Du Code de 2004 au Code de 2025 : Impacts économiques et alignement stratégique avec l’Agenda National de Transformation
The 2004 Investment Code was the main legal framework for stimulating private investment in Senegal, mainly offering traditional tax incentives, such as corporate income tax exemptions for the first five years of operation for projects in priority sectors such as agriculture, light manufacturing, and energy. At least according to Aliou Diuck, economist/Public Sector Governance Specialist, Senior Investment Monitor, Senegal National Investment Observatory 2018-2024. According to him, projects exceeding 500 million FCFA also benefited from a 50% reduction in property tax and VAT on imported equipment (Ministry of Economy and Finance, 2010). These measures, he said, "promoted the creation of approximately 1,250 new businesses between 2005 and 2010, representing a total investment of 1,600 billion FCFA, or an average of 1.28 billion FCFA per business." He added that: "The majority of investments (65%) were concentrated in the agricultural and industrial sectors, while services accounted for only 12% (APIX, 2011). Marginal labor productivity increased moderately by 4 to 5%, and approximately 32,000 direct jobs were created, with an average annual salary of 1.8 million FCFA (BCEAO, 2012). On the macroeconomic level, the 2004 Code contributed to an average GDP growth of 4.2% per year over 2005-2010, with the private sector contributing approximately 25% of total GDP."
However, he mentions that the initial loss of tax revenue, estimated at 45 billion FCFA per year, and the trade deficit of -120 billion FCFA, reflect the limits of its structural impact, while foreign direct investment represented 15% of GDP (BCEAO, 2012; APIX, 2011). According to him, "Bill No. 16/25 on the Investment Code introduces a more integrated and strategic approach, aligned with the National Transformation Agenda (ANT), which aims to modernize the economy, diversify sectors, promote technological innovation and strengthen environmental sustainability (Ministry of Economy, Planning and Cooperation, 2025)". It combines the extended tax holidays with tax credits on R&D and training, and sectoral bonuses for green technologies and digital technology. Furthermore, companies investing in these sectors now benefit from a total tax exemption for eight years, and projects exceeding 1 billion FCFA can claim a 20% tax credit on training and R&D expenditure, while priority industrial zones benefit from a cumulative reduction of 70% of local taxes for the first ten years of activity.
Diouck points out that projections for 2025-2030 indicate that 2,100 new companies could emerge, for a cumulative investment of 2,750 billion FCFA, or 1.31 billion FCFA per company (APIX, 2025). "The share of investments in the digital and energy sectors could reach 30%, compared to less than 10% under the 2004 Code, reflecting significant sectoral diversification. Labor productivity could increase by 8 to 12%, and unit production costs would decrease by 5%, thanks to tax credits on technology investment (Ministry of Economy, Planning and Cooperation, 2025). Direct employment could reach 45,000 to 50,000 positions, with an average annual salary of 2.1 million FCFA, reflecting increased skills and the rise in human capital (BCEAO, 2025)," he says.
At the macroeconomic level, the 2025 Code also has more robust and lasting effects. Annual economic growth (excluding hydrocarbons) could reach 5.0 to 5.5% over the period 2025-2030, with a reinforced multiplier effect thanks to high value-added sectors. Tax revenues could increase by 10 to 12% over five years, the trade deficit could be reduced to -60 billion FCFA, and foreign direct investment could represent 20 to 22% of GDP, strengthening Senegal's attractiveness to foreign capital (APIX, 2025). The formal employment rate could increase by 1.5 to 2 percentage points thanks to the increase in skills in innovative and green sectors.
Thus, concludes the economist, "the 2025 Code appears to be a strategic tool perfectly aligned with the National Transformation Agenda, integrating measures promoting inclusive growth, diversification of sectors, technological innovation and environmental sustainability. In comparison, the evolution of incentives reflects a real transition towards a more structuring investment policy, capable of sustainably transforming the entrepreneurial and economic fabric of Senegal."
Commentaires (6)
C’est pas le texte de aliou Diouck ?
Aliou Diouck le brillant économiste 📌📌
Le brillant économiste Alioune Diouck Masha Allag
Plein d’enseignements
Clair net et limpide
Les exonérations et remises d’impôts doivent être accordées par une commission multi sectorielle, et non par un seul ministère. Ensuite elles doivent être tracées, contrôlées, régulièrement évaluées et mises en ligne. Il faut interdire l’exonération de véhicules de luxe, c’est un véritable abus avec la série d’immatriculation « EX » posée sur des Mercedes, des V8, des bolides qui n’ont rien à voir avec une activité d’exploitation ou de chantier. Celui qui peut se permettre un tel luxe ne doit pas avoir besoin de nous priver de nos impôts.
Idem pour toutes ces sociétés qui importent des camions pour leurs chantiers, ils ont tué le secteur du transport poids lourds, puisqu’avec les exos ils achètent des camions moins cher, les amortissent rapidement durant le chantier et les remettent dans le circuit en location. Une concurrence déloyale de la part de sociétés subventionnées par les impôts des transporteurs qu’elles concurrencent et mettent à genoux. Ces pauvres transporteurs qui n’ont aucun avantage du genre, et ne peuvent donc acheter du matériel neuf (ce qui serait possible s’ils avaient une exonération, des marchés de location et un accompagnement bancaire). Au contraire ce sont leurs camions qui sont souvent immobilisés pour contrôles routiers, alors que ceux des concurrents passent librement avec leurs macarons et leurs immatriculations TT ou EX. Avant ces systèmes nocifs, les sociétés de BTP et les sociétés minières louaient des camions benne, citernes, des engins, des cars pour le transport de leurs personnel. Leur rôle c’est de construire et non de faire du transport, et depuis les indépendances il y toujours eu une séparation des rôles. Maintenant et surtout depuis la période APR ils ont leurs propres moyens acquis dans la facilité fiscale et douanière, ce qui a tué les secteurs locatifs. Les rares qui résistent ont des vielles voitures et sont stigmatisés à tort, incapables de renouveler leur parc. A moins que ce ne soient des fonctionnaires et autres trafiquants qui se cachent derrière le transport pour blanchiment. Les riches deviennent plus riches et transfèrent leurs bénéfices ailleurs, anéantissant tout un secteur national.
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