The standard corporate tax rate for companies is 30%. Capital gains are taxable as ordinary income. However, an exemption applies if the capital gains are reinvested within 3 years.
However, a reduced rate of 20% applies for resident companies engaged in agricultural activities.
A special tax (in fact composed of various cumulative levies) applies to the export of gold and diamonds as follows:
|Rough diamonds||3.75% of the BEDFOR* value|
|Polished diamonds||2.75% of the transaction value|
|Raw gold||2.25% of the BEDFOR* value|
|Processed gold||1.75% of the transaction value|
*BEDFOR is the state agency formally in charge of managing the gold and diamonds sector
A minimum lump-sum tax of 3% applies on the basis of turnover for agriculture related businesses. For other businesses a minimum lump-sum tax of 1.85% applies on the basis of turnover. Exemption may be granted in certain cases. Hence, insurance companies are not required to pay minimum tax.