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Retained

  • Statutory Tax Rate 25
  • Surtax Based on Taxable Income 0
  • Surtax Based on Statutory Tax 0
  • Surtax Deductible from Taxable Income 0
  • Statutory Tax Deductable 0
  • Effective Tax Rate 25

Statutory Tax Rate

The standard corporate income tax (CIT) rate is 25%. However, a number of other rates apply as follows:

  • Effective 1 January 2017, financial institutions (except for development banks) with a return on equity index higher than 6% are required to pay an additional CIT at the rate of 25% (previously 22%);
  • Transaction Tax is levied at the rate of 3% per month; and
  • Mining companies:
    • engaged in extractive activities related to non-renewable natural resources are subject to an additional CIT at the rate of 25%;
    • engaged in exploitation activities are subject to an additional tax at the rate of 12.5% of net profits (in addition to CIT and tax on extractive activities);
    • engaged in manufacturing activities with raw minerals that add value are subject to an additional tax at the rate of 7.5% of net profits (in addition to CIT and tax on extractive activities).