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June 25, 2024

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GTA gas field: the subsidiary of a French multinational is subject to a tax adjustment, a large amount expected –

A recent news report from Libération has stated that a French multinational corporation, Eiffage, has received a notification for a tax adjustment from its subsidiary, Eiffage génie civil marine Sénégal. The issue relates to the Grand Tortue/Ahmeyim (GTA) project, which is a large gas field with estimated reserves of 1400 billion cubic meters between Senegal and Mauritania.According to sources, the joint fiscal and customs unit established by the two countries has demanded more than 17 billion CFA francs (equivalent to $30.5 million USD) from the company, covering the years 2019, 2020, 2021, and 2022. This amount includes profit tax of 15.3 billion, withholding tax of 2 billion, and taxes on salaries of 2 billion.Eiffage génie civil was contracted for the project’s engineering and other construction works. The company has reportedly challenged the adjustment in front of the Dakar Tribunal.This news article highlights the growing scrutiny on multinational corporations and their tax obligations as countries in Africa look to ensure that they receive their fair share of revenues from large projects and investments. The issue of profit shifting and tax avoidance has been a subject of debate in recent years, and this notification to Eiffage is a clear signal that authorities are taking action to ensure compliance.Additionally, this news article also raises concerns about the transparency and accountability of large-scale projects in Africa, particularly in the energy sector. It is essential for companies to adhere to their tax obligations and for governments to hold them accountable to safeguard national interests.In conclusion, this news report highlights the importance of effective tax administration and regulation to ensure that multinational corporations contribute to the development and prosperity of the countries in which they operate. It also serves as a reminder for companies to prioritize ethical business practices and fair tax contributions in their operations
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