Corporate Tax Retention
Corporate tax retention is the right of a taxable person not to remit to the executive budget the amounts of corporate tax, which subsist in the patrimony of the taxable person and are spent for purposes prescribed by a law. CITA provides some specific requirements for taxable persons in order to be entitled to take advantage of such tax retention.
Corporate Tax Exemption
Collective investment schemes and licensed investment companies of the closed-end type under the Public Offering of Securities Act are exempt from the levy of corporate tax. Special purpose investment companies under the Special Purpose Investment Companies Act are also exempt from the levy of corporate tax.
Corporate Tax Incentives
Corporate tax incentives are divided into General tax incentives and Regional tax incentives.
General tax incentives:
1) tax incentives upon hiring of unemployed persons. Such legal entities are entitled to debit the accounting financial result by the amounts paid for labor remuneration and the contributions remitted on behalf of the employer to the public social insurance funds and the National Health Insurance Fund during the first twelve months after the hiring.
2) tax incentives for enterprises hiring people with disabilities. Such entities may be allowed to retain 100 % of the corporate tax otherwise due under certain conditions.
3) tax incentives for Social and health security funds. Such entities are allowed to retain 50 % of the corporate tax on their economic activity directly related to their primary activity otherwise due under specific conditions) etc.
Regional tax incentives:
Taxable entities may be able to arrange specific forms of tax retention, tax relief, state aid for regional development and agriculture.