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Equatorial Guinea

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About

Equatorial Guinea

Capital
Official languages
Population 
Currency

ISO 4217

Malabo

Spanish and French

1,222,245 (as of 2019)

Ekwele

XAF

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Economy

Equatorial Guinea has seen a steady improvement in its economy over the past few years. According to the World Bank, the country’s GDP grew by an impressive 5.2% in 2019, and is projected to grow by 4.2% in 2020. This growth is largely driven by the country’s oil and gas sector, which accounts for over 80% of its exports. The country also has a strong agricultural sector, which contributes around 10% of its GDP. In addition, the government has implemented a number of reforms to improve the business environment, including reducing the corporate tax rate from 35% to 25%. These reforms have helped to attract foreign investment, which has been a major driver of economic growth. Overall, Equatorial Guinea has seen a positive trend in its economy, and is well-positioned to continue its growth in the coming years.

Taxation

Equatorial Guinea has a tax system that levies taxes on both corporate and personal incomes. The tax system is overseen by the Ministry of Economy and Finance, and taxes are collected by the National Revenue Administration.


For individuals, there is a personal income tax that is levied on both residents and non-residents. The tax rate varies based on the level of income, with rates ranging from 0% to 35%. There are also other taxes and fees such as social security contributions, property taxes, and value-added tax (VAT).


For corporations, there is a corporate income tax that is levied on profits generated in Equatorial Guinea. The corporate tax rate is 35%. There are also other taxes and fees such as social security contributions, property taxes, and VAT.


The tax year in Equatorial Guinea is the calendar year, and tax returns are due on March 31st of the following year. The tax payment process involves the submission of a tax return and the payment of any taxes owed. Taxes can be paid at various authorized banks or through the National Revenue Administration website. Late payment of taxes may result in penalties and interest charges.

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