Côte d'Ivoire: An Overview
Côte d'Ivoire, officially known as the Republic of Côte d'Ivoire, is a West African country bordered by Liberia, Guinea, Mali, Burkina Faso, and Ghana. With a population of approximately 28 million, it is the 23rd most populous country in Africa. Côte d'Ivoire's rich history dates back to the 13th century, with the formation of the Akan kingdoms. The country gained independence from France in 1960 and has since experienced periods of political instability and economic growth.
Recent Economic Developments
Côte d'Ivoire's economy has witnessed significant growth in recent years, driven by a surge in agricultural production, particularly cocoa and coffee. The country is the world's largest producer of cocoa beans, accounting for nearly 40% of global production. Other key industries include oil and gas, mining, and tourism.
In 2023, Côte d'Ivoire's economy is projected to grow by 6.5%, supported by strong agricultural output and increased investment in infrastructure. The government has implemented several initiatives to promote economic diversification and attract foreign investment, including the development of industrial parks and the improvement of transportation networks.
Tax Law Changes
Côte d'Ivoire's tax legislation has undergone several changes in recent years, aimed at modernizing the tax system and improving revenue collection. The most significant changes include:
- Introduction of a new tax code in 2022: The new tax code consolidated and simplified existing tax laws, introducing a single tax rate of 20% for corporate income tax and personal income tax.
- Expansion of the value-added tax (VAT) base: The VAT base has been expanded to include a wider range of goods and services, with a standard VAT rate of 18%.
- Implementation of a digital services tax: A 5% digital services tax has been introduced on the revenue generated by non-resident companies providing digital services in Côte d'Ivoire.
These changes are expected to increase tax revenue and support the government's development plans. They also aim to create a more equitable and efficient tax system that encourages investment and economic growth.
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