Benin President Signs 2023 Finance Law

The Beninese President Dec. 25 signed Law No. 33/2022, on the 2023 Finance Law. The law includes measures: 1) reducing the withholding tax rate to 10 percent from 12 percent for lessors subject to corporate income tax; 2) reducing the minimum corporate income tax to 250,000 West African francs (US$406) from 500,000 francs (US$812); 3) setting the withholding tax rate to 20 percent for all natural and legal persons; 4) introducing tax incentives for companies with annual turnover of 1 billion francs (US$1.6 million) or more; 5) setting the single property tax rates from 3 to 7 percent for undeveloped ...