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Mali

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About

Mali

Capital
Official languages
Population 
Currency

ISO 4217

Bamako

French

19,535,784 (as of July 2020)

West African CFA franc

XOF

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Economy

Mali is a West African country with a population of 19.1 million people and a GDP of $14.2 billion. The economy of Mali is largely based on agriculture, which accounts for about 40% of the GDP and employs 80% of the population. The country is also rich in natural resources, including gold, uranium, and phosphates. The mining sector contributes about 10% of the GDP and is a major source of foreign exchange. Tourism is another important sector, with the country's cultural heritage and natural beauty attracting visitors from around the world. The service sector accounts for about 40% of the GDP and is the largest employer in the country. The government has implemented a number of reforms to improve the business environment and attract foreign investment. The country has also made progress in reducing poverty, with the poverty rate falling from 54.7% in 2012 to 48.3% in 2018. Overall, Mali has made significant progress in recent years and is well-positioned to continue its economic growth.

Taxation

Mali has a progressive tax system, with different tax rates and rules for corporate and personal taxation. Here is an overview of the tax system in Mali:


Corporate taxation:

- The corporate income tax rate in Mali is 30%, which applies to both resident and non-resident companies.

- There are tax incentives and exemptions available for certain types of businesses, such as those engaged in agriculture or manufacturing.

- Capital gains are generally taxed as regular income, but there are exemptions available for certain types of gains.


Personal taxation:

- Mali residents are subject to personal income tax on their worldwide income, with a progressive tax rate that ranges from 0% to 40% depending on income level.

- Non-residents are only taxed on their income sourced from Mali.

- There are tax deductions and exemptions available for certain types of income, such as income from agriculture or pensions.

- There is also a monthly tax deduction (MTD) system in place, where employers deduct tax from employees' salaries and remit it to the government.


Tax payment process and calendar:

- The tax year in Mali is from January 1st to December 31st of the same year.

- Taxpayers are required to file their tax returns by March 31st of the year following the tax year.

- Corporate income tax payments are made on a quarterly basis.

- Personal income tax payments are made through the MTD system, with deductions made on a monthly basis.

- Late tax payments are subject to penalties and interest charges.


Mali has been working to improve its tax collection and compliance in recent years, with the support of international organizations such as the World Bank and the International Monetary Fund. The government has also been implementing tax reforms to simplify the tax system and reduce tax evasion, such as the introduction of a new tax code in 2014. However, tax collection remains a challenge in Mali due to a large informal sector and weak institutional capacity.

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