Gabon: Tax developments in response to COVID-19
General Information
This page offers an overview of tax developments being reported globally by KPMG member firms in response to the Novel Coronavirus (COVID-19).
The content will be updated regularly. However, due to the fast-moving pace of change, it may not always reflect the most current developments in a given jurisdiction. Please refer to the date of accuracy and refer to the relevant links, under additional information, for original source information.
Date accurate as of: 29 April 2020
On March 27, 2020, the Bank of Central African States (BEAC) announced a set of monetary easing measures including:
- a decrease of the policy rate by 25 bps to 3.25 percent,
- a decrease of the Marginal Lending Facility rate by 100 bps to 5 percent,
- a suspension of absorption operations, an increase of liquidity provision from FCFA 240 to 500 billion,
- and a widening of the range of private instruments accepted as collateral in monetary operations.
The MPC also supported BEAC’s management’s intent to propose to reduce haircuts applicable to private instruments accepted as collateral for refinancing operations, and to postpone by one-year principal repayment of consolidated central bank’s credits to member states, but these possible additional measures are not effective yet.
On March 25, 2020, the COBAC informed banks that they can use their capital conservation buffers of 2.5 percent to absorb pandemic-related losses but requested banks to adopt a restrictive policy with regard to dividend distribution.
The economic and social response and monitoring unit was set up in accordance with the announcement of the President of the Republic in his speech to the Nation on 03 April 2020 in order to help legally constituted SMEs and VSEs (and exceptionally large companies) up to date with their fiscal and social obligations, impacted by the Covid-19 crisis and committed to maintaining jobs.
