Mauritania

Taxable income is based on financial statements prepared according to generally accounting principles and the rules in the Mauritanian Accounting Standards (PCM).

Business expenses booked during the fiscal year and declared are generally deductible unless specifically excluded by the GTC.

Inventory valuation

Inventory is generally stated at the lower of cost or market value.

Capital gains

Capital gains are taxed at the regular CIT rate (25% or 2%). However, the tax may be deferred if the proceeds are used to acquire new fixed assets in Mauritania in the following three fiscal years with an application addressed to the General Tax Office.

Dividend income

Dividends are subject to a 10% WHT.

Interest income

Bond interest is taxed at 10%. The amount withheld must be paid in four equal instalments (within the first 15 days of January, April, July, and October of each year).

Deposits or guaranteed interest on accounts with a Mauritanian bank are taxed at 10%. The amount withheld is paid by the bank in four equal instalments (within the first 15 days of January, April, July, and October of each year).

Other interest revenues, notably interest on loans, are taxed at 10%. The amount withheld is paid in four equal instalments (within the first 15 days of January, April, July, and October of each year).

Rental income

Rental income is subject to property income tax if it is not included in the taxable profit of companies or individuals.

Royalty income

Royalty income of foreign individuals or companies is subject to a 15% WHT.

Unrealised gains/losses

Unrealised gains/losses are determined at the end of each fiscal year on the basis of the last exchange Mauritanian Central Bank rate and taken into account in taxable income calculation for the fiscal year. Unrealised losses are deductible up to a maximum of 3% of revenues generated in Mauritania.

Foreign currency exchange gains/losses

Foreign currency gains are included in profit subject to 2% CIT.