background image


  • 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 tax rate for companies is 25% for the year ending on 31 December 2022 (reduced from 27% effective 1 January 2022).

Mining companies, financial and credit institutions, and leasing companies are subject to tax at the rate of 35%. However, this rate is scheduled to be reduced (subject to certain conditions for financial and credit institutions, and leasing companies) to 33% for 2023, 31% for 2024, 29% for 2025, 27% for 2026, until reaching the standard rate of 25% from 2027 onwards.

A rate of 20% applies to companies engaged in:

  • The production of energy from renewable energy sources;
  • Effective 1 January 2022, activities exclusively in the digital sector, including:
    • computer programming;
    • computer systems and software advisory;
    • third-party maintenance of IT systems and applications;
    • management of IT facilities and Internet portals;
    • data processing, hosting, and related activities;
    • publishing of electronic games, system and network software, software development tools, etc.; and
  • Effective 1 January 2022, activities exclusively in the research and development sector, including fundamental research, applied research, and original research undertaken with a view to acquiring new knowledge primarily towards a specific goal or objective.

New companies are exempt from corporate tax for the first three business years.