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Gabon lowers VAT to 5% to boost trade

Friday, 22 April 2022 16:37
Gabon lowers VAT to 5% to boost trade

(Ecofin Agency) - Gabonese authorities recently reduced value-added tax (VAT) on some sales transactions and services to 5% to ease the tax pressure on some segments of the economy and facilitate trade.  

According to the official gazette, the VAT reduction applies to the importation of fishing boats and aircraft, the sales of second-hand products used for business operations, imports by firms subject to the mining code, and depreciable goods that cannot be supplied by the domestic market. It will also apply to imports of new materials and equipment to be used for the construction of social housing by duly authorized public and private operators, urban housing development projects, sanitation and road construction works, and the generation and promotion of renewable energies. 

The VAT reduction also applies to credits granted to firms providing social housing services, provided the credits are exclusively used for the construction of social housing approved by the Ministry of Housing. It also applies to less than XAF50 million mortgage granted to individuals for the construction of real estate properties in Gabon.  

Before this decision, the VAT rate was 18% in Gabon. It applied to firms whose turnover exceeds XAF80 million. In the logging industry, firms liable for VAT payments are those whose turnover exceeds XAF500 million. 

Sylvain Andzongo

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