On 19 August 2019, Cape Verde President Jorge Carlos Fonseca ratified the pending income tax treaty with Senegal. The treaty, signed 26 April 2018, is the first of its kind between the two countries and provides for the following withholding tax rates:
- Dividends - 10%
- Interest - 10%
- Royalties - 10%
- Technical Services (management, technical, or consultancy) - 10%
The treaty will enter into force 30 days after the ratification instruments are exchanged and will apply from 1 January of the ye…