The Union of the Comoros is a developing nation located in the Indian Ocean off the east coast of Africa. The Union of Comoros is constituted by four islands (Grande Comore, Anjouan, Mayotte and Moheli), according to national law and also international law (ref. UN Resolutions) covering about 900 square miles. However, the Island of Mayotte thought claimed by Comoros, still remains a territory of France. Ngazidja is home to the capital city, Moroni, and is the most developed of the three islands.
In 2008, Gross Domestic Product (GDP) amounted to over USD 700 million at current market prices. Comoros depends largely on fishing and subsistence agriculture, which employs approximately 80 percent of the population and provides 40 percent of GDP. Though much of the terrain is not suitable for agriculture, Comoros is the world’s leading producer of ylang-ylang (a perfume ingredient) and second leading producer of vanilla.
The Investment Division of the Ministry of Finance, Budget, Economy, Commerce, and Investments monitors and facilitates investment in Comoros. Inflation is relatively low, averaging 3.1 percent between 2005 and 2007. Comoros imports a high proportion of its fossil energy requirements, and higher international oil prices are fueling inflation. Monetary policy remains circumscribed by Comoros’s membership in the Franc Zone and the related fixed exchange rate against the euro.
Comoros top income tax rate is 30 percent, and the top corporate tax rate is 50 percent. Other taxes include consumption tax, an insurance tax, and a vehicle tax. In the most recent year, overall tax revenue as a percentage of GDP was 12.0 percent.
Monsieur le Ministre de l'Economie et des Finances
Président de la Commission Nationale chargée de la ZEP
B.P. 324 Moroni
Fax 731159/c/o 732108
Chamber of Commerce and Industry
Union des Chambre de commerce, D'Industrie et D'Agriculture
Tel: (269) 731026
Fax: (269) 731983
Tlg: CHAMCOMER MORONI
Export Promotion Board