Retained
- Statutory Tax Rate 20
- Surtax Based on Taxable Income 1
- Surtax Based on Statutory Tax 0
- Surtax Deductible from Taxable Income 0
- Statutory Tax Deductable 0
- Effective Tax Rate 21
Statutory Tax Rate
The standard corporate tax rate for companies is 20%. The rate is 24% for telecommunication, insurance and reinsurance, financial intermediation, and electricity companies, and companies that undertake mining raw material activities, and 35% rate applies for banks. A reduced rate of 10% applies for manufacturing companies operating in developing areas effective 1 January 2019 (5% if the local value added from such activities exceeds 30%).
In addition, from 2019 a national contribution tax on taxable income applies at different rates depending on sector:
- Raw material mining - 7%
- Financial intermediation and brokerage, and financial leasing - 4%
- Banks and electricity generation/distribution - 3%
- Telecommunications, insurance, and reinsurance - 2%
- All other sectors - 1%