Recent years have shown that Africa can count on a rapidly growing network of startups. Although funding does not yet rival that of other regions of the world, the continent's potential is real.
To support the development of the local startup network, the Senegalese government recently announced a new tax exemption measure for project leaders.
The new law will grant tax exemptions to all startups and companies created on or after January 1, 2020, as well as those created in 2019, for a period of three years from the date of the company's creation.
The Senegalese entrepreneurial ecosystem can rejoice at this new measure, which aims to improve support for SMEs in the country. According to a statement by the Ministry of Finance and Budget: " the overall objective of these changes is to establish a more appropriate tax system that combines simplicity and efficiency, with a view to promoting the harmonious development of SMEs, which are an important lever for economic growth, both in terms of job creation and diversification of national production."
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