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.