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Senegal Should Make Tax System Fairer: IMF

by Lorys Charalambous, Tax-News.com, Cyprus

17 January 2017


Senegal needs to take steps to make its tax system fairer, by scaling back exemptions for the "privileged few," says a new International Monetary Fund report.

The IMF said that the country needs to reduce its reliance on import duties as a key revenue source and instead look to shift the tax burden to the domestic economy.

More broadly, the IMF said tax incentives should be rules-based, transparent, and automatically available to all including SMEs. It proposed that tax expenditures should be rolled back to set the stage for a tax reform that is revenue neutral and allows Senegal to reduce rates to be competitive with its regional peers.

"In a modern, transparent and well-governed society, there is no need for Government to have discretionary authority to favor the privileged few with exemptions," the Fund said.

To improve the taxation of capital income, Senegal should review capital gains taxes, improve thin capitalization rules, and review transfer pricing guidelines and other backstopping provisions, the IMF suggested.

TAGS: tax | tax incentives | transfer pricing | Senegal | tax reform

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