The corporate tax rate is 20%. Generally, two types of taxes are payable by corporate entities. The corporate income tax rate is 20% and is applied to the taxable income. Whereas the business receipt tax (ranging from 2% to 10%) is applied to the gross revenue. Qualifying extractive industries (mines and hydrocarbons) are exempt from the business receipt tax. Taxable income is determined by deducting all business-related tax deductible expenses from gross revenue. The tax deductible expenses also include dividends paid by the corporation and business receipt tax. Expenses which are subject to withholding tax are not tax deductible if the taxpayer fails to withhold withholding tax and to pay it to the tax authorities. Under a tax incentive scheme, so-called approved enterprises (that is, enterprises registered with the Afghanistan Investment Support Agency according to the Investment Law) are eligible for accelerated depreciation (four years for buildings and two years for other assets) and full carry forward losses.
The corporate tax rate is 10%. The corporate income tax rate is applied to the taxable profit of the fiscal year (1 January to 31 December). Taxable profit is defined as gross income generated minus related tax deductible expenses. There are certain expenses that are not deductible for tax purposes, such as business expenses unsupported by a regular invoice, interest accrued up to a certain limit, interest paid on loans and pre-payments which exceed four times the amount of net equity during the period, representation expenses over a certain limit, cost of fringe benefits and voluntary pension contributions. Setting up reserves does not lead to tax deductible expenses, except for banks and insurance companies. Dividends derived by qualifying companies are tax exempt.
The corporate tax rate is 35%. A minimum income tax at a rate of 1% is applied to the tax value of the company's assets (liabilities cannot be deducted). Some assets, such as stocks, shares in other entities that are subject to taxation, and assets of mining companies are exempt from minimum income tax. The acquisition of new goods, except for automobiles, as well as the investment in newly constructed or refurbished buildings (for the first two years) are also excluded from minimum income tax. The minimum income tax only applies to the extent it exceeds the (regular) income tax calculated as a % of the taxable income. The minimum income tax paid in any given year reduces the (regular) income tax of subsequent years (maximum carry forward of 10 years).
The coporate tax rate is 30%. The Australian Government has proposed to reduce the corporate income tax rate to 29 per cent from 2013-14. The corporate income tax rate will be cut to 29 per cent for certain small business companies from 2012-13. However, none of these changes have been legislated to date. The corporate income tax rate applies to both resident and non-resident companies. A resident company is liable to corporate income tax on its worldwide income and capital gains. A non-resident company is liable to corporate income tax on its Australian-source income only, and on capital gains from the disposal of an asset that is taxable Australian real property (TARP). Broadly, TARP will include Australian real property and certain indirect interests in Australian real property. The Australian tax system provides taxation relief against international double taxation by granting foreign tax offsets in some circumstances and in others, by exempting the foreign income from Australian tax. The corporate income tax rate applies to income earned during the period from 1 July to 30 June of the following year. If a company has approval to use a different year-end for tax purposes, the approved period must still relate to a 30 June year-end (that is, the year ended 31 December 2009 in lieu of 30 June 2010).
The corporate tax rate is 25%. There are no trade income or net worth taxes. Austrian corporations may benefit from the participation exemption and the group taxation (including cross-border loss utilization and goodwill depreciation for the acquisition of qualifying Austrian subsidiaries).
The coporate tax rate is 0%. No taxes based on corporate earnings are assessed in the Bahamas. Effective 1 January 2011 the general rate of the Business License tax is 0.75% of turnover exceeding $500,000.
The corporate tax rate is 0%. Bahrain is an income tax-free country, there is no corporate or personal income tax in Bahrain (except for oil related activities). Accordingly, all profits, dividends, or any other income is tax free. Bahrain taxes oil and gas companies in the drilling and exploration sector at a rate of 46%. There are no exchange control regulations and accordingly there is no restriction on repatriation of capital, profits, royalties, or wages.
The coporate tax rate is 27.5%. The corporate income tax rate is 27.5% for corporations (except banks and other financial institutions) listed at a stock exchange. If such listed corporation pays a dividend that exceeds 20% of the paid-up capital for a taxable year, it receives a 10% rebate on the tax payable. In case the dividend is lower than 10% of the paid-up capital, the corporate income tax rate is increased to 37.5%. Should the dividend amount be less than 15% in spite of having sufficient distributable profits, the company is subject to an additional 5% tax on the undistributed profits. Banks, insurance companies and other financial institutions are taxed at 42.5%, and mobile phone operators are taxed at 45%. All other companies including branches of foreign companies are taxed at 37.5%. However if a mobile phone operator company converts itself into a publicly traded company by offering a minimum of 10% of its shares on the stock exchange through initial public offer, then applicable tax rate for such organization will be 35%. A rebate in the amount of 50% of the income derived from export business will be granted to companies registered in Bangladesh. Textile/jute industries are subject to 15% but these industries will not qualify for an export rebate. Tax at 0.4% deducted by a bank from export proceeds received by export-oriented knitwear and woven garment industries is treated as final tax. If the profit earned by a bank exceeds 50% of its capital and reserves, the bank is subject to a 15% excess profits tax on the additional profit. The aforesaid rates will remain valid for companies whose accounting year ends on any date up to 30 June 2010.
The corporate tax rate is 25%. The corporate income tax rate may be reduced, on a sliding scale to 1.75%, by a foreign currency tax credit granted for qualifying foreign currency generating activities. Special rates apply for small business, manufacturing, or certain insurance concessions. An international financial service center tax regime provides for exemption from tax for certain insurance companies, a 1.75% rate for qualifying insurance companies and a variable rate of 1% to 2.5% for other qualifying international business activities.
The corporate tax rate is 18% (effective 1 Jan 2012).Reduced rates are 12% (applied for dividends); 10% (for residents of science and technology parks; for sales of self-produced high-tech goods); 50% of basic CPT rate (for disposal of shares; for producers of laser and optical equipment); 5% (for registered members of Science and Technology Association established by the State University selling informational technologies and services). For special economical zones the CPT rate may be reduced to 50% of the standard tax rate if certain special requirements are met.
The corporate tax rates is Belgium 33.99%. A lower tax rate applies to companies that are more than 50% owned by individuals. All companies subject to resident or non-resident corporate tax benefit from the risk capital or notional interest deduction that is computed on the companies' adjusted equity capital (including retained earnings). The deduction equals 3% (3.5% for small companies) for fiscal year 2013 (taxable years starting 1 January 2012 or later). The notional interest deduction reduces the effective tax rate to an average range from 24% to 27% (or lower depending on the equity capital)
The corporate tax rate is 0%. There are no notes for 2011.
The corporate tax rate is 25%. The Bolivian corporate income tax is based on the territoriality principle, whereby tax is due only on business income derived from activities performed, property situated, or economic rights used in Bolivia, regardless of the nationality, domicile or residence of those who take part in the operations. Accordingly, business income relaized through operating companies outside Bolivia is not taken into account for Bolivian tax purposes nor are losses pertaining to such companies.
The profit tax regime in the BES islands (Bonaire, St Eustatius and Saba) has been abolished as per 2011. Instead, a property tax rate of 25% (levied on 4% of the value of a company's real estate located in the BES islands) and a distribution tax rate of 5% (levied on proceeds derived from shares in companies established in the BES islands) apply. In order to prevent abuse of the absence of a profit tax regime, passive (investment) companies established in the BES islands are considered to be residents of the Netherlands for tax purposes. Consequently, such companies will be subject to Dutch corporate income tax levied at a rate of 20% on profits up to EUR 200,000 and a rate of 25% for profits exceeding that amount.
The coporate tax rate is 10%. Bosnia and Herzegovina consist of two separately administered territorial entities: Federation of Bosnia and Herzegovina (FBiH) and Republic of Srpska (RS) with different corporate profit tax laws and regulations. In both entities, dividends received are generally not subject to corporate profit tax. Tax incentives envisaged in the FBiH include allowing for a tax holiday for the year in which more than 30% of a taxpayer's total income is realized through export as well as tax incentives related to investment as per the FBiH corporate profit tax legislation.
The corporate tax rate is 22%. The current rate is primarily as a result of the change in the system of taxation of corporates in Botswana. Previously, the corporate tax rate was made up of a 15% company tax plus a 10% "additional company tax" (known as "ACT"). Both taxes were payable as one corporate tax, however where companies declared and paid dividends, the requisite withholding tax deducted from such dividends (generally 15%) could be offset against ACT paid. Under this process, the dividend withholding tax would not be paid over to the authorities, and would be recycled back into retained earnings. The effect was to keep the overall effective tax on the corporate and shareholder to a maximum of 27.75%. This system was considered complex in the current environment, so was abolished and replaced with a flat rate corporate tax of 22%, and a reduced withholding tax on dividends to shareholders of 7.5%. The overall impact of the taxes borne between the corporate and its shareholders is minimal.
The corporate income tax (IRPJ) rate is 25%. The rate is a combination of a 15% basic rate and a 10% surtax on income that exceeds BRL 240,000 per year. In addition, Brazilian tax legislation imposes a social contribution on net profits (CSLL) at a rate of 9%. Thus, corporate income taxation should be charged at a combined rate of 34% (IRPJ and CSLL). Note that, as of 1 May 2008, the tax rate of the mentioned social contribution (CSLL) has been increased from 9% to 15% in case the taxpayer is a financial institution, a private insurance company, or a capitalization company. There are two main methods to calculate corporate income tax: (i) actual profit, where the taxable basis for both taxes should correspond to the company's net book profit, which is determined by applying Brazilian GAAP (adjusted by certain inclusions and deductions allowed under the Brazilian legislation); and (ii) presumed profit,wherein taxpayers shall calculate their corporate income taxes (at the same rate applied to the actual profit system) based on the application of a deemed profit margin. Brazilian entities may elect to compute corporate taxes based on this "presumed profit mechanism" provided they (a) do not have total gross revenues in the preceding year higher than R$48 million; (b) are not financial institutions, similar entities or factoring companies; (c) do not earn foreign profits, income or gains (i.e. directly or through foreign subsidiaries) and (d) do not qualify for an exemption or reduction of the corporate income tax.
The corporate income tax rate is 10%.
The corporate income tax rate is 26.3%. It comprises a 15.0% federal tax component and an 11.3% provincial tax component. Depending on the province, the combined general corporate income tax rate ranges from 25% to 31% Lower corporate income tax rates are available to Canadian-controlled private corporations (CCPCs) on their first CAD$500,000 (CAD$400,000 for certain provinces) of taxable active business income. A 2012 representative tax rate for a CCPC on its first CAD$500,000 of active business income is 15.5% (an 11% federal tax component and a 4.5% provincial tax component). Depending on the province, the 2012 combined active business income tax rate ranges from 11% to 19%.
The corporate tax rate is 18.5%. A return to a 17% tax rate is scheduled to phase in starting on 1 January 2013. Dividend tax rates on resident individuals and non-residents have remained unchanged, and dividends paid out of 2012 earnings will carry a 18.5% imputation credit respectively. Chilean corporate income tax (named first category tax) applies to all types of taxable income realized by a taxpayer, individual, or legal entity, regardless of its nationality, residence, or domicile, with the exception of income from dependent employee's and independent personal services. The tax base is the accrued net taxable income after allowable deductions and expenses. First category tax paid can be credited against final taxes, which are a personal income tax with a progressive rate schedule in case of Chilean resident individuals and withholding tax with a 35% flat rate in case of non-residents. Even though the Chilean corporate tax rate is currently 18.5% and it is scheduled to return to 17% as mentioned before, government statements indicate that the corporate tax rate could be maintained at 20% (the rate in effect for calendar year 2011). If this change is approved by Congress during 2012, the 20% rate may be applicable not only from 2013 but also for the entire calendar year 2012. At this stage (March, 2012) the Chilean market is expecting some amendments to the tax law, without knowledge and certainty about its extent.
The corporate tax rate is 33%. No surcharge is levied. Colombian companies and foreign branches qualifying as industrial users established in Colombian Free Trade Zones are subject to a reduced corporate income tax rate of 15%. In addition to the corporate income tax, there is amunicipal industry and commerce tax levied on industrial, commercial, and service activities carried out within a municipality. The rate depends on the municipality and ranges between 4.14 and 13.8 per thousand. Deductible expenses include industry and commerce tax, advertisement tax and real state tax. Further,as of 2013, 50% of the financial transactions tax (GMF) effectively paid is deductible for corporate income tax purposes (currently 25%).
The corporate tax rate is 20%. Taxable income is determined by adjusting accounting profit in accordance with the provisions of the Corporate Income Tax Law. Dividends received are not subject to corporate income tax. A company can reduce its tax base by the amount of declared after tax profit used to increase the company's share capital. In addition, a company can reduce its tax base if it qualifies under the Investment Promotion Law, Special State Care Areas Law, Hill and Mountain Areas Law, Free Trade Zones Law, Law on Renewal and Development of the City of Vukovar, Law on Scientific Activities and Higher Education and Training and Education Incentives Law. Tourist tax, forestry tax, monumental protection fees, and Croatian Chamber of Commerce fees are taxes based on turnover.
The corporate tax rate is 10%. The rate is applicable on business income derived by a company (defined as "any body with or without legal personality, or public corporate body, as well as every company", but it does not include a partnership). Dividends received are tax exempt. Income deriving from the sale of securities is also tax exempt. Only expenses wholly and exclusively related to the business activity are deductible.
The corporate tax rate is 19%. A special rate of 5% applies to profits of qualifying investment, mutual and pension funds. Dividend income is, in principle, taxed at 15%. However, dividend received from a subsidiary in which the parent has held at least 10% for at least 12 months and which is resident in the EU, Norway, Iceland, Switzerland or a country with which the Czech Republic has signed a double tax treaty is taxed at 0%, as long as the corporate tax rate of the subsidiary is at least 12%. Income tax relief for a period up to 5 years is available under special investment incentive schemes.
The coporate tax rate is 25%. Two prepayments of corporate income tax during the taxable year are mandatory. If the final tax liability exceeds the prepayments a surcharge of 4.3% (2012) of the outstanding tax liability is payable. There are no local taxes on corporate income.
The corporate tax tate is to 29% (as of June 2011). The corporate tax rate was increased from 24% to 29% on June 2011 for a perdiod of 24 months. After the 24 months period finish, the corporate tax rate will decrease to 25%.
The 2012 corporate tax rate is 23%. From 2013 onwards the corporate tax rate will be 22%. The rate is reduced to 13% when the taxpayer decides to reinvest its profits. This reinvestment needs to used for i) the acquisition of new machinery or equipment or assets related to research and technology to improve productivity; ii) the acquisition of fixed assets and all goods used for agricultural production, forestry, livestock and flower-growing; iii) the grant of loans to the productive sector in the case of financial institutions. The reduced rate only applies to the amount of profit reinvested. The company's capital must be increased by the reinvested amount. Exemptions from income tax for five years from the first year may apply in cases where income attributed directly to new and productive investments.
The corporate tax rate is 20%/25%. The 20% rate applies to annual taxable income up to EGP10 M and the 25% rate applies to income in excess of the EDP10 M. The new upper bracket at 25% tax rate will apply on taxable income ending after 1 July 2011.
The corporate income tax rate is 30% (this increased from 25% on 1 Jan 2012). A 25% corporate income tax rate applies to taxpayers with less than US$ 150,000 taxable income. Distributions of profits (e.g. dividends) to individuals or legal persons derived from domiciled corporations will be subject to additional tax at a rate of 5%. In case the shareholder is a non-domiciled person withholding shall be performed. Distribution of profits from prior years to the tax year 2011 shall be exempt from tax on dividends. Distribution of profits to low tax jurisdictions are subject to 25% withholding tax. The 5% withholding rate is also applicable in the case of loans granted to non-domiciled shareholders, parent companies, or branches or agencies, etc. related to their parent companies. However this withholding tax will not be applicable provided that certain requirements are met (i.e. interest rate agreed is at a fair market value or loan agreement executed between financial institutions regulated by the Superintendent of Financial Services etc). A minimum income tax has been implemented. It is calculated over the taxpayer's gross income and the applicable rate is 1%. Corporations that obtain tax losses during one fiscal year will be exempt. An increase on advanced income tax payments from 1.5% to 1.75% rate, applicable to gross monthly income.
The corporate tax rate is 28%. The corporate income tax rate applies to companies incorporated in Fiji and branches of non-resident companies. Dividend distribution from profits which have been fully subjected to income tax shall not be further subject to tax. The repatriation of after-tax branch profits (if earned in 2010 and subsequent years) shall not be subject to further tax.
The corporate tax rate is 24.5%.
The corporate tax rate is 33.33%. A 3.3% social contribution is levied on the part of the corporate income tax that exceeds EUR 763,000, resulting in an overall maximum tax rate of 34.43%. Specific categories of income can benefit from a reduced corporate tax rate under conditions. In particular, licensing fees relating to certain IP rights can benefit from a 15% corporate tax rate.Small and medium size companies with a turnover of EUR 7.63 million or less owned at least 75% by individuals (or owned by companies meeting the same conditions) are subject to a corporate income tax rate of 15%. This reduced rate applies to taxable profits up to EUR 38,120. These small and medium size companies are not subject to the above-mentioned social contribution. Fidal is an independent legal entity that is separate from KPMG International and KPMG member firms.
The corporate tax rate is 29.48%. The overall income tax rate for corporations includes corporate income tax at a rate of 15%, solidarity surcharge at a rate of 0.825% (5.5% of the corporate income tax), and local trade tax. The local trade tax generally varies between 7% and 17.15%, assuming a municipality multiplier (Hebesatz) ranging normally from 200% to 490% (the average multiplier for 2010 was 390%). The local trade tax is not deductible as a business expense.
The corporate tax rate is 10%. Companies pay tax on income that is accrued and derived in Gibraltar. If it can be shown that income is not accrued and derived in Gibraltar, the income is not taxable in Gibraltar. The company can apply to the Commissioner of Income Tax to have this confirmed in an advance tax ruling (subject to certain conditions and restrictions).
The corporate tax rate is 20%. The dividends/profits distributed in 2012 are subject to withholding tax at 25% rate. General partnerships (OE) and limited partnerships (EE) are considered legal entities in Greece and are subject to corporate tax rate at a rate of 25% for fiscal year 2012 (the profits corresponding to unlimited partners who are individuals are taxed at 20%). A 3% surcharge applies to gross rental income, but it may not exceed the primary corporate tax.
The corporate tax rate is 31% or 5%. The Guatemalan corporate income tax system is based on the territoriality principle; all Guatemalan-source income is taxed. It is the choice of the taxpayer to be taxed at a 5% rate on gross income (the general system) or 31% rate on taxable income (the optional system). Under the optional system, corporate income tax is paid annually but quarterly advance payments are required. Under the general system, corporate income tax is paid on a monthly basis.
The corporate tax rate is 0%. Banks are taxable at a 10% rate. Furthermore, income derived from regulated utilityactivities and Guernsey real estateis taxable at 20%.
The corporate tax rate is 35%. The overall income tax rate for corporations comprises of a 25% corporate income tax rate and a temporary solidarity surcharge of 6% for 2012 that applies if the taxable income exceeds HNL1 million. In addition, there is a net assets tax of 1% of the value of the assets of the company (less allowances for certain accounts and accumulated tax depreciation). Net assets tax is payable only to the extent it exceeds the corporate income tax.
The corporate tax rate is 16.5%. Hong Kong SAR is a special administrative region of the People's Republic of China. The 16.5% rate applies to Hong Kong-sourced profits that are derived from a business carried on in Hong Kong. Offshore profits, capital gains, dividends, and most Hong Kong bank deposit interest income are exempt from tax. Profits derived from certain securities or types of business (such as qualifying debt instruments or profits derived from the business of reinsurance of offshore risks by a professional re-insurer) are either exempt from tax or subject to a concessional rate of 8.25% (50% of the 16.5% standard rate).
The corporate tax rate is 19%. A 10% corporate income tax rate applies for taxable income up to HUF500 million (approximately USD2,500,000). The excess is taxed at 19%. These rates will be applicable as of 2013 (officially enacted).An additional local business tax (LBT) of up to 2% is applicable based on the adjusted net sales (certain expenses are deductible). This local business tax is deductible for corporate income tax purposes. From 1 July 2007, a minimum tax (AMT) applies. The AMT base amounts to 2%t of total income, as decreased by the cost of goods sold and the value of intermediated services and some further adjustments.
The corporate tax rate is 20%. The income tax rate for other resident legal entities, such as limited partnerships, associations, private non-profit institutions, trusts funds, estates of deceased persons and bankrupt estates is 36%. Tax is imposed on net income after allowable deductions. A non-resident entity permanent establishment tax rate and deduction depends on the type of income and the entity legal form, the tax rate of the permanent establishment tax rate depends on what type of legal entity the head quarters correspond to in Iceland.
The corporate tax rate is 32.445%. Domestic companies are taxed at a rate of 30%, however profits from life insurance business in India are taxed at a rate of 12.5%. Foreign companies are taxed at a rate of 40%. A minimum alternate tax (MAT) is levied at 18.5% of the adjusted profits of companies where the tax payable is less than 18.5% of their book profits. Dividend distribution tax (DDT) is levied at 15% on dividends distributed by a domestic company. Surcharge and education cess is applicable on the above taxes. A 5% surcharge in case of domestic companies and a 2% surcharge in case of foreign companies is applicable if the total income is in excess of INR 10 million. Education cess of 3% is applicable on income tax plus surcharge, if any. Wealth tax is imposed at a rate of 1% on the value of specified assets held by the taxpayer in excess of the basic exemption of INR 3 million. Securities transaction tax (STT) is levied on the value of taxable securities transactions in equity shares and units of equity oriented funds.
The corporate income tax rate is 12.5% for active income of new operations. A corporate income tax rate of 25% applies to passive income and income from certain land dealing activities, mining, and petroleum activities. Capital gains are taxed at 30% with a participation exemption for gains on disposals of certain shareholdings of 5% or more of companies resident in EU or income tax treaty states.
The corporate tax rate is 0%. A rate of 10% applies to certain profits of licensed banks and to profits derived from Isle of Man land or property. The attribution regime for individuals (ARI) attributes income of IoM companies (other than those paying 10% tax) to IoM resident shareholders, except where the company is trading and distributes 55% or more of its income. However, ARI's future is in doubt after concerns expressed by EU Code of Conduct Group.
The corporate tax rate is 25%. The expected reduction over the coming years to a final rate of 18% in 2016 was canceled. Financial institutions are subject to a deductible profit tax and payroll tax at a 16% rate. Companies with a beneficial or approved enterprise are taxed at a reduced tax rate that varies depending on the circumstances. Capital gains are subject to the standard corporate tax rate. Dividends from foreign sources are subject to a 25% tax with a credit for foreign withholding tax, and in certain circumstances, at the standard corporate tax rate on the "grossed up dividend" with a credit granted on all foreign taxes paid by the direct and second tier subsidiary on the dividend and the income from which it is distributed.
The corporate tax rate is 31.4%. IRES of companies producing and distributing energy, including renewable energy, is increased to 38% (for 2011 through 2013). The same incerased rate (38% versus the ordinary 27,5%) applies to those entities that either are considered "dormant" or declared tax losses for three consecutive years. IRAP can be increased on a region by region basis up to 4.97%.
The corporate tax rate is 33.3%. Companies must declare their income and make prepayments of the corporate tax in four installments (15 March, 15 June, 15 September and 15 December) during the taxable year. If the final tax exceeds the prepayments, the balance is payable by the due date of filing the income tax return (15 March of the year following the year of assessment)
The corporate tax rate is 38.01% (as of 1 April 2012)This rate will remain for the next three fiscal years for a company (beginning on or after 1 April 2012) and then reduce to 35.64%. Japanese corporate income taxes consist of corporation tax (national tax), special local corporate tax (national tax), business tax (local tax), and prefectural and municipal inhabitant taxes (local tax). The corporation tax rate is 25.5% except for small and medium-sized companies and there is a 10% surtax on the corporation tax payable for fiscal years beginning between 1 April 2012 to 31 March 2015 in order to increase tax revenue to finance recovery from the March 2011 earthquake. This gives a rate of 28.05% including surtax. Local tax rates vary depending, for instance, on the local government and the amount of paid-in capital of the company. The tax rate shown is the illustrative effective tax rate on income for a company in Tokyo with paid-in capital of more than JPY 100 million after taking into account a deduction for special local corporate tax and business tax. Size-based business tax is also levied on a company with paid-in capital of more than JPY 100 million, in addition to the income-based business tax. The size-based business tax rates in Tokyo are 0.504% on the added-value component tax base (total of labor costs, net interest payments, net rent payments, and income/loss of the current year) and 0.21% on the capital component tax base (total paid-in capital and capital surplus).
The corporate tax rate is 14%/24%/30%). The corporate income tax rate of 14% applies to all companies except the below:
The corporate tax rate is 20%. Branches of foreign companies operating in Kazakhstan are subject to an additional branch profits tax of 15% of their after-tax income, resulting in an overall tax rate of 32% for branch offices. Income tax treaties may reduce the branch profits tax.\
The corporate tax rate is 11% up to 200 million Korean Won, 22% over 200 million to 20 billion Korean Won and 24.2% over 20 billion Korean Won.
The corporate tax rate is 15%. A flat rate of 15% has been introduced effective for fiscal periods commencing after 3 February 2008. Prior to this date, the tax rates ranged from 0% to 55% and were based on taxable income.
The corporate tax rate is 15%. There are four regions in Latvia called Special Economic Zones (SEZ). Companies operating in these zones are subject to a corporate income tax rate of 25%, but are granted an 80% corporate income tax relief. Very small companies with an annual turnover less than EUR100,000 may elect to pay tax of 9% of turnover.
The corporate tax rate is 20%. In addition to the 20% tax rate, a Jihad tax is levied (4% of profits).
The general corporate income tax rate is 15%. A reduced rate of 5% applies for agricultural companies, including cooperatives, and for small companies, if, among other conditions, i) their average number of employees does not exceed 10 and ii) the income does not exceed LTL1,000,000 (EUR289,620). A 0% tax rate may be applied for companies established in free economic zones and for social companies. Currently, corporate income tax incentives are available for manufacturing companies employing people with disabilities, companies implementing investment or scientific research and experimental development projects. All incentives are applied only if certain conditions are satisfied and their impact varies depending on the specific facts and circumstances.
The corporate income tax rate of 22.05% includes a 5% employment fund contribution. Additionally, a municipal business tax is levied. The rate for the city of Luxembourg is 6.75% but it varies depending on the location.
The corporate tax rate is 12%. The government announced an exemption on taxable income up to MOP 200,000 in 2010. Income between MOP 200,000 and MOP 300,000 is taxable at 9%. The excess is taxed at 12%.
The corporate tax rate is 10%. A resident company is subject to corporate income tax on its worldwide income. No profit tax is due on undistributed profits, i.e. profit tax becomes due at the moment of payment of dividends or other distributions of profit (except for distribution to resident legal entities). However, at each year end, profit tax is due separately on the base consisting of unrecognized expenses reduced for temporary differences. There are no local taxes on corporate income. Companies investing in technological industrial zones are exempt from corporate income tax for a period of 10 years.
The corporate tax rate is 30% for locally incorporated companies and 35% for all externally incorporated companies and those operating as branches in Malawi.
The corporate tax rate is 25%. Resident companies with a paid up capital of MYR 2.5 million and below (as defined) at the beginning of the basis period for a Year of Assessment (YA) are subject to a corporate income tax rate of 20% on the first MYR 500,000 of chargeable income. For chargeable income in excess of MYR 500,000, the corporate income tax rate is 25%. Leasing income (from moveable property) derived by a permanent establishment in Malaysia is taxed against a rate of 25% whereas a non-resident corporation with no Malaysian permanent establishment is taxed against a rate of 10%. A special 5% rate applies to corporations involved in qualified insurance businesses. Income generated by a life fund of an insurance company is taxed against a rate of 8%. A non-resident corporation with shipping or air transport income may also benefit from a special tax regime. Income of resident corporations derived from the transportation of passengers or cargo on Malaysian ships is exempt. Companies engaged in petroleum operations are subject to a rate of 38%.
The corporate tax rate is 35%. Malta operates a full imputation system of taxation for both residents and non-residents, which ensures the full relief of economic double taxation upon the distribution of taxed profits by companies resident in Malta. On the distribution of taxed profits, the shareholders may opt to claim a partial/full refund of the tax paid by the distributing company. As a general rule, the tax refund amounts to six-sevenths of the tax paid. The refund will be reduced to two-thirds if the shareholder claims double-taxation relief and five-sevenths in those cases where the distributed profits are derived from passive interest or royalty income being subject to foreign tax at less than 5%. Dividends and capital gains derived from participation holdings will qualify for a full refund. The Malta tax suffered on distributed profits hence ranges between 0% and 10%. The tax paid on profits derived, directly or indirectly, from immovable property situated in Malta is not available for refund.
The corporate tax rate is 15%. There are no notes for 2011.
The corporate tax rate is 30%. The corporate income tax rate should be reduced to 29% in 2013 and to 28% from 2014 onwards. Effective 1 January 2008, a new business flat tax (IETU) is in force. Such flat taxis paid at the rate of 17.5% for 2011 on a cash flow basis. The IETU applies to income on the sale of goods, rendering of independent services, and the granting of temporary use or enjoyment of goods, less specific deductions. The IETU is a direct tax that operates as a minimum tax and it is only due if it exceeds the income tax (IT) in the same tax year. There are some expenses tax deductible for IT purposes that are not deductible for IETU purposes.
The corporate tax rate is 9%. Taxable profit is calculated by adjusting the company's profit or loss declared in the P&L account according to the provisions of the Corporate Income Tax Law. Adjustments include certain disallowed costs, transfer pricing as well as depreciation. Operating losses stated in the tax balance may be carried forward for five years and offset against operating profit declared in the tax balance. Capital losses could be carried forward and offset against capital gains up to five years.
The corporate tax rate is 32%. Agricultural companies are taxed at a rate of 10% until 31 December 2010. Furthermore, agricultural, cultural, and artisan cooperatives may benefit from a 50% reduction in the tax rate.
The coporate tax rate is 20%/25% - The headline corporate income tax rate for 2011 has, compared to 2010, slightly decreased from 25.5 to 25%. The first EUR 200,000 of taxable profit is taxed at 20%. This latter rate has remained the same for 2011.
The corporate tax rate is 28%. The 28% corporate tax rate applies from the 2012 income tax year. The effective date depends on the taxpayer's book year. For example, a book year-end of 31 December will have the 28% rate effective 1 January 2011, whereas a taxpayer with a standard 31 March year-end will apply the new rate effective from 1 April 2011.Ten% of general insurance premiums and film hire payments, paid to non-residents, are deemed to have a New Zealand source and are therefore taxable.
The corporate tax rate is 28%.
The corporate tax rate is 12%. This rate is based on taxable profits exceeding OMR 30,000 and it applies to all companies irrespective of the form of the company or the nationality.
The corporate tax rate is 35%. Small companies may be taxed at a rate of 25%, subject to specified conditions.
The corporate tax rate is 25%. An increased tax rate of 27.5% from 2012 onwards applies to certain companies, included banks, electricity generation and distribution companies, telecommunication companies, insurance and reinsurance companies, qualified financial companies, producers of cement, gambling operators, mining companies, subsidiaries and affiliates of those companies and entities in which the State owns more than 40% of the shares. From 2014 onwards this rate will drop to 25% equalizing to the general corporate tax rate. For entities in which the State is the owner of more than 40% of the shares the corporate tax rate will remain 30%.
The corporate tax rate is 30%. For mining and gas companies, the corporate income tax rate is 30%. Petroleum projects commenced prior to 1 January 2001 are subject to a 50% tax rate while petroleum projects commenced on or after 1 January 2001 are taxed at either 45% or 30% depending on when the license is issued. Non-resident mining companies pay tax at 40%. In case of other businesses, a branch of a foreign company is taxed at 48%. Non-resident companies are taxed on a deemed profit basis (shipping at 5%, that is an effective tax rate of 2.4% of gross income; insurance at 10%, that is an effective tax rate of 4.8% of gross income). Foreign contractors can elect to be taxed on a deemed profit basis of 25% (that is an effective tax rate of 12% of gross income).
The corporate tax rate is 10%. A 5% tax on dividends applies upon distribution to domestic shareholders. Dividend distributions to non-resident shareholders are subject to a 15% withholding tax, resulting in an effective rate of 25.46%. Different tax rates apply to different activities performed by non-resident entities in certain cases: 3% for qualified insurance premiums; 3% for qualified freight and transport; 3% for communications (phone, internet, and similar); 4.5% for news agencies; 12% for distributors of movies, cinema/television, and similar; and 4.5% for transfer of the use of containers. For financings received from external banks, current effective rate is 6%. Corporate income earned by individuals/foreign entities for their activities carried out in Paraguay (e.g. through a branch or permanent establishment) is currently taxed at an effective rate of 15%.
The corporate tax rate is 30%. Corporations and resident foreign corporations are subject to a 2% minimum corporate income tax (MCIT) starting their fourth year of operation. The MCIT is based on gross income and it is paid in lieu of the 30% corporate tax on net income whenever it is greater than the latter. A 10% improperly accumulated earnings tax (IAET) is imposed on undistributed earnings of closely-held corporations. The branch of a foreign corporation, as well as a Philippine Economic Zone Authority (PEZA) registered corporation that is paying the special tax on gross income earned in lieu of all taxes, are exempt from the IAET.
The corporate tax rate is 25%. The general CT rate of 25% is increased by (i) a municipal surcharge (Derrama Municipal) varying from 0% to 1.5% to be levied over the taxable profit and (ii) a State surcharge (Derrama Estadual) of 3% to be levied over the taxable profit between EUR1,500,000 and EUR10,000,000 and 5% to be levied over the taxable profit exceeding EUR10,000,000.
The corporate tax rate is 10%.
The corporate tax rate is 16%. Profits earned from nightclubs, casinos, discotheques, and sport-betting organizers are subject to tax at the general rate of 16%, although the tax payable cannot be lower than 5% of the taxpayer's qualifying gross revenue earnings. The simplified taxation system for companies that qualify as microenterprises, that was applied prior to 2010, has been reintroduced. This allows microenterprises to opt for a 3% tax on their total income (as compared to the general 16% corporate tax rate applicable on the amount of taxable profit), with some exceptions.
The corporate tax rate is 20%. Tax payments are split into federal part (2%) and regional part (18% that can be reduced to 13.5% for some categories of taxpayers). Dividends are taxed at 15%, 9% or 0%. Interest income on state securities is taxed at 15% or 0%.
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The corporate tax rate is 20%. Corporate income tax is payable by non-Saudi shareholders only. Zakat (a religious tax) at 2.5% is levied on Saudi and the Gulf Cooperation Council (GCC) shareholders, the GCC countries consist of Saudi Arabia, Kuwait, United Arab Emirates, Bahrain, Qatar, and Oman. In addition, withholding tax of 5% is payable on dividends distributed to non-resident shareholders.
The corporate tax rate is 10%. Taxable profit is calculated by adjusting the company's profit or loss declared in the P&L account according to the provisions of the Corporate Income Tax Law. Adjustments include certain disallowed costs, adjustment of certain revenues, transfer pricing as well as depreciation.
The corporate tax rate is 17%. There is a partial exemption of 75% on the first SGD10,000 and 50% on the next SGD290,000 of the company's income. Full tax exemption can be granted on the regular income of a qualifying company up to SGD100,000, for any of its first three consecutive years of assessment. A 50% partial tax exemption applies to the next SGD200,000. A concessionary tax rate of 10% or lower applies to qualified entities.
The corporate tax rate is 20%. Taxable persons performing non-profit activities are exempt. There is also a special rate of 0% which, subject to certain conditions, may apply to investment funds, pension funds, insurance undertakings for pension plans, and qualified venture capital companies.Please note that Slovenian Government intends to amend Corporate Income Tax Act. If amendments to Corporate Income Tax Act are confirmed by Slovenian Parliament, the following Corporate Income Tax rates will apply:1) 18% for 20122) 17% for 20133) 16% for 20144) 15% for 2015 and onwards
From 1 April 2012, the corporate tax rate for a non-resident company is reduced to 28% (previously 33%).The corporate tax rate for resident companies remains at 28% with the effective corporate tax rate still at 34.55% due to the 10% Secondary Tax on Companies that applies to a company declaring a dividend. As from 1 April 2012, Secondary Tax on Companies at a rate of 10% will be abolished and will be replaced by a dividend withholding tax at a rate of 15%. This moves the dividend tax to a shareholder tax. This means that the effective corporate tax rate will be 28% going forward.
The corporate tax rate is 30%. Where a company's turnover (alone or combined with other group companies) in the immediately preceding tax period is less than EUR10 million, it is taxed on the first EUR300,000 of taxable income at 25% and the excess being taxed at 30%. Where a company's turnover in 2012 is less than EUR5 million and the average labour force from 2008 to 2012 tax year is less than 25 employees, it is taxed on the first EUR300,000 of taxable income at 20% and the remaining at 25%. Certain specific requirements need to be met. Entities taxed at 25% include general mutual insurance companies; social welfare institutions and qualified social security mutual and guarantee entities; credit and rural credit co-operatives; and qualified non-profit organizations. Tax protected co-operatives will be taxed at 20%, except in respect of results not related to their corporate purpose, which will be taxed at the general rate. Qualified non-profit organizations are taxed at a rate of 10% and collective investment institutions at 1%.
The corporate income tax rate is 28% (effective 1 April 2011). Small companies (with taxable income not exceeding LKR 5 million and not belonging to a group of companies) are taxed at 12%. Certain sectors enjoy concessionary rates, such as exports (other than traditional products), tourism and construction which is taxed at 12%, and agriculture which is taxed at 10%, with an exemption on offshore services. Companies engaged in liquor or tobacco products are taxed at a higher rate of 4%. The social responsibility levy of 1.5% on income tax was rescinded effective 1 April 2011. A deemed dividend tax at 15% is applicable for non-declaration of at least 10% of distributable profits.
The corporate tax rate is 34.5% (incl. 15% surcharges)
The corporate tax rate is 10%/15%/30%/35%). Industrial companies are subject to corporate income tax at a rate of 10%. Trading, real estate, and banks service companies are subject to corporate income tax at a rate of 15%. Tobacco companies are subject to corporate income tax at a rate of 30%. Oil companies are subject to corporate income tax at a rate of 35%. Entities that are exempt from corporate income tax exemption will be subject to social development tax at a rate of 3% of the exempt taxable profit.
The corporate tax rate is 26.30% as from 1 January 2009.
The maximum effective corporate income tax rate ranges from 11.32% to 24.43% depending on canton and commune. The rate comprises federal, cantonal, and communal taxes. The corporate tax rate in the city of Zurich is 21.17%. All 26 cantons apply different tax rates and in most of them the statutory tax rate needs to be multiplied with the communal and/or cantonal coefficients that may vary from tax period to tax period. As all taxes including corporate income taxes are deductible when computing the tax basis, the effective corporate income tax rates are lower than the statutory rates published in the tax codes. In 2012, the community of Meggen in the canton of Lucerne has the lowest corporate income tax rate (11.32%) while some communities in the canton of Geneva have the highest (24.43%). However, if a company qualifies for a holding, principal, or mixed company ruling, the effective tax rate can be reduced to a minimum of 5%. Additionally, full tax holiday up to 10 years might be available in some regions.
The corporate tax rate is 28%. The lower progressive rates are on the first SYP 3 million of taxable profit. Investment law entities, LLCs and closed JSCs are taxed at a flat rate of 22%; private banks at a flat rate of 25%; and public majority joint stock companies at a flat rate of 14%. Local administration surcharges vary from 4% to 10% of the tax amounts, depending upon location. Branches of foreign companies are subject to withholding taxes on cash payments received in lieu of corporate income tax and tax on salaries and wages, at rates that vary from 3% to 10% depending on their activities. Tourism entities of the luxury and international class are subject to tourism tax at 3% of gross monthly turnover in lieu of income tax and tax on salaries and wages.
The corporate tax rate is 17%. The 17% rate is applicable to income in excess of TWD 120,000. However, the income tax payable shall not exceed half of the part of taxable income that exceeds TWD 120,000.
The corporate tax rate is 30%. Profits after tax are subject to 10% withholding tax when distributed as dividend, resulting in an effective tax rate of 37 % for a profit-making and dividend-distributing business organization.
The corporate tax rate is 30%. The standard corporate income tax rate will drop from 30% to 23% for the year ended 31 December 2012 and on 1 January 2013 will reduce to 20%. The corporate income tax rate may be reduced to 25% for certain Thai companies which are listed on the Stock Exchange of Thailand. A tax rate of 10% applies to the remittance of dividends or branch profits abroad. For small- and medium-sized enterprises (SME) with less than THB 5 million paid-up capital, the corporate income tax rate may be reduced to between 0 and 25% for net taxable profits not exceeding THB 3 million. Some tax incentives are granted to companies promoted by the board of investment (BOI), asset management companies (AMCs), and venture capital companies investing in SMEs, subject to certain conditions. The corporate income tax rate for a regional operating headquarters is reduced to 0% or 10% on qualifying ROH service income, 10% on royalties and interest and 0% on dividends received from associated enterprises. A rate of 3% applies to gross income of companies engaged in international transportation. A petroleum tax rate of 50% applies to the net taxable profits of companies with petroleum concessions.
The corporate tax rate is 25%. For companies engaged in the liquefaction of natural gas, manufacture of petrochemicals, physical separation of liquids from a natural gas stream and natural gas processing from a natural gas stream, transmission and distribution of natural gas or wholesale marketing and distributions of petroleum products a corporate tax rate of 35% applies.
The corporate tax rate is 30%. Fully export companies are taxable at the rate of 10% effective 1 January 2012. Such companies established and starting their activities before 1 January 2012 continue to benefit from a tax holiday for 10 years. A 35% rate applies to the financial, telecommunication and gas and oil sectors and, and a rate of 10% applies to theagriculture and fishing sectors. The corporate income tax rate applies to resident companies and to permanent establishments of non-resident companies with a minimum tax payable of 0.1% under certain conditions.
The corporate tax rate is 20%. A resident company is liable to corporate income tax on its worldwide income. A non-resident company is liable to corporate income tax on its Turkish-source income only.
The corporate tax rate is 21% (edffective from 1 Jan 2012). Note: The rate will decrease to 19% in 2013 and 16% in 2014. A 0% rate applies to profits of insurance companies (from long-term life and pension insurance) as well as eligible small and medium-size companies. Businesses operating in certain industries (e.g. hotelling, shipbuilding and aircraft manufacturing, agricultural machinery manufacturing, clean energy sector, light industry) can be temporarily exempt from corporate income tax (in full or in part).
The corporate tax rate is 0%/20%/55%). The United Arab Emirates consists of seven emirates: Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Quwain, Fujairah, and Ras Al Khaimah. While there are no corporate income taxes at a federal level, some emirates have issued their own income tax decrees. Although in theory these emirate-level decrees impose tax on the income of all corporate entities, in practice tax is currently only enforced on foreign oil companies and branches of foreign banks. Although the tax rate applicable to oil companies is generally 55% of operating profits, the amount of tax actually paid by such companies is based on a rate agreed in individual concessions between the company and the respective emirate. This rate can range between 55% and 85%. Branches of foreign banks are taxed at 20% of their taxable income in the emirates of Abu Dhabi, Dubai, Sharjah, and Fujairah. Municipal taxes are also levied in some of the emirates. In Dubai, a 10% municipal tax is charged on hotel revenues (usually passed on to the consumer as a service charge), a 10% municipality fee is levied on the rent from commercial property, and a 5% fee is levied on the rent of residential property. Abu Dhabi does not levy a municipality tax on rented premises, but landlords are required to pay certain annual license fees (which they may pass on to tenants).
The corporate tax rates is 26%. The UK Government has stated its intention to reduce the main rate of corporation tax by 1% per annum, bringing it down to 23% by 1 April 2014. For financial year 2012 (i.e. from 1 April 2012 to 31 March 2013), the main rate of coporation tax will be reduced from 26% to 25%. A small companies rate applies to companies with taxable profits of up to GBP 300,000 with marginal relief up to GBP 1.5 million. The current rate of 20% has been in place since 1 April 2011. Companies with taxable profits of GBP1.5 million or more pay tax at the main rate. All these thresholds are reduced for accounting periods of less than 12 months and if there are associated companies. Bermuda, Gibraltar, Guernsey, Isle of Man, and Jersey are dependent territories or crown dependencies of the United Kingdom, but have their own tax systems.
The corporate tax rate is 40%. The marginal federal corporate income tax rate on the highest income bracket of corporations (for 2011, USD 18,333,333 and above) is 35%. State and local governments may also impose income taxes ranging from less than 1% to 12%, the top marginal rates averaging approximately 7.5%. A corporation may deduct its state and local income tax expense when computing its federal taxable income, generally resulting in a net effective rate of approximately 40%. The effective rate may vary significantly depending on the locality in which a corporation conducts business. The United States also has a parallel alternative minimum tax (AMT) system, which is generally characterized by a lower tax rate (20%) but a broader tax base.
Corporate income tax is not levied within the Republic of Vanuatu. Furthermore, there are no income taxes, estate duties, gift duties, capital gains taxes, tax treaties or withholding taxes.
The corporate tax rate is 34%. Corporations engaged in the exploitation of hydrocarbons and related activities are generally subject to corporate income tax at 50% (also applicable to income from any other sources). This rate does not include municipal business taxes which range from 0.3% to 9.4% of gross income, depending on the district, and the business activity. The 34% marginal income tax rate is triggered at net taxable income of US62,800.
The corporate tax rate is 25%. The rate applies to resident companies with foreign investors (including joint ventures, 100% foreign-owned companies, and business co-operation contracts) licensed from 1 January 2004 (25% if licensed before 1 January 2004), and Vietnamese enterprises. However, incentive corporate income tax rates (10% and 20%) will apply for certain projects. Corporate income tax rates up to 50% apply to businesses conducting prospecting, exploration, and exploitation of petroleum and gas and other rare and precious natural resources.
The corporate tax rate is 35%; reduced to 20% retroactive for the entire year). The corporate income tax rate applies to all categories of commercial activity. A tax rate of 15% is available to projects licensed under the investment law. Oil and mineral activities and telecommunications are subject to special rates of taxation, and agriculture is tax exempt.
The corporate tax rate is 35%. Income earned by banking and telecommunication institutions is subject to 40% tax on profits in excess of ZMK 250 million. Profits from farming, chemical fertilizer production, and export of non-traditional items are taxed at a rate of 15%. Companies with a turnover of ZMK 200 million or less pay a turnover tax of 3%. Tax on foreign exchange earned by Sun hotel is subject to tax at 15%. Windfall tax on Copper & Cobalt remains abolished but variable tax is still in force to take care of any windfall profits that arise from mining. The tax rate for mining profits is 30%. Finally, the tax fiscal year runs from April 1, to March 31.