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8.1.1. Corporate Income Tax

Part I of the Act prescribes corporate income tax provisions which are applicable to companies including full tax liability companies (see Sec. 5.1.) other than state enterprises, and the standard corporate income tax rate is 25% (previously 30% until 31 December 2019) of the net profit.

All businesses, not covered under the provisions of Part I, are covered under the business income tax provisions as prescribed under Part II of the Act. The standard business income tax rate is 30% of net profit. Business income tax is a non-corporate business tax and is payable by all unincorporated business entities holding a trade license or registration certificate issued by the Ministry of Economic Affairs or any other competent authority.

Mineral Extraction Royalties

Companies engaged in the extraction of mineral resources are required to pay mineral extraction royalties at prescribed rates. In addition, mining companies are also required to pay mineral rent at an amount equivalent to 10% of projected export royalty or the domestic royalty (whichever is higher).