Mauritania

The most significant corporate tax developments in the last 12 months include the following:

• Inter-state Oil & Gas Cooperation Agreement concerning the development and operation of reservoirs of the Grand-Tortue/Ahmeyim (GTA) field and in connection with the taxation and customs regime applicable to subcontractors.
• Modification of the General Tax Code (GTC), introducing a corporate tax that cancelled the tax on industrial and commercial profit and minimum tax applicable from fiscal year (FY) 2020.