In October 2014, Senegal approved the Amended Finance Law for 2014. Included in the Law is an increase in the maximum cap for the country's annual minimum tax (Impôt minimum forfaitaire), which is levied at a rate of 0.5% on annual turnover of the previous year. The cap is increased from CFA 5 million to CFA 20 million, and applies with retroactive effect from 1 January 2014.