We publish a summary of the interesting article on investments in Mauritania by Ahmed Med Hamed, auditor in charge of the Directorate of Audit and Fiscal Investigations (DVEF) and the Grand Tortue Ahmeyim (GTA) Joint Unit. The full article, published on Linkedin, is Reforms of the Investment Code in Mauritania: Changes between 2012 and 2025
Introduction
Mauritania revised its Investment Code in 2025 (Law no. 2025-006) with the support of the International Finance Corporation (SFI) to replace Law 2012-052 and align it with international standards. This reform introduces key amendments to the 2012 version.
Major reforms:
- Harmonisation of tax incentives with international regulations to attract investment.
- Simplification of administrative procedures to streamline management.
- Expansion of eligible sectors to diversify opportunities.
- Strengthening legal guarantees for stability and security for investors.
Similarities between the 2012 and 2025 Codes
Both codes share the objective of encouraging investment, ensuring fiscal and legal stability, and facilitating administrative procedures. They maintain key definitions and guarantees such as protection against expropriation and free transfer of capital. They also include special regimes with tax and customs benefits, as well as procedures for obtaining investment certificates.
Divergences between the 2012 and 2025 Codes
- New concepts: The 2025 Code introduces terms such as "Local Content" and "Framing Posts".
- Special regimes: Three differentiated regimes are established (Base, Development Poles and Structuring Investments), unlike the 2012 version, which was more focused on SMEs and special economic zones.
- Tax and customs benefits: Specific incentives are detailed, such as tax reductions for imported equipment and environmental improvements.
- Duration of certificates: It is set to be valid for 8 to 10 years, which was absent in the 2012 version.
- Governance and transparency: An Inter-ministerial Investment Council and an Interdepartmental Technical Committee are established.
- Employment of foreign staff: Tighter devolution requirements and a tax cap of 40 % on gross wages, up from 20 % in 2012.
- Conflict resolution: Detailed mediation, conciliation and arbitration mechanisms are incorporated, with reference to international bodies.
Strengths and weaknesses
- Code 2012: Simple and accessible, but lacks detail on special regimes and governance.
- Code 2025: More structured and detailed, with better monitoring and conflict resolution, but more complex and at risk of over-regulation.
Conclusion
The 2025 Code improves clarity, structure and governance to encourage investment in Mauritania. However, its increased complexity could increase the administrative burden for investors, requiring efficient implementation to maximise its benefits.