";
Extension of the compliance period for payment service providers in WAMU
On 25 September 2024, the Central Bank of West African States (BCEAO) published an important notice concerning the extension of the transitional period for the compliance of payment service providers within the West African Monetary Union (WAMU). Initially set at six months from the entry into force of Instruction n°001-01-2024 on payment services in the […]
FRANCHISING UNDER SENEGALESE LAW
The franchising concept : The doctrine defines franchising as a collaboration between the franchisor’s business, which has developed a profitable and reproducible concept, and the franchisees, who are legally independent natural or legal persons. The franchise concept is made up of three elements in particular: – ownership or the right to use customer rallying signs […]
New position of the Commercial Court of Dakar on the deadline for payment of dividends
Following on from the previous publication on the deadline for annual general meetings, this issue looks at the deadline for dividend payments. Legal background In accordance with Article 53 of the Revised Uniform Act on Commercial Companies and Economic Interest Groupings (AUSCGIE), shares confer on their holders a right to the profits made by the […]
Understanding leases in Senegal: a guide for landlords and tenants
Navigating leases in Senegal, whether residential or commercial, can seem complex. Here is a clear and concise guide to help you master the essential aspects of leases in Senegal, whether you are a landlord or a tenant. 1- Residential leases In Senegal, residential leases are governed by the Code of Civil and Commercial Obligations. Leases […]
The new position of the Dakar Commercial Court on the deadline for holding annualgeneral meetings
Legal background Under article 548 of the Revised Uniform Act on Commercial Companies and Economic Interest Groups (AUSCGIE), the Annual General Meeting (AGM) must be held at least once a year, within six months of the end of the financial year, i.e. before 30 June each year. An extension of this deadline may be granted […]
Shareholders’ agreement
A company is organised primarily through its Articles of Association, the provisions of which must necessarily have met with a unanimous consensus among the shareholders or members.However, it is not uncommon for shareholders or members of the same company to have different needs and interests on certain issues. This explains the conclusion of extra-statutory agreements, […]
Application of VAT to digital services
Since the enactment of the Finance Act for the year 2023 (2022-22 of 19 December 2022), digital services have been taxable for VAT purposes in Senegal if the condition relating to the establishment of the recipient of the service or the use of the service in Senegal is met. The concept of the supply of […]
Obligations of platform operators under the 2024 Finance Act
The 2024 Finance Act introduces a new Article 31 quinquies into the General Tax Code. According to the provisions of this article, when a company, in its capacity as a platform operator, puts people in contact with each other remotely and electronically, with a view to carrying out transactions such as the sale of a […]
UEMOA: Instruction n°001-01-2024 on payment services in UMOA Member States comesinto force
Long-awaited by financial technology promoters in the West African Monetary Union (WAMU), the new Instruction n°001-01-2024 on payment services came into force on 23 January 2024 (the “Instruction“). Implementing the new uniform law on banking regulation in WAMU member states, the new Instruction aims to provide a framework for the provision of payment services in […]
The various remedies available following a tax reassessment
If a taxpayer is subject to a tax reassessment, he or she has a number of options for obtaining a reduction in the amount claimed or for having the reassessment cancelled. I. Administrative appeals ❖ Informal appeals This is a request for remission of a tax debt that a taxpayer in a difficult economic or […]