount, there is no refund by the Public Treasury, given that the MIT is a minimum tax.