Tax
Income and Value Added Tax Act 2012 with VAT at 15% and a 27% company rate
The Income and Value Added Tax Act 2012 consolidated income taxation and introduced VAT at 15%, replacing the sales tax. The Gambia Revenue Authority administers collection, and the corporate rate is 27% with a turnover-based alternative minimum tax.
Key rules
- Jurisdiction — Gambia Revenue Authority; objection to the Commissioner-General, then the Tax Tribunal, then the High Court.
- Deadline — Annual income tax returns are due by 31 March following the tax year
- Deadline — VAT returns are filed monthly by the 15th of the following month
- Deadline — Quarterly instalments of company tax apply
Governing law
- Income and Value Added Tax Act 2012
- Gambia Revenue Authority Act 2004
- Customs and Excise Act 2010
- Finance Actsannual
In practice
The Income and Value Added Tax Act 2012 is the consolidating instrument, replacing the Income and Sales Tax Act and introducing a credit-invoice VAT at 15% with a registration threshold, exemptions for basic foodstuffs, health, education and financial services, and zero-rating for exports. The corporate rate is 27%, and a distinctive feature is the alternative minimum tax computed on turnover, so a loss-making company still bears tax — a common source of dispute and a significant burden in low-margin sectors. Withholding taxes apply to dividends, interest, rent, royalties and contract payments. Annual Finance Acts adjust rates and thresholds, so the current year's Finance Act must be read with the principal Act. The treaty network is small, comprising a handful of agreements including with the United Kingdom, Sweden, Norway, Switzerland and Taiwan, so unilateral relief is the usual route.