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Gambia

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About

Gambia

Capital
Official languages
Population 
Currency

ISO 4217

Banjul

English

2.2 million

Dalasi

GMD

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Economy

The Gambia is a small West African nation with a population of 2.2 million people and a GDP of $1.7 billion. The Gambian economy is largely dependent on agriculture, which accounts for about 40% of the country’s GDP. The Gambia also relies heavily on foreign aid, which accounts for about 20% of the country’s GDP. The Gambian government has implemented a number of economic reforms in recent years, including the introduction of a new currency, the Dalasi, and the liberalization of the banking sector. These reforms have helped to improve the country’s economic outlook, with the IMF forecasting a growth rate of 4.5% in 2021. The Gambia also has a relatively low unemployment rate of 4.2%, and the country’s inflation rate is currently at 4.3%. The Gambia has also made significant progress in reducing poverty, with the World Bank estimating that the poverty rate has fallen from 60% in 2000 to 40% in 2018. Overall, the Gambian economy is showing signs of improvement, and the country is well-positioned to continue its economic growth in the years ahead.

Taxation

The Gambia is a small West African country that operates under a progressive tax system for both individuals and corporations.


Corporate Taxation:

Companies in Gambia are subject to a corporate tax rate of 27.5%. However, certain industries, such as agriculture and tourism, may qualify for reduced tax rates. Additionally, companies may also be subject to other taxes such as value-added tax (VAT), withholding tax, and capital gains tax.


Personal Taxation:

Individuals in Gambia are subject to a progressive income tax system, which ranges from 0% to 35% depending on their income level. The tax rate starts at 0% for individuals earning up to GMD 208,333 annually and gradually increases up to 35% for individuals earning over GMD 1,000,000 annually.


Tax Payment Process:

The tax year in Gambia runs from 1st January to 31st December of the same year. Both individuals and corporations are required to file their tax returns annually, with the deadline for filing being in March of the following year.


Taxpayers can make their payments at any authorized bank or online through the Gambia Revenue Authority (GRA) website. In addition to income tax, taxpayers may also be subject to other taxes such as property tax, stamp duty, and customs duties.


In summary, the tax system in Gambia is based on a progressive tax system for both individuals and corporations. Corporations are subject to a corporate tax rate of 27.5%, while individuals are subject to a progressive income tax system ranging from 0% to 35%. The tax year runs from January 1st to December 31st with the deadline for filing tax returns being in March of the following year. Taxpayers can make their payments at any authorized bank or online through the Gambia Revenue Authority (GRA) website.

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