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Retained

  • Statutory Tax Rate 15
  • 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 15

Statutory Tax Rate

Effective 1 January 2020, the standard corporate tax ('CIT') rate for companies is 15% (12% for FY 2019), after the unification of CIT and Infrastructure Development Tax (IDT).

A number of other rates apply as follows:

  • 20% for commercial banks effective 1 January 2019;
  • 20% for polyethylene granules producers and mobile communication operators effective 1 January 2019;
  • 15% for cement producers effective 1 October 2021 (previously 20%);
  • 30% for entertainment companies; and
  • 30% for companies engaged in the leasing business, deriving more than 60% of income from the rental of sales outlets.

Further, certain companies are eligible for reduced tax rates i.e., 4%, 0.95% under a simplified tax regime.