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).