Gabon’s national currency is the CFA Franc. Oil dominates Gabon’s economy; around 46% of the governmental budget is derived from oil revenues, which also account from 43% of Gabon’s GDP. As mentioned, fluctuations in oil prices are therefore highly problematic for the Gabonese economy. In addition to this, some speculators have asserted that the country’s supplies of oil could be dry as early as 2025, though there is some dispute about the accuracy of this statement.
Although oil revenues have contributed to Gabon’s high economic standing in Africa, this revenue has been famously mismanaged by the government who has been accused of overspending on a number of infrastructure projects. This prosperity has also failed to filter down to the majority of the population, around one third of whom live in poverty. It is suggested that as much a 90% of income is earned by just 20% of the Gabonese population.
Underdeveloped infrastructure has prohibited the expansion of the economy into other areas such as tourism and agriculture. The incumbent government has stated its intention to attempt to alter this state of affairs.
Expatriates planning to work in Gabon will require a work permit. The employers apply for a work permit on behalf of the foreign employee, who therefore needs to have a job position before moving to the country. As an expat, be aware that local workers have priority and only in case of lack of Gabonese suitable workers, a foreigner can be employed.
The status of “resident worker” (for working in Gabon for more than three months) allows working in Gabon for 2 years and requires a residency permit, as well as an authorization of the Labor Ministry.
A temporary work visa is granted to expats working in some specific organizations.
Corporate taxation in Gabon is as follows:
Gabon also has a special tax regime in place for holdings companies.
With regards to personal taxation, residents are taxed on global net income and non-residents only on their Gabon-source income. Individual taxation is as follows: