The main economic output of Gambia is agricultural, accounting for about 30% of the GDP and employing roughly 70% of the labor force. The key exports are nuts, including Brazil nuts, cashews and coconuts, but mainly peanuts and peanut oil, also known as groundnut oil. Other crops include tea, dates, figs, pineapples, avocados, guavas and citrus fruits. Farming of livestock and fishing are also relevant, along with some basic manufacturing of clothing, toiletries and other food and drink products. Gambia has trade relations with the UK, Europe, the United States, Senegal and Japan.
There are a number of resources available for expatriates who wish to begin working in Gambia. A great place to start the job search is online, with websites such as Gamjobs.com and Career Jet offering job vacancies to apply for, in industries including tourism, hospitality, human resources and IT. English speakers can also pick up jobs in teaching, so expats with a TEFL qualification will benefit. In order to begin working in Gambia, an expat will need a residency permit. It is a good idea to keep this permit and ID card to hand at all times.
The maximum percentage of income tax for individuals was downgraded from 35% to 30% in 2013. The income tax brackets are as follows:
Corporation tax is payable based on whichever is higher; 32% of chargeable profit or 1.5% of the total income for that tax year. There is a penalty for companies that are not audited of an increase to 2.5% of the company’s total income. Corporation income tax is payable by the quarter and a corporate income tax return is expected by 31 March each year. Both corporations and individuals are subject to capital gains tax, on the disposal of an asset. For individuals, this stands at 15% of the capital gain or 5% of the consideration received.