Income Tax Rate in São Tomé and Príncipe. Did you know that the tax levied on incomes both of personal and corporate income vary depending on the country?
Are you a resident of São Tomé and Príncipe or thinking of emigrating to São Tomé and Príncipe? Are you interested in knowing what the income tax rate in São Tomé and Príncipe is? Then this article is the answer to all your questions.
Here in this article we will give you all you need to know about income tax rate in São Tomé and Príncipe, including the current income tax rate both for person and corporate income, and other economic indicies of São Tomé and Príncipe like the GDP etc. We will like to begin with a brief introduction of the country known as the Democratic Republic of São Tomé and Príncipe.
São Tomé and Príncipe is an African island county located in central Africa just off its western equatorial coast. It is situated in the Gulf of Guinea. It is made up of two main islands of São Tomé and Príncipe.
The Island of São Tomé is separated from the island of Príncipe by a distance of about 150km. Its official language is Portuguese and its capital is São Tomé which is also its largest city. São Tomé and Príncipe has a total area of 1,001 square kilometer and with a population of about 223,107 it has a population density of 199.7/km2, thus making it the second smallest sovereign country in Africa both in size and population after Seychelles.
What is the GDP of São Tomé and Príncipe?
The total nominal GDP of São Tomé and Príncipe based on a 2017 estimate is $355 million and it’s GDP per Capita is $1,668.
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How is the economy of São Tomé and Príncipe?
São Tomé and Príncipe is an agrarian country, with is economy heavily dependent on agriculture. Its major agricultural product is Cocoa beans which in 2018 accounted for about 50% of its exports. São Tomé and Príncipe is an import dependent country as most of its goods come from other countries.
Its refined oil comes from Angola and about 51% of the imports is from Portugal. Although São Tomé and Príncipe is a poor African country, its government has taken steps to improve the economy of the country. An example of such development is tourism industry which has developed over the years and show great prospect for the country.
What is the current income Tax Rate in São Tomé and Príncipe?
The personal income tax rate in São Tomé and Príncipe varies according to the income of a individual. It ranges from 10% to 20%. The corporate income tax rate in São Tomé and Príncipe stands at a flat rate 25%.
This rates were last changed in January 2009. These direct taxes on income make up about 30% of its tax revenue, with most of its tax revenue coming from indirect taxes like excise duty, petroleum tax etc.
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