The Finance Act 2021 includes corporate and individual income tax and value added tax (VAT) measures.
- With regard to the rate of corporate income tax, the legislation reflects:
- A decrease from 32.5% to 30% for non-listed companies
- A decrease from 25% to 22.5% for listed companies
- A decrease from 32.5% to 30% for associations of persons
- A decrease from 32.5% to 25% for a one-person company
Among the VAT-related measures are:
- A new definition for mobile banking services
- Repeal of the liability of VAT agents of non-residents
- Amendments to the input VAT mechanism
- A reduction of the advance VAT rate and changes to the withholding VAT payment rules
- New VAT exemptions for manufacturers and extensions of VAT exemptions for certain manufacturer
