Worldwide Tax Summaries Corporate Taxes 2010/11 - PwC

1 Worldwide Tax SummariesCorporate Taxes 2010 Ta x SummariesCorporate Taxes 2010 /11 All information in this book, unless otherwise stated, is up to date as of 28 May publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PwC does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

2 2010 PwC. All rights reserved. Not for further distribution without the permission of PwC. PwC refers to the network of mem ber firms of PricewaterhouseCoopers International Limited (PwCIL), or, as the context requires, individual member firms of the PwC network. Each member firm is a separate legal entity and does not act as agent of PwCIL or any other member firm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way. No member firm is responsible or liable for the acts or omissions of any other member firm nor can it control the exercise of another member firm s professional judgment or bind another member firm or PwCIL in any Services 24501 (08/10).

3 To Worldwide Tax Summaries Corporate Taxes 2010 /11, which provides quick and easy access to information on Corporate tax rates and rules in 139 countries Worldwide . The country Summaries written by our local PwC tax specialists include information about changes in legislation, residency, gross income, deductions, tax credits, tax administration, other Taxes and tax rates. All information in this book, unless otherwise stated, is up to date as of 28 May 2 010. Please also visit our online version of these Summaries at Each country summary is reviewed and updated as necessary on a periodic basis and each web page shows the date of the latest update to that information.

4 If you have any queries, or need more detailed advice on any aspect of tax, please get in touch with us. The PwC tax network has member firms throughout the world who can offer you high quality advice and support, whenever and wherever you need it, and our specialist networks can provide both a domestic and cross border perspective to the tax challenges you are facing. We ve also included for reference a list of some of our key specialists at the back of this book, to help you locate the right person, in both our major territories and hope this book will be a useful reference tool, to help you manage Taxes around the world. Yours sincerelyRichard Collier-KeywoodVice Chairman, Tax+44 20 7213 Worldwide Tax Summaries2 ContentsForeword.

5 1 Country chapters ..5 Albania ..7 Angola ..13 Antigua and Barbuda ..19 Argentina ..26 Armenia ..42 Aruba ..47 Australia ..54 Austria ..81 Azerbaijan ..99 Bahrain ..108 Belarus ..111 Belgium ..129 Bermuda ..151 Bolivia ..154 Bosnia and Herzegovina ..161 Botswana ..171 Brazil ..177 Bulgaria ..187 Cambodia ..198 Cameroon, Republic of ..204 Canada ..210 Cayman Islands ..233 Chile ..235 China, People s Republic of ..240 Colombia ..255 Congo, Democratic Republic of ..265 Congo, Republic of ..270 Costa Rica ..284 Croatia ..289 Cyprus ..299 Czech Republic ..307 Denmark ..317 Dominican Republic ..329 Ecuador ..334 Egypt ..341El Salvador ..348 Equatorial Guinea.

6 356 Estonia ..3 61 Fiji Islands ..370 Finland ..381 France ..393 Gabon, Republic of ..413 Georgia ..420 Germany ..425 Ghana ..437 Gibraltar ..444 Greece ..451 Guatemala ..467 Guernsey, Channel Islands ..475 Honduras ..479 Hong Kong ..485 Hungary ..499 India ..524 Indonesia ..548 Iraq ..558 Ireland ..562 Isle of ..588 Italy ..609 Ivory Coast (C te d Ivoire) ..633 Jamaica ..640 Japan ..649 Jersey, Channel ..667 Kazakhstan, Republic of ..674 Kenya ..682 Korea, Republic of ..689 Kuwait ..708 Kyrgyzstan ..717 Latvia ..728 Lebanon ..741 Libya ..758 Lithuania ..765 Luxembourg ..777 Macau ..793 Macedonia ..803 Madagascar ..811 Malawi ..815 Malaysia.

7 826 Malta ..847 Mauritius ..858 Mexico ..864 Moldova ..892 Mongolia ..907 Montenegro ..914 Mozambique ..920 Namibia, Republic of ..928 Netherlands ..941 Netherlands Antilles ..960 New Zealand ..972 Nicaragua ..994 Nigeria ..999 Norway ..1009 Oman ..1022 Pakistan ..1032 Panama ..10 41 Papua New Guinea ..1049 Paraguay ..1063 Peru ..1068 Philippines ..1077 Poland ..1090 Portugal ..1101 Puerto ..1139 Romania ..114 5 Russian Federation ..1163 Saudi Arabia ..1177 Senegal ..1187 Serbia ..1192 Singapore ..1200 Slovak Republic ..1213 Slovenia ..1224 South Africa ..1233 Spain ..1248 Sri Lanka ..1276St. Kitts Nevis ..1287St. Lucia ..1295 Swaziland.

8 1304 Sweden ..1308 Switzerland ..1338 Tajikistan ..1347 Tanzania ..1353 Thailand ..13 61 Trinidad and Tobago ..1373Tu r k e y ..1382 Turkmenistan ..1399 Uganda ..14 0 4 Ukraine ..1419 United Arab Emirates ..1429 United Kingdom ..1433 United States ..1463 Uruguay ..1486 Uzbekistan, Republic of ..1495 Venezuela ..1502 Vietnam ..1518 Zimbabwe ..1528 Global tax networks ..1539 Global tax contacts ..1559 Country chaptersCorporate Taxes in more information, contact:Peter BurniePricewaterhouseCoopers Consulting City Belgrade88a Omladinskih brigada BelgradeSerbiaTel: +381 11 3302 138 Email: developmentsAll taxpayers must submit tax returns electronically.

9 Depending on the category of taxpayers, the electronic filing comes into force on the following dates: Taxpayers registered with the Regional Directorate of Large Taxpayers starting from 1 January 2010 ; Taxpayers registered for VAT and Corporate income tax with the regional tax offices starting from 1 March 2010 ; Taxpayers registered for VAT and subject to personal income tax for small business starting from 1 July 2010 ; and State institutions submitting tax returns for personal income tax and social and health contribution starting from 1 March on Corporate incomeThe Corporate income tax rate in the country is 10%.The following entities are exempt from tax on profit: foundations or non banking financial institutions established to support development policies of the government through credit activities.

10 In addition, film studios and cinematographic productions (among other types of entity/activity) that are licensed and funded by the National Cinematographic Centre are exempt from the Corporate income residenceBased on Albanian legislation, a legal entity is deemed to be resident in Albania if either of the following is true: The legal entity has its head office in Albania; or The legal entity has its place of effective management in taxesValue-added tax (VAT) Taxable persons are all individuals and legal entities registered, or required to be registered for VAT purposes. The VAT registration threshold in Albania is ALL 5 million.