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8.1.1. Corporate Income Tax

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:

Substance Cumulative Rate
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

Alternative Minimum Tax

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.