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10. INCENTIVES AND SPECIAL REGIMES

There are no industry specific or special tax regimes in Greenland.

Following incentives are available to companies holding oil and mineral licenses under Mineral Resources Act:

  • Corporate tax ('CIT') rate of 30% which is lower than applicable to other companies
  • Lower rate of WHT on dividend at 36%
  • Indefinite carry forward of operating losses subject to certain conditions (See sec 7.1)
  • Tax exemption is available to the companies holding exploitation license of mineral resources if the same is provided under the license granted to the company
  • Companies holding license of exploitation rights are eligible for tax exemption in respect of capital gains on transfer or conversion of a foreign branch to public limited company in Greenland, subject to certain conditions