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The corporate tax rate is 20 percent. Generally, two types of taxes are payable by corporate entities. The corporate income tax rate is 20 percent and is applied to the taxable income. Whereas the business receipt tax (ranging from 2 percent to 10 percent) 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 and cost of fringe benefits. 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 percent.
The corporate tax rate is 35 percent. A minimum income tax at a rate of 1 percent 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) is also excluded from minimum income tax. The minimum income tax only applies to the extent it exceeds the (regular) income tax calculated as a percent 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 corporate tax rate is 20 percent.
The corporate tax rate is 28 percent.
The corporate tax rate is 30 percent. 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 2012 in lieu of 30 June 2013).
The corporate tax rate is 25 percent. 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 corporate tax rate is 0%. No taxes based on corporate earnings are assessed in The Bahamas. Effective 1 July 2013 the general rate of the Business License tax is 0.75% of turnover exceeding $500,000 and up to 1.75% of turnover exceeding $100 million.
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 certain 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 corporate tax rate is 27.5 percent. The corporate income tax rate is 27.5 percent for corporations (except banks and other financial institutions) listed at a stock exchange. If such listed corporation pays a dividend that exceeds 20 percent of the paid-up capital for a taxable year, it receives a 10 percent rebate on the tax payable. In cases where the dividend is lower than 10 percent of the paid-up capital, the corporate income tax rate is increased to 37.5 percent. Should the dividend amount be less than 15 percent in spite of having sufficient distributable profits, the company is subject to an additional 5 percent tax on the undistributed profits. Banks, insurance companies and other financial institutions are taxed at 42.5 percent, and mobile phone operators are taxed at 45 percent. All other companies including branches of foreign companies are taxed at 37.5 percent. However if a mobile phone operator company converts itself into a publicly traded company by offering a minimum of 10 percent of its shares on the stock exchange through initial public offer, then applicable tax rate for such organization will be 35 percent. A rebate in the amount of 50 percent of the income derived from export business will be granted to companies registered in Bangladesh. Textile/jute industries are subject to 15 percent but these industries will not qualify for an export rebate. Tax at 0.4 percent 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 percent of its capital and reserves, the bank is subject to a 15 percent 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 0.25% to 2.5% for other qualifying international business activities.
The corporate tax rate is 18 percent (effective 1 Jan 2012). Reduced rates are 12 percent (applied for dividends); 10 percent (for residents of science and technology parks; for sales of self-produced high-tech goods); 50 percent of basic CPT rate (for disposal of shares; for producers of laser and optical equipment); 5 percent (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 percent of the standard tax rate if certain special requirements are met.
The corporate tax rate in Belgium: 33.99%. A lower (progressive) tax rate may apply 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 2,742 % (3.242% for small companies) for fiscal year 2014 (taxable years starting 1 January 2013 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 percent. There are no notes for 2013.
The corporate tax rate is 25 percent. 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 realized 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) was abolished in 2011. Instead, a property tax rate of 20 percent (tax rate for hotels: 10 percent) (levied on 4 percent of the value of a company's real estate located in the BES islands) and a distribution tax rate of 5 percent (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 percent on profits up to EUR200,000 and a rate of 25 percent for profits exceeding that amount.
The corporate tax rate is 10%. Bosnia and Herzegovina consists of two separately administered territorial entities: the Federation of Bosnia and Herzegovina (FBiH) and the Republic of Srpska (RS) with different corporate profit tax laws and regulations. In case of RS, effective date is 01/01/2002. In both entities, dividends received are generally not subject to corporate profit tax. Tax incentives envisaged in the FBiH include allowing a tax holiday for a 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 for resident companies is 22 percent. Dividends are subject to a general rate of 7.5 percent unless varied under a Double Tax Agreement. Non-resident companies rate is 30 percent with no additional taxes on remittance of profits.
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$48 million; (b) are not financial institutions, similar entities or factoring companies; (c) do not earn foreign profits, income or gains (i.e. directly or through foreign subsidiaries) and (d) do not qualify for an exemption or reduction of the corporate income tax. Please, it is worth mentioning that, effective as of January, 2014, Federal Law 12,814/13 increased the gross revenue limit to apply for the presumed profit system R$ 78 million opposed to currently R$ 48 million.
The corporate income tax rate is 10 percent.
Corporate tax rate: (i) 0% for Qualified Investment Project under tax exemption period (ii) 5% on gross premiums for Insurance business (iii) 30% for oil & gas production, exploration and exploitation of natural resources (iv) Others than above are subject to a standard rate of 20%
The corporate income tax rate is 26.5 percent. It comprises a 15.0 percent federal tax component and an 11.5 percent provincial tax component. Depending on the province, the combined general corporate income tax rate ranges from 25 percent to 31 percent. 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 2013 representative tax rate for a CCPC on its first CAD$500,000 of active business income is 15.5 percent (an 11 percent federal tax component and a 4.5 percent provincial tax component). Depending on the province, the 2013 combined active business income tax rate ranges from 11 percent to 19 percent.
There is no corporate tax.
The corporate tax rate is 20 percent (Introduced by Law 20.630, published in the official gazette of 27 September 2012). Dividend tax rates on resident individuals and non-residents have remained unchanged, and dividends paid out of 2013 earnings will carry a 20 percent 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 (with some changes from 2013) in case of Chilean resident individuals and withholding tax with a 35 percent flat rate in case of non-residents. The 20 percent rate must be applicable not only from 2013 but also for income accrued during calendar year 2012.
The corporate tax rate is 25 percent.Certain industries and qualified businesses may be entitled to lower corporate income tax rates such as 15 percent. Some tax holidays are also available to qualified taxpayers.
The general income tax rate is 25%, plus the fairness tax (CREE as its name in Spanish) at the rate of the 9%. For Industrial Users of goods and services located in a Free Trade Zone, the income tax rate is 15% and they would not be subjected to pay the CREE. In addition to the corporate income tax, there is a municipal industry and commerce tax levied on industrial, commercial, and service activities carried out within a municipality. The rates are set by each municipality but cannot exceed 1.4%, taking into account that the taxable base is the gross income of the activity. For income tax and CREE purposes, deductible expenses include industry and commerce 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. Finally, please note that for foreign entities without a PE or a branch in Colombia the tax rate is 33% and the CREE does not apply. Furthermore, portfolio investors may apply to a reduced rate of 14% (no in the case of dividends).
The corporate tax rate is 30%. This income tax rate is applicable to entities whose gross income exceeds CRC 95.447.000. Entities with gross income up to CRC 47.451.000 are subject to a 10% corporate income tax rate, entities with income exceeding CRC 47.451.000, and up to CRC 95.447.000 are subject to a corporate income tax rate of 20%.
The corporate tax rate is 20 percent. 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 Law on Promotion of Investment and Improvement of Investment Environment, 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 in 27.5 percent.
The corporate tax rate for tax year 2013 onwards is 12,5%. 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. Dividends received are, 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 is exempt. A dividend received from a subsidiary resident in a country with which the Czech Republic has signed a double tax treaty is also exempt upon following conditions: (i) the legal form of the subsidiary is similar to a limited liability company, joint stock company or a cooperative, (ii) parent has held at least 10% for at least 12 months, (ii) the corporate tax rate of the subsidiary is at least 12%. Dividends paid are taxed at 35% or 15%, unless a double tax treaty provides for more favorable rates. However, dividends paid to a parent resident in the EU, Norway, Iceland or Switzerland which has held at least 10% for at least 12 months is exempt. The 35% rate only applies to shareholders from jurisdictions with which the Czech Republic has not concluded an international agreement on the exchange of information on taxes or a Double Tax Treaty. The 35% will also not apply to signatories of the Council of Europe's Convention on Mutual Administrative Assistance in Tax Matters. As the Czech Republic has only just joined the Convention (signing it on 26 October 2012) the new regulation will apply once this has been ratified by the Czech Republic. Income tax relief for a period up to 5 years is available under special investment incentive schemes.
The corporate 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 3.9% (2013) of the outstanding tax liability is payable. There are no local taxes on corporate income. The tax rate is reduced to 24.5% in 2014, 23.5% in 2015 and 22% in 2016 (25 % to apply for oil and gas companies).
The corporate tax rate is 29 percent (as of June 2011). The corporate tax rate was increased from 24 percent to 29 percent on June 2011 for a period of 24 months. After the 24 month period finish, the corporate tax rate will decrease to 25 percent.
From 2013 onwards the corporate tax rate will be 22 percent.The rate is reduced to 12 percent when the taxpayer decides to reinvest its profits. This reinvestment needs to be 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. The reduced rate only applies to the amount of profit reinvested and the company's capital must be increased by the reinvested amount. This benefit is not applicable for private financial institutions. 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 25% would apply to the tax year 2013 onwards OR to the tax year which starts as from the date on which the law was enacted (19 May 2013).
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 gross taxable income. Distributions of profits (e.g. dividends) to individuals or legal entities derived from domiciled corporations are subject to an additional 5% tax. If the shareholder is a non-domiciled individual or entity, the 5% tax will be withheld at the time the dividend is paid. Distribution of profits arising in tax years prior to 2011 are exempt from the dividend tax. Distribution of profits to low tax jurisdictions (tax havens) are subject to a 25% withholding tax. The 5% withholding tax is also applicable in the case of loans granted to non-domiciled shareholders, parent companies, branches or agencies, etc. 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 agreements executed between financial institutions regulated by the Superintendent of Financial Services etc). A minimum income tax is payable of 1% of the taxpayer's gross income (tax payable is the greater of 1% of gross income or 30% of taxable income). Certain exemptions exist for low margin operations e.g. gas stations. Certain limited exemptions to the minimum tax apply in the case of tax losses. Monthly advance (estimated) payments are made throughout the tax year based on 1.75% of gross monthly income. Payment of royalties, services, head office charges, etc. to non-domiciled corporations are subject to a withholding tax of generally 20%.
The corporate tax rate is 21 percent.
The corporate tax rate is 20%. The corporate income tax rate applies to companies incorporated in Fiji and branches of non-resident companies.Reduced corporate tax rates for foreign companies that establish/relocate its headquarters to Fiji (17 percent) and companies newly listed under the South Pacific Stock Exchange, provided the company has 40% local shareholding (18.5 percent) 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 percent. A 3.3 percent 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 percent. In addition, a temporary 5 percent surtax is levied on the (full) corporate income tax for entities with a sales turnover over EUR 250 million. This temporary surtax, which brings the overall maximum tax rate to 36.10 percent, is expected to apply to financial years (closed) from 31 December 2011 until financial years (closed) on 30 December 2015. 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 percent corporate tax rate (respectively 15.5 percent or 16.245 percent taking into account the above two surtaxes). Small and medium size companies with a turnover of EUR 7.63 million or less owned at least 75 percent by individuals (or owned by companies meeting the same conditions) are subject to a corporate income tax rate of 15 percent. 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 and temporary surtax. Fidal is an independent legal entity that is separate from KPMG International and KPMG member firms.
The Corporate Income Tax is calculated on an annual basis; the rate of 15% is applied to the taxable profit. The taxable profit is defined as the difference between the gross income and the relevant deductions stipulated by the Tax Code of Georgia
The corporate tax rate is 29.55%. 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 2011 was 392%). The local trade tax is not deductible as a business expense.
The corporate tax rate is 10 percent. 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 for FY 2013 onwards is 26%. The withholding rate on dividends/profits which are paid within 2013 for distribution is 25%. However, the withholding rate on dividends/profits paid after 1 January 2014 is 10%. General partnerships (OE) and limited partnerships (EE) are taxed as separate legal entities and for fiscal year 2013 are taxed as follows: in case they do not maintain double-entry accounting books, they are subject to corporate tax at a rate of 26% for income up to EUR 50 000 and the excess is taxed at a tax rate of 33% while in case they do maintain double-entry accounting books, their total net income is subject to tax at a rate of 26% (and an additional tax of 10% applies on profit distributions).
The corporate tax rate for the 2013 is 31% or 6%. The Guatemalan corporate income tax system is based on the territoriality principle; all Guatemalan-source income is taxed. A new income tax law became in force in 2013 and it is the taxpayer's choice to be under the tax system at a rate of 31% on taxable income (the general system) or at a rate of 6% on gross income (the optional system). Under the general system, corporate income tax is paid annually but quarterly advance payments are required. Under the optional system, corporate income tax is paid on a monthly basis.
The corporate tax rate is 0 percent. Banks and certain regulated financial service providers are taxable at a 10 percent rate. Furthermore, income derived from regulated utility activities and Guernsey real estate is taxable at 20 percent.
The corporate tax rate is 35 percent. The overall income tax rate for corporations comprises of a 25 percent corporate income tax rate and a temporary solidarity surcharge of 6 percent for 2012 that applies if the taxable income exceeds HNL1 million. In addition, there is a net assets tax of 1 percent 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 percent. A 10 percent corporate income tax rate applies for taxable income up to HUF 500 million (approximately USD2,500,000). The excess is taxed at 19 percent. These rates are expected to be applicable also in 2013. An additional local business tax (LBT) of up to 2 percent 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 percent of total income, as decreased by the cost of goods sold and the value of intermediated services and some further adjustments. Please note that deduction of cost of goods sold and mediated services is capped.
The corporate tax rate is 20%. The income tax rate for other resident legal entities, such as limited partnerships, associations, private non-profit institutions, trust 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 for domestic companies is 30 percent. Foreign companies are taxable at 40 percent. A minimum alternate tax (MAT) is levied at 18.5 percent of the adjusted profits of companies where the tax payable is less than 18.5 percent of their book profits. There is a special method for computation of total income of insurance companies. The rate of tax on profits from life insurance business is 12.5 percent. Surcharge is levied on the basic tax rate based on the level of total income as mentioned below. Further, education cess is applicable at 3 percent on income tax (inclusive of surcharge, if any). Domestic Company where the total income is not more than INR 10 million – Nil Where the total income is in excess of INR 10 million but does not exceed INR 100 million – 5 percent. Where the total income exceeds INR 100 million – 10 percent In the case of a domestic company, on the basis of the above levels of the total income, the effective tax rate would be 30.9/32.445/33.99 percent respectively.Foreign Company Where the total income is not more than INR 10 million – Nil Where the total income is in excess of INR 10 million but does not exceed INR 100 million – 2 percent Where the total income exceeds INR 100 million – 5 percent In the case of a foreign company, on the basis of the above levels of the total income, the effective tax rate would be 41.2/42.024/43.26 percent respectively. Dividend distribution tax is levied at 16.995 percent on dividends distributed by a domestic company. Securities transaction tax is levied on the value of taxable securities transactions in equity shares and units of equity oriented funds. With effect from 1 July 2013, Commodities Transaction Tax has been introduced on the sale of commodity derivatives (other than agricultural commodities) traded in recognised associations, at the rate of 0.01 percent on the value of such transaction and such tax shall be payable by the seller. Wealth tax is imposed at a rate of 1 percent on the value of specified assets held by the taxpayer in excess of the basic exemption of INR 3 million. A presumptive tax regime is applicable in case of certain specified sectors viz. shipping, exploration of mineral oil, operation of aircrafts and turnkey power projects.
Listed companies which meet certain conditions are eligible for a 5 % reduction in the corporate tax rate. A company with gross turnover less than IDR50 billion (approximately USD5.5 million) is eligible for a 50 % reduction of the corporate tax rate on the proportion of taxable income which results when IDR4.8 billion is divided by the gross annual turnover. Where gross turnover is below IDR4.8 billion, the reduction applies on all taxable income.
The corporate income tax rate is 12.5 percent for active income of new operations. A corporate income tax rate of 25 percent applies to passive income and income from certain land dealing activities, mining, and petroleum activities. Capital gains are taxed at 33 percent with a participation exemption for gains on disposals of certain shareholdings of 5 percent 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. Furthermore, with effect from 6 April 2013, retailers with taxable profits in excess of GBP500,000 are taxed at 10%
The corporate tax rate is 25% which is set to increase to 26.5% starting 1.1.2014. 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 percent. IRES of companies producing and distributing energy, including renewable energy, is increased of additional 6.5 percent (10,5 percent for 2011, 2012 and 2013) if certain threshold are met. An increased rate (38 percent versus the ordinary 27,5 percent) applies also to those entities that either are considered "dormant" or declared tax losses for three consecutive years.
The corporate tax rate is 25%. However companies regulated by the Bank of Jamaica, the Financial Services Commission, the Office of Utilities Regulation and the Ministry of Finance and Planning ("regulated companies") are taxed at 33.33%. These regulated companies generally fall within the categories of financial institutions, securities dealers, insurance companies and utility companies. Since April 1, 2013, unregulated companies with annual revenues of J$500,000,000 or more are required to pay corporate tax at a rate of 30% of taxable income. 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%. This rate is generally applied for fiscal years beginning between 1 April 2012 and 31 March 2015 and then will 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).On 1 October 2013, the Japanese government announced that they would consider abolishing a 10% surcharge a year ahead of the original schedule. If the surcharge is abolished as proposed, the effective corporate tax rate for Tokyo based companies should be reduced from 38.01% to 35.64% for fiscal years beginning on or after 1 April 2014.
The tax rate applicable depends on the activities of the company. Financial services companies pay tax at 10 percent. Utility companies e.g. electricity, water and gas pay tax at 20 percent. All other companies are subject to the general rate of 0 percent.
The corporate income tax rates are 14%/24%/30%. The corporate income tax rate of 14% applies to all companies except the below: - a 24% rate applies on Main Telecom Companies, insurance companies, financial mediators and financial companies and finance leasing activities companies. - a 30% rate applies to banks. These rates apply pursuant to a temporary law effective from 1 January 2010 onwards.
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 30%. The corporate tax rate for branches is 37.5%. Profits after tax are subject to 5% or 10% withholding tax, for residents and non-residents respectively, when distributed as dividend. Export processing zone enterprises are exempt from corporate tax for the first 10 years and subsequently enjoy a reduced tax rate of 25% for the next 10 years. Newly listed companies, approved under the Capital Markets Authority enjoy reduced corporation tax rates depending on the percentage of shares floated to the public. Informal businesses with turnover above five hundred thousand Kenya shillings but not exceeding five million Kenya shillings in a year of income pay a turnover tax of 3% which is a final tax.
The corporate tax rate is 11%(including 10% of local income tax) up to 200 million Korean Won, 22%(including 10% of local income tax) over 200 million to 20 billion Korean Won and 24.2%(including 10% of local income tax) 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 percent. 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 percent, but are granted an 80 percent corporate income tax relief. Very small companies with an annual turnover less than EUR100,000 may elect to pay tax of 9 percent of turnover.
The corporate tax rate is 20 percent. In addition to the 20 percent tax rate, a Jihad tax is levied (4 percent of profits).
The corporate income tax rate is 12.5 percent.
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 LTL 1,000,000 (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 22.47% includes a 7% employment fund contribution. Additionally, a municipal business tax is levied. The rate for the city of Luxembourg is 6.75%. The municipal business tax rate varies depending on the location.
The corporate tax rate is 12 percent. Starting from 2008, the Macau Government announced annually, an exemption on taxable income up to MOP200,000. Income between MOP200,000 and MOP300,000 is taxable at 9 percent. The excess is taxed at 12 percent.
The corporate tax rate is 10 percent. 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 Income tax rate is 30% for locally incorporated companies. For foreign and those operating as branches, the rate is 35%. For mobile phone operators the tax rate is 33% with effect from 1 July 2012.
The corporate tax rate is 25 percent. Resident companies with a paid up capital of MYR2.5 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 percent on the first MYR500,000 of chargeable income. For chargeable income in excess of MYR500,000, the corporate income tax rate is 25 percent. Leasing income (from moveable property) derived by a permanent establishment in Malaysia is taxed against a rate of 25 percent whereas a non-resident corporation with no Malaysian permanent establishment is taxed against a rate of 10 percent. A special 5 percent 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 percent. 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 percent.
The corporate tax rate is 35 percent. 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 percent. 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 percent and 10 percent. 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 percent.
The corporate tax rate is 30 percent for 2013. The corporate income tax rate should be reduced to 29 percent in 2014 and to 28 percnet from 2015 onwards. Effective 1 January 2008, the business flat tax (IETU) is in force. Such flat tax is paid at the rate of 17.5 percent 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 that are tax deductible for IT purposes that are not deductible for IETU purposes.
The corporate tax rate is 9 percent. 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 percent. Agricultural companies are taxed at a rate of 10 percent until 31 December 2010. Furthermore, agricultural, cultural, and artisan cooperatives may benefit from a 50 percent reduction in the tax rate.
This rate is applicable to companies other than those carrying on mining or long term insurance operations. Reduced corporate tax rate is also applicable for companies that have been awarded manufacturing status.
The corporate tax rate is 20 percent/25 percent. The first EUR200,000 of taxable profit is taxed at 20 percent. These rates have been in force since 2011.
The corporate tax rate is 28 percent. The 28 percent 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 percent rate effective 1 January 2011, whereas a taxpayer with a standard 31 March year-end will apply the new rate effective from 1 April 2011.10 percent of general insurance premiums paid to non-residents are deemed to have a New Zealand source and are therefore taxable at the 28 percent rate.
The corporate tax rate was changed from 35% to 30% with effect from 1 January 1996. In addition to the corporate tax at 30%, Nigerian companies (i.e., companies incorporated in Nigeria) are liable to tertiary education tax at 2% of their assessable profit.
The corporate tax rate is 28 percent.
The corporate tax rate is 12 percent. This rate is based on taxable profits exceeding OMR30,000 and it applies to all companies irrespective of the form of the company or the nationality. The 12 percent tax rate was effective under the old Income tax law ;however, other rates were also applicable up to 30 percent depending on circumstances. From 1 Jan 2010, only the 12 percent rate is applicable.
The corporate tax rate is 35%. For tax year 2014 tax rate for companies other than banking companies shall be 34%. Small companies may be taxed at a rate of 25%, subject to specified conditions.
The corporate tax rate is 25 percent. An increased tax rate of 27.5 percent 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 percent of the shares. From 2014 onwards this rate will drop to 25 percent equalizing to the general corporate tax rate. For entities in which the State is the owner of more than 40 percent of the shares the corporate tax rate will remain 30 percent.
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, subject to reduction if a non-discrimination clause in a double tax treaty applies).
The corporate income tax general rate is 10 percent. An additional 5 percent tax is imposed on profits distribution (dividends) to domestic shareholders; Dividends paid to non-resident shareholders are subject to a 15 percent withholding tax. The accrued application of the mentioned tax rates results in an effective rate of 25,46 percent. Different effective tax rates apply to different activities performed by non-resident entities in the following cases: 3 percent for qualified insurance premiums; 3 percent for qualified freight and transport; 3 percent for communications (phone, internet, and similar); 4.5 percent for news agencies; 12 percent for distributors of movies, cinema/television, and similar; and 4.5 percent for transfer of the use of containers. For financings received from external banks, current effective rate is 6 percent. 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 percent.
The corporate tax rate is 30 percent.The tax rate on dividends is 4.1 percent; on interest is 4.99 percent or 30 percent for related parties or when requirements stated by law are not comply. Capital gains are taxed at 30 percent.
The corporate tax rate is 30 percent. Corporations and resident foreign corporations are subject to a 2 percent 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 percent corporate tax on net income whenever it is greater than the latter. A 10 percent improperly accumulated earnings tax (IAET) is imposed on undistributed earnings of closely-held corporations, except branches of a foreign corporation and Philippine Economic Zone Authority (PEZA) registered corporations. PEZA registered corporations pay the special tax on gross income earned in lieu of all taxes.
Statutory withholding tax rates are the following: Dividends 19%; Interest 20%; Royalties 20%.
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 EUR7,500,000 and 5% to be levied over the taxable profit exceeding EUR7,500,000. Although the 25% CIT rate and Municipal and State surcharges are still in force, the first draft of the Corporate Income Tax Reform report, currently under public consultation, foresees a reduction in these rates between 2014 and 2018, as follows (CIT rate / Municipal Surcharge / State Surcharge): 2014 (23% / 1.5% / 5%); 2015 (20% / 1.5% / 5%); 2016 (17% / 1.5% / 5%); 2017 (17% / 1.5% / 2%); and 2018 (17% / 0% / 0%).
The corporate tax rate is 10% in Qatar and is generally applicable to only foreign investors. Wholly owned Qatari/GCC entities are exempt from corporate taxation.
The statutory corporate income tax rate is 16%. Taxpayers involved in activities related to nightclubs, casinos, discotheques, and sport-betting organizers, including legal entities which obtain such type of revenues based on an association contract, and in case the relevant profit tax is lower than 5% of the revenues derived from those activities, then such taxpayers are obliged to pay a profit tax of 5% levied on the respective registered revenues. Certain exceptions would apply to investments in deprived areas (according to transitional dispositions). Moreover, there is a specific regime applicable to Romanian legal entities which may fulfill certain conditions to qualify as microenterprises. Such regime is now mandatory. The relevant corporate income tax rate under this regime is 3% (levied on revenues of any source).
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%, 9% or 0%.
The profit tax regime in the BES islands (Bonaire, St. Eustatius and Saba) was abolished in 2011. Instead, a property tax rate of 20 percent (tax rate for hotels is 10 percent) levied on 4 percent of the value of a company's real estate located in the BES islands and a distribution tax rate of 5 percent (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 percent on profits up to EUR 200,000 and a rate of 25 percent for profits exceeding that amount.
The corporate tax rate is 27 percent.
The corporate tax rate is 20 percent. Corporate income tax is payable by non-Saudi shareholders only. Zakat (a religious tax) at 2.5 percent 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 percent is payable on dividends distributed to non-resident shareholders.
The corporate tax rate has been increased to 15 percent as of 1 January 2013.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 percent. From the Year of Assessment 2013 to 2015, companies will receive a 30 percent corporate income tax rebate capped at SGD30,000 per year of assessment. There is a partial exemption of 75 percent on the first SGD10,000 and 50 percent on the next SGD290,000 of the company's income. Start-up 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 percent partial tax exemption applies to the next SGD200,000. A concessionary tax rate of 10 percent or lower applies to qualified entities.
The corporate tax rate is 23 percent. Taxpayers with a financial year other than the calendar year will already have to apply the 23 percent tax rate for a portion of their financial year 2012/2013 falling on 2013. They shall apply the 23 percent tax rate only for the proportion of the tax base relating to the number of months that will fall in 2013 (in their 2012/2013 financial year). For the remaining proportion of the tax base which relates to the number of months that will fall in 2012 the 19 percent tax rate is still applicable.
The corporate tax rate is 17%. 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.
From 1 April 2012 Secondary Tax on Companies at a rate of 10 percent was abolished and replaced by a dividend withholding tax at a rate of 15 percent. This moves the dividend tax to a shareholder tax. This means that the effective corporate tax rate is 28 percent 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 2013 is less than EUR5 million and the average labor force from 2009 to 2013 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%. For fiscal years beginning as from 2013, start-up companies incorporated as from 1st January 2013 will be taxed in the first period showing a positive taxable base and the following fiscal year on a progressive rate. In this respect, the first EUR 300,000 of taxable income will be taxed at 15% rate and the excess will be taxed at 20% rate.
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 are 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 profit tax regime in the BES islands (Bonaire, St. Eustatius and Saba) was abolished in 2011. Instead, a property tax rate of 20 percent (tax rate for hotels is 10 percent) levied on 4 percent of the value of a company's real estate located in the BES islands, and a distribution tax rate of 5 percent (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 percent on profits up to EUR200,000 and a rate of 25 percent for profits exceeding that amount.
The corporate tax rate is 34.5 percent (incl. 15 percent surcharges).
The corporate tax rate is 10 percent, 15 percent, 30 percent, 35 percent. Industrial companies are subject to corporate income tax at a rate of 10 percent. Trading and service companies are subject to corporate income tax at a rate of 15 percent. Tobacco and bank service companies are subject to corporate income tax at a rate of 30 percent. Oil companies are subject to corporate income tax at a rate of 35 percent. Entities that are exempt from corporate income tax are subject to a social development tax at a rate of 5 percent of the exempt taxable profit.
The corporate tax rate is 22 percent as from 1 January 2013.
The maximum effective corporate income tax rates range from 11.36% to 24.43% depending on canton and commune. The rates comprise federal, cantonal, and communal taxes.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.The average of the maximum effective corporate income tax rates in the capital cities of the cantons is 18.01%. Please note that in prior years the tax rate in the city of Zurich (currently 21.15%) was published as the main tax rate of Switzerland. However, it has been decided that the average tax rate applicable in the capital cites of the cantons is considered to be more meaningful. The 2006 – 2012 tax rates have been adjusted accordingly.In 2013, the community of Meggen in the canton of Lucerne has the lowest corporate income tax rate (11.36%) 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 holidays up to 10 years might be available in some regions.
The corporate tax rate is 28 percent. 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 percent; private banks at a flat rate of 25 percent; and public majority joint stock companies at a flat rate of 14 percent. Additional local administration surcharges vary from 4 percent to 10 percent 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 percent to 10 percent depending on their activities. Tourism entities of the luxury and international class are subject to tourism tax at 3 percent 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 when it is more than TWD 120,000. However, the income tax payable shall not exceed half of the part of taxable income that exceeds TWD 120,000. Starting from the fiscal year of 2010, the corporate income tax rate is reduced from 25% to 17%.
The corporate tax rate is 30 percent. Profits after tax are subject to 10 percent withholding tax when distributed as dividend, resulting in an effective tax rate of 37 percent for a profit-making and dividend-distributing business organization.
The corporate tax rate is 20%. The CIT rate is reduced from 30% to 23% for the tax year starting in 2012, and to 20% for the two subsequent tax years. It is expected that the 20% CIT rate will be effective post-2014. A progressive CIT rate applies to small and medium sized enterprises (SMEs), starting with a 0% tax bracket scaling up to a highest bracket of 23% for 2012 and 20% for 2013 and thereafter. An SME is a company with no more than THB 5 million of paid-up capital and no more than THB 30 million turnover. Remittances of dividends and branch profits are subject to 10% withholding tax (WHT). The Board of Investment (BOI) provides tax incentives for promoted businesses, including CIT exemptions and reductions, dividend WHT exemption, and import duty exemptions. Application must be made with the BOI to qualify. The CIT rate applicable to a company operating as a regional operating headquarters (ROH) company can range from 0% to 10%. No WHT is assessed on dividends paid from certain income earned by the ROH. A 50% petroleum income tax is imposed on profits earned from petroleum sales. Foreign companies engaged in international transportation are taxable at the rate of 3% on gross income.
The corporate tax rate is 25 percent. For companies engaged in the liquefaction of natural gas, manufacturing 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 percent applies.
The corporate tax rate is 30%. Fully export companies are taxable at the rate of 10% as per 1 January 2014. Such companies established before 1 January 2014 and for which the 10 years tax holidays did not expire, continue to benefit from a tax holiday for 10 years. For new fully exporting companies, to be incorporated by 31 December 2013 and starting their first sale exporting during 2014, they benefit of 10 years Corporate Income Tax exemption on their export activities. A 35% rate applies to the financial activities, for telecommunication operators and for the service suppliers of the gas and oil operators; those latters are subject to a progressive tax rate ranging between 50% and 75%. A rate of 10% applies to the agriculture 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 percent. 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 30 percent.
The corporate tax rate is 19%. The rate will be further decreased to 16% starting from 1 January 2014. A 0% rate applies to income of insurance companies (from long-term life and pension insurance) as well as eligible small and medium-size companies. A 3% rate applies to income derived by insurance companies from other insurance activities.A 5% rate applies to eligible IT businesses. A 10% rate applies to capital gains realized on dispositions of certain securities and derivatives.Businesses that operate in certain industries (e.g. hotelling, shipbuilding and aircraft manufacturing, agricultural machinery manufacturing, clean energy sector, light industry), or implement priority investment projects, can be temporarily exempt from paying corporate income tax (in full or in part).Eligible domestic agricultural producers can elect to pay a fixed agricultural tax in lieu of the corporate income tax and certain other taxes.
The corporate tax rate is 0 percent/20 percent/55 percent).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 percent 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 percent and 85 percent. Branches of foreign banks are taxed at 20 percent 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 percent municipal tax is charged on hotel revenues (usually passed on to the consumer as a service charge), a 10 percent municipality fee is levied on the rent from commercial property, and a 5 percent 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 rate is 23%. The UK government has announced a staged reduction in the main rate of corporation tax. From 1 April 2012 the main rate of corporation tax was reduced from 26% to 24%, from 1 April 2013 it was reduced to 23%, from 1 April 2014 it will be reduced to 21% and from 1 April 2015 it will be reduced to 20%. A small companies rate applies until 1 April 2015 to companies with taxable profits of up to GBP 300,000 with marginal relief up to GBP 1.5 million. The current small companies rate of 20% has been in place since 1 April 2011. Companies with taxable profits of GBP 1.5 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 (currently USD 18,333,333 and above) is 35%. State and local governments may also impose income taxes ranging from 0% 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.
The corporate tax rate is 25 percent.
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 percent. Corporations engaged in the exploitation of hydrocarbons and related activities are generally subject to corporate income tax at 50 percent (also applicable to income from any other sources). This rate does not include municipal business taxes which range from 0.3 percent to 9.4 percent of gross income, depending on the district, and the business activity. The 34 percent marginal income tax rate is triggered at net taxable income of USD62,800.
The standard rate is 25% (will be reduced to 22% from 2014 and 20% from 2016). Special or preferential tax rates of 10% or 20% can be granted to encouraged investment projects. Certain industries may have a higher tax rate applied (e.g. oil and gas operations and natural resources exploitation from 32% to 50%). For unincorporated (except for those apply CIT on accounted profit) the deemed CIT rates on revenue are from 1% to 10%.
The corporate tax rate is 20 percent.The corporate income tax rate applies to all categories of commercial activity. A tax rate of 15 percent 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%. The tax rate for mining profits is 30% plus a variable profit tax of up to 15% if the profit is in excess of 8% of the turnover. Income earned by telecommunication companies is subject to 40% tax on profits in excess of ZMK 250 million. Profits from farming are taxed at 10%. Profits from the manufacture of chemical and organic fertilizer production, and export of non-traditional items are taxed at a rate of 15%. Companies with a turnover of ZMK 800 million or less pay a turnover tax of 3%. Finally, the tax fiscal year now runs from January 1 to December 31.
Standard rate is 25% and in addition there is a 3% AIDS Levy on the tax making the rate effectively 25.75%
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