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Senegal Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
15,020,945 (July 2018 est.)GDP (PPP)
$54.8 billion (2017 est.)Most important sectors aremining, construction, tourism, fisheries and agriculture. Key exports are phosphate mining, fertilizer production, agricultural products and commercial fishing
GDP growth rate
7.2% (2017 est.)Very high and accelerating from previous years
GDP (PPP) per capita
$3,500 (2017 est.)Very low but medium within Africa
Local currency
Communaute Financiere Africaine franc (XOF)The currency is shared among several African countries and is pegged to the Euro
Financial stability (Public debt)
48.3% of GDP (2017 est.)Medium, though the fact that Senegal is assisted by the IMF in the implementation of its economic policies should give more comfort
Inflation
1.3% (2017 est.)Low
Language
French (official), Wolof, Pular, Jola, Mandinka, Serer, SoninkeSome English is spoken in Dakar
Corruption perception index (Source: Transparency International)
67/180High level of corruption
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
18%10% VAT on tourism activities. Excise taxes apply that can be very steep: 10% private cars, 50% alcoholic beverages, 65% tobacco.
Corporate Tax
30%Withholding taxes may also apply to non-residents, as per the services delivered to Senegalese taxpayers.
Duties
0% to 20%Other taxes are: statistical import charge (1%), Community solidarity levy (0.8%), Economic Community of West African States (ECOWAS) levy (0.5%), Senegalese Shippers Council (COSEC) royalty (0.4%, only applicable on importation by sea).
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