Income tax on rent, worked example, in Senegal
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| Non-resident couple's income1 | ||||
| Monthly Rental Income2 | 1,500 | 6,000 | 12,000 | |
| Annual Rental Income | 18,000 | 72,000 | 144,000 | |
| Less: Expenses3 | 40% | 7,200 | 28,800 | 57,600 |
| = Taxable Income | 10,800 | 43,200 | 86,400 | |
| Income Tax4 | ||||
| Flat rate | 20% | 2,160 | 8,640 | 17,280 |
| Annual Income Tax Due | 2,160 | 8,640 | 17,280 | |
| Tax Due as % of Gross Income | 12.00% | 12.00% | 12.00% | |
Source: |
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Notes
1 The property is jointly owned by husband and wife.
2 Exchange rate used: 1.00 US$ = 655.96 CFA
3 Estimated values. Income-generating expenses are deductible when calculating taxable income.
4 Rental income earned by nonresident individuals is taxed at a flat rate of 20%.