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8.1.1. Corporate Income Tax

The standard corporate tax ('CIT') rate for resident companies is 31.8% which includes 30% as CIT and a surcharge of 6% on the corporate tax.

However, a number of other rates apply as follows:

  • Gross tax of 35% is applicable to any project, construction, installation and assembly work (including work related to prospecting, exploration or exploitation of mineral resources) that is carried out by companies outside the prescribed four main municipalities
  • Income (including capital gains) of companies holding license under Mineral Resources Act is subject to CIT at 30% and is exempt from the surcharge of 6%
  • Capital gains tax is levied at the standard CIT rate i.e. 31.8%

Alternate Minimum Tax

There is no minimum tax.