These are divided into taxes on companies and taxes on individuals. The most important company tax is the corporate tax (Impots sur les sociétés), which is levied on net income, including capital gains, made by public and private enterprises established as joint stock companies. The rate is 35 percent. Exemptions are provided to firms established under the 1987 Investment Code.
A second company tax is the minimum lump-sum tax (Impot minimum forfaitaire), which is an annual tax levied on turnover generated during the previous year by companies subject to the corporate tax. The rate is generally 3 percent.
A third tax on companies is RTS (Retenue à la source), the withholding tax . It is a lump-sum tax levied on the gross amount corresponding to services of all types physically provided or used in Guinea by corporations having no permanent facility in Guinea. The rate is 10 percent.
The major tax on individuals is the personal income tax (Impot sur le revenu). It is levied on total net income of individuals residing or having their primary occupation in Guinea. Some income categories are subject to withholding from the party responsible for payment (property income, wages, salaries, and pensions; income from financial assets). There is a progressive rate of taxation ranging from 10 percent to 35 percent; in 1994, the minimum level of taxable income was lowered from GNF 100,000 to GNF 30,000.
A withholding tax on non-wage income paid to nonresidents is levied on the gross amount corresponding to services of all types physically provided or used in Guinea at the rate of 10 percent.
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