The corporate income tax rate in Senegal in 2002 was 35%. The rate of the tax on industrial and commercial profits is 35% for incorporated enterprises. Banking operations are taxed at both the regular rate of 17% and at a reduced rate of 7%. Senegal has double-taxation treaties with about 18 countries.
Individual taxes include a salary tax on the employee (3% for a Senegalese worker, and 6% for a foreign worker) and a general income tax with rates ranging up to 50%.
Indirect taxes have long been the mainstay of Senegal's tax system, with import duties by far the most important. Other indirect taxes include the business license tax, export taxes, a real estate tax, and registration and stamp taxes. The value-added tax (VAT) has a standard rate of 20%. An equalization tax is applied to local purchases at 2% and to importations at 5%.