Corporate tax of 10% is among the lowest in the region.

Reduced corporate tax rates are in accordance with the amount of investment.

Source:

Source: PriicewatterhouseCoopers

Among the most significant tax incentives are tax loans and the following tax reductions:

▪ Loans for investments in fixed assets

▪ Loans for permanent employment of workers

▪ Tax credit amounting to 80% of the investment

▪ Reduced corporate tax in the fiirst two years of operation

▪ Concession – exempt from corporate tax liabiliitty

▪ Reduced base rate of the income tax

▪ Certain groups of workers are exempt from income tax liabilities

▪ Avoidance of double taxation

▪ Imported equipment is exempt from customs liabilities

TAXATION OF COMPANIES

Value Added Tax (VAT) is payable in every phase of service/product trade and on all imports. VAT rate is 18%, with exception of certain goods and services which are subject to 8% VAT.