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.