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Corporate tax
| Tax rate for resident companies |
Companies may be taxed under the Withholding Tax Regime or the Optional Tax Regime. Under the Withholding Tax Regime, companies are subject to tax at a rate of 5% on their taxable income.
Under the Optional Tax Regime, companies are subject to tax at a rate of 31% on their taxable income.
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| Tax rate on long-term capital gains |
Capital gains are taxed at a rate of 10% under the Withholding Tax Regime or 31% under the Optional Tax Regime.
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| System governing groups of companies and dividends paid by subsidiaries to their parent companies |
Dividends paid to non-resident companies are subject to a withholding tax of 10%. Dividends paid to resident companies are not charged.
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| Tax rate on branches |
Branches are taxed from 5% or 31% depending of the fiscal regime.
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Income tax
| Fiscal year |
The fiscal year begins on July 1st and ends on June 30 of the next year.
In some cases, a fiscal exercise corresponding to the calendar year can be allowed.
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| Income tax rate |
Rate is progressive from 15 to 31%.
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VAT rates
| Standard rates |
12%
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| Reduced rates |
There is no reduced rate.
Are exempted exports, basic foodstuffs, certain financial services and sales of some low-cost housing.
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Other important taxes
| Name of tax |
Rate |
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Asset tax, import duties, inheritance and gift tax, property tax, tax on alcoholic beverages
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Accounting
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Obligations and publications
Each company has to publish a balance sheet each year.
Professionals and representative organizations
The Ministry of Finance is the representative body.
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| Last modified in
January 2007
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