Exemption of income tax on industrial profits to be implemented
The Ministry of Finance has issued an executive decision to implement the law that cuts income tax off industrial exports by 50 percent.
This exemption is restricted to industrial products that carry a ratified certificate of origin.
Companies that cannot benefit from the exemption are: Those that import industrial products for re-export them, those that pack and label products for re-export, those that export services, consultants, and expertise, and administrative, intellectual and artistic works. Companies that invest in below ground materials such as water, quarries, and cement, as well as companies that invest in petroleum products are also not exempted from this tax.
Date Posted: Jun 04, 2015