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Update - Additional Tax Measures in Benin's Finance Law for 2019

Further to the measures previously reported on Benin's Finance Law for 2019, additional important measures of the law include:

  • The dividends withholding tax rate on dividends distributed by listed companies is reduced from 7% to 5% (standard rate is 10% for joint stock companies; otherwise, 15%);
  • Rules on the depreciation of fixed assets under financial lease contracts are amended, including that the assets should be registered on the balance sheet of the lessee rather than the lessor, and that the assets should be depreciated over their estimated useful life, instead of over the duration of the lease contract;
  • Rules on the depreciation of fixed assets and estimated costs (such as dismantling, removal, and restoration costs) are amended to provide that for accounting purposes, such estimated costs may be included in the depreciable basis of fixed assets, while for tax purposes, such treatment is denied considering that such costs may only be included in the year incurred and depreciated over a five-year period on a straight-line basis; and
  • The basis period for declaring and remitting withholding tax on rental and other movable capital income is changed from a quarterly basis to a monthly basis.

The changes generally apply from 1 January 2019.

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