GUINEA



Republic of Guinea

République de Guinée

CAPITAL : Conakry

FLAG : The national flag is a tricolor of red, yellow, and green vertical stripes.

ANTHEM : Liberté (Liberty).

MONETARY UNIT : A new currency, the syli ( S ), of 100 cauris, was introduced in October 1972; S 1 = 10 old Guinea francs. The Guinea franc (GFr) of 100 centimes was restored in January 1986 on a one-toone basis with the syli. There are notes of 25, 50, 100, 500, 1,000, and 5,000 GFr. GFr1 = $0.0005181 (or $1 = GFr1,930) as of May 2003.

WEIGHTS AND MEASURES : The metric system is the legal standard.

HOLIDAYS : New Year's Day, 1 January; Labor Day, 1 May; Anniversary of Women's Revolt, 27 August; Referendum Day, 28 September; Independence Day, 2 October; Armed Forces Day, 1 November; Day of 1970 Invasion, 22 November; Christmas, 25 December. Movable religious holidays include 'Id al-Fitr, 'Id al-'Adha', and Easter Monday.

TIME : GMT.


INSURANCE

All insurance companies were nationalized in January 1962. There is a national insurance company, the National Society of Insurance and Reinsurance, and at least five other major companies based in Conakry.

TAXATION

Personal income and capital gains are taxed at 35%, which is also the corporate tax rate. A 20% withholding tax is levied on dividends. Both employees (17%) and employers (5.0%) contribute to Social Security. In 1996, the government introduced a value-added tax (VAT). In 2003, the standard rate was set at 18%. Exports, international transportation, and basic food items are exempted.

DEPENDENCIES

Guinea has no territories or colonies.

BIBLIOGRAPHY

Adamolekun, Lapido. Sékou Touré's Guinea: An Exercise in Nation Building. New York: Methuen, 1976.

American University. Area Handbook for Guinea. 2d ed. Washington, D.C.: Government Printing Office, 1975.

Arulpragasam, Jehan. Economic Transition in Guinea: Implications for Growth and Poverty. New York: Cornell University Food and Nutrition Press, 1997.

Attwood, Wiulliam. The Reds and the Blacks. New York: Harper and Row, 1967.

Charles, Bernard. La République de Guinée. Paris: Berger-Levrault, 1972.

D and B's Export Guide to Guinea. Parsippany, N.J.: Dun and Bradstreet, 1999.

Derman, William, and Louise Derman. Serfs, Peasants, and Socialists: A Former Serf Village in the Republic of Guinea. Berkeley: University of California Press, 1973.

Dhada, Mustafah. Warriors at Work: How Guinea was Really Set Free. Niwot, Colo.: University Press of Colorado, 1993.

Nkrumah, Kwame. Kwame Nkrumah: The Conakry Years, His Life and Letters. Atlantic Highlands, N.J.: PANAF, 1990.

O'Toole, Thomas. Historical Dictionary of Guinea. 3d ed. Lanham, Md.: Scarecrow Press, 1995.

——. Historical Dictionary of Guinea. Boulder, Colo.: netLibrary, Inc., 2000.

Rivière, Claude. Guinea: The Mobilization of a People. Ithaca, N.Y.: Cornell University Press, 1977.

Suret-Canale, Jean. La République de Guinée. Paris: Editions Sociales, 1970.

Yansane, Aguibou Y. Decolonization in West African States, With French Colonial Legacy—Comparison and Contrast: Development in Guinea, the Ivory Coast and Senegal, 1945– 80 . Cambridge, Mass.: Schenkman Publishing Co., 1984.

Also read article about Guinea from Wikipedia

User Contributions:

1
Barry
Report this comment as inappropriate
May 24, 2012 @ 8:08 am
Where do you pay taxes for export of gold and diamonds. Need tax office information please.
Do you have to have a license to export?
2
Pratap
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Jan 15, 2013 @ 1:01 am
Hi,

Wanted to know since when were these effective?
Are these the latest tax and SS rates or are these backdated and there have been certain changes that havent been recorded here?

Thanks a lot for your support

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