Income Tax Rate in Gabon. Did you know that the tax levied on income varies depending on the country? Are you a resident of Gambia or thinking of emigrating to Gabon?
Are you interested in knowing what the income tax rate in Gabon is? Then this article is the answer to all your questions.
This article will give you all you need to know about the income tax rate in Gabon, including the current income tax rate, and other economic indicies of Gabon like the GDP etc. We will like to begin with a brief introduction of the country known as the Gabonese Republic.
Gabon is a coastal African country located in central Africa on its west coast. It is officially referred to as the Gabonese Republic. On its northwest border is Equatorial Guinea, to its northern border is Cameroon, on its western border is the Gulf of Guinea and on its southern and eastern border is the Republic of Congo.
Gabon has a total area of 267,667 square kilometer and with a population of 2,340,613 people resident in Gabon it has a population density of 7.9/km2. The capital of Gabon is Libreville and its official language is French. The currency of Gabon is Central African CFA franc (XAF)
What is the GDP of Gabon?
The total nominal GDP of Gabon based on a 2018 estimate is $17.212 billion while the nominal GDP per Capita is $8,384.
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What contributes to the economy of Gabon?
The economy of Gabon is largely dependent on its extraction industry. Presently oil revenues constitute about 43% of its GDP.
Before oil was discovered in Gabon its main extraction product was timber. Gabon is a francophone country and is largely dependent on imports from France. Its main export is oil which constitutes about 81% if its exports.
Who is liable to pay income tax in Gabon?
Residents and non-residents with income derived Gabon
What do we mean by residents?
A resident is one who stays in Gabon for a period of at least six months in a calendar year or has his/her main residence in Gabon.
What is the Income Tax Rate in Gabon
The personal income tax rate in Gabon varies based on the range of taxable income or salary. The tax rate varies from 5% to 35%.
- Taxable income/Salary (XAF) – Tax Rate
- First 1,500,000 – this income is not taxed
- Next 420,000 – 5%
- Next 780,000 – 10%
- Next 900,000 – 15%
- Next 1,560,000 – 20%
- Next 2,340,000 – 25%
- Next 3,500,000 – 30%
- Above 3,500,000 – 35%
What is Taxable Income?
Taxable Income refers to payment for all services provided including but not limited too allowances, Fringe benefits, basic salary, overtime pay, and benefits in kind for any service rendered.
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