2019 Worldwide Corporate Tax Guide - Ernst & Young

Worldwide Corporate Tax Guide

2020

Preface

Governments worldwide continue to reform their tax codes at a historically rapid rate. Taxpayers need a current guide, such as the Worldwide Corporate Tax Guide, in such a shifting tax landscape, especially if they are contemplating new markets.

The content is straightforward. Chapter by chapter, from Albania to Zimbabwe, we summarize corporate tax systems in more than 160 jurisdictions. The content is current on 1 January 2020, with exceptions noted. In general, this Tax Guide does not reflect any COVID-19 tax policy measures. For the latest developments, access the EY Tax COVID-19 Response Tracker here.

Each chapter begins with contact information for the key people in that jurisdiction's EY member firm offices. Symbols precede the names of individuals who hold the following functions: National director of the listed tax specialty Director of the listed specialty in the local office

We then lay out the facts about the jurisdiction's corporate taxes, beginning with an at-a-glance summary. With some variation, the topics covered are taxes on corporate income and gains, determination of trading income, other significant taxes, miscellaneous matters (including foreign-exchange controls, debt-to-equity rules, transfer pricing, controlled foreign companies and anti-avoidance legislation) and treaty withholding tax rates.

At the back of this Tax Guide, you will find a list of the names and codes for all national currencies and a list of contacts for other jurisdictions.

For many years, the Worldwide Corporate Tax Guide has been published annually along with two companion guides on broadbased taxes: the Worldwide Personal Tax and Immigration Guide and the Worldwide VAT, GST and Sales Tax Guide. In recent years, those three have been joined by additional Tax Guides on morespecific topics, including the Worldwide Estate and Inheritance Tax Guide, the Worldwide Transfer Pricing Reference Guide, the Global Oil and Gas Tax Guide, the Worldwide R&D Incentives Reference Guide, the Worldwide Digital Tax Guide and the World wide Capital and Fixed Assets Guide.

Each of the Tax Guides represents thousands of hours of tax research. They are available free online along with timely Global Tax Alerts and other great publications on or in our EY Global Tax Guides app for tablets.

You can keep up with the latest updates at GlobalTaxGuides, and find out more about the app at TaxGuidesApp.

The EY organization May 2020

This material has been prepared for general informational purposes only and is not intended to be relied upon as legal, accounting, tax or other professional advice. Please refer to your advisors for specific advice.

About EY's Tax Services Your business will only succeed if you build it on a strong foundation and grow it in a sustainable way. At EY, we believe that managing your tax obligations responsibly and proactively can make a critical difference. Our 50,000 talented tax professionals, in more than 150 countries, give you technical knowledge, business experience, consistency and an unwavering commitment to quality service -- wherever you are and whatever tax services you need.

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Contents

EY Global Tax contacts............................................................... 1 EY Global Tax Desk Network..................................................... 3 Albania....................................................................................... 11 Algeria........................................................................................ 21 Angola........................................................................................ 31 Anguilla (Other jurisdictions chapter)................................... 1931 Antigua and Barbuda (Other jurisdictions chapter).............. 1931 Argentina.................................................................................... 40 Armenia..................................................................................... 49 Aruba......................................................................................... 59 Australia..................................................................................... 66 Austria (European Union member state)................................... 96 Azerbaijan................................................................................ 111 Bahamas................................................................................... 117 Bahrain..................................................................................... 122 Bangladesh............................................................................... 126 Barbados.................................................................................. 137 Belarus..................................................................................... 147 Belgium (European Union member state)............................... 163 Bermuda................................................................................... 187 Bolivia...................................................................................... 192 Bonaire, Sint Eustatius and Saba (BES-Islands)..................... 201 Bosnia and Herzegovina (Other jurisdictions chapter).......... 1931 Botswana.................................................................................. 205 Brazil........................................................................................ 210 British Virgin Islands............................................................... 223 Brunei Darussalam.................................................................. 227 Bulgaria (European Union member state)............................... 231 Burkina Faso (Other jurisdictions chapter)............................ 1931 Cambodia................................................................................. 245 Cameroon................................................................................. 252 Canada...................................................................................... 262 Cape Verde............................................................................... 287 Cayman Islands........................................................................ 300 Chad......................................................................................... 304 Chile......................................................................................... 311

China Mainland........................................................................ 320 Colombia.................................................................................. 349 Congo, Democratic Republic of ............................................. 364 Congo, Republic of.................................................................. 370 Costa Rica................................................................................ 376 C?te D'Ivoire (Ivory Coast)..................................................... 386 Croatia (European Union member state)................................. 393 Cura?ao.................................................................................... 405 Cyprus (European Union member state)................................. 415 Czech Republic (European Union member state)................... 426 Denmark (European Union member state).............................. 446 Dominica (Other jurisdictions chapter)................................. 1931 Dominican Republic................................................................ 463 Ecuador.................................................................................... 471 Egypt........................................................................................ 479 El Salvador............................................................................... 488 Equatorial Guinea.................................................................... 496 Estonia (European Union member state)................................. 500 Eswatini (formerly Swaziland)................................................ 509 Faroe Islands (Other jurisdictions chapter)............................ 1931 Fiji............................................................................................ 512 Finland (European Union member state)................................. 516 France (European Union member state).................................. 531 Gabon....................................................................................... 554 Georgia..................................................................................... 560 Germany (European Union member state).............................. 571 Ghana....................................................................................... 608 Gibraltar................................................................................... 617 Greece (European Union member state)................................. 624 Greenland (Other jurisdictions chapter)................................ 1931 Grenada (Other jurisdictions chapter)................................... 1931 Guam........................................................................................ 637 Guatemala................................................................................ 640 Guernsey, Channel Islands....................................................... 648 Guinea...................................................................................... 654 Guyana..................................................................................... 658 Honduras.................................................................................. 664 Hong Kong............................................................................... 671 Hungary (European Union member state)............................... 684

Iceland...................................................................................... 701 India......................................................................................... 707 Indonesia.................................................................................. 741 Iraq........................................................................................... 755 Ireland, Republic of (European Union member state)............. 761 Isle of Man............................................................................... 790 Israel......................................................................................... 795 Italy (European Union member state)..................................... 812 Jamaica..................................................................................... 848 Japan........................................................................................ 856 Jersey, Channel Islands............................................................ 873 Jordan....................................................................................... 879 Kazakhstan............................................................................... 885 Kenya....................................................................................... 893 Korea (South)........................................................................... 900 Kosovo..................................................................................... 911 Kuwait...................................................................................... 918 Kyrgyzstan (Other jurisdictions chapter)............................... 1931 Laos.......................................................................................... 938 Latvia (European Union member state).................................. 943 Lebanon.................................................................................... 951 Lesotho..................................................................................... 958 Liberia (Other jurisdictions chapter)..................................... 1931 Libya........................................................................................ 962 Liechtenstein............................................................................ 966 Lithuania (European Union member state)............................. 972 Luxembourg (European Union member state)........................ 986 Macau..................................................................................... 1010 Madagascar............................................................................ 1016 Malawi................................................................................... 1024 Malaysia................................................................................. 1033 Maldives................................................................................. 1047 Mali (Other jurisdictions chapter)......................................... 1931 Malta (European Union member state)................................. 1049 Marshall Islands (Other jurisdictions chapter)...................... 1931 Mauritania.............................................................................. 1070 Mauritius................................................................................ 1075 Mexico................................................................................... 1096 Micronesia (Other jurisdictions chapter)............................... 1931

Moldova................................................................................. 1109 Monaco.................................................................................. 1117 Mongolia................................................................................ 1122 Montenegro, Republic of....................................................... 1131 Montserrat (Other jurisdictions chapter)............................... 1931 Morocco................................................................................. 1137 Mozambique.......................................................................... 1148 Myanmar................................................................................ 1154 Namibia.................................................................................. 1159 Netherlands (European Union member state)....................... 1166 New Caledonia....................................................................... 1193 New Zealand.......................................................................... 1199 Nicaragua............................................................................... 1215 Niger (Other jurisdictions chapter)........................................ 1931 Nigeria.................................................................................... 1220 North Macedonia................................................................... 1231 Northern Mariana Islands, Commonwealth of the................ 1239 Norway................................................................................... 1243 Oman...................................................................................... 1258 Pakistan.................................................................................. 1269 Palau (Other jurisdictions chapter)........................................ 1931 Palestinian Authority.............................................................. 1289 Panama................................................................................... 1293 Papua New Guinea................................................................. 1309 Paraguay................................................................................. 1319 Peru........................................................................................ 1322 Philippines............................................................................. 1339 Poland (European Union member state)................................ 1352 Portugal (European Union member state)............................. 1379 Puerto Rico............................................................................ 1403 Qatar....................................................................................... 1413 Romania (European Union member state)............................ 1428 Russian Federation................................................................. 1449 Rwanda.................................................................................. 1468 St. Kitts and Nevis (Other jurisdictions chapter).................. 1931 St. Lucia................................................................................. 1472 Saint-Martin........................................................................... 1478 St. Vincent and the Grenadines (Other jurisdictions chapter)................................................. 1931 S?o Tom? and Pr?ncipe.......................................................... 1484

Saudi Arabia........................................................................... 1493 Senegal................................................................................... 1507 Serbia, Republic of................................................................ 1514 Singapore............................................................................... 1523 Sint Maarten........................................................................... 1537 Slovak Republic (European Union member state)................ 1545 Slovenia (European Union member state)............................. 1561 South Africa........................................................................... 1577 South Sudan........................................................................... 1595 Spain (European Union member state).................................. 1599 Sri Lanka................................................................................ 1627 Suriname................................................................................ 1642 Sweden (European Union member state).............................. 1646 Switzerland............................................................................ 1659 Taiwan.................................................................................... 1682 Tajikistan (Other jurisdictions chapter)................................. 1931 Tanzania................................................................................. 1694 Thailand................................................................................. 1702 Timor-Leste (formerly East Timor) (Other jurisdictions chapter)................................................. 1931 Trinidad and Tobago.............................................................. 1711 Tunisia.................................................................................... 1718 Turkey.................................................................................... 1730 Turkmenistan (Other jurisdictions chapter)........................... 1931 Uganda................................................................................... 1750 Ukraine................................................................................... 1756 United Arab Emirates............................................................ 1774 United Kingdom (European Union member state)................ 1779 United States.......................................................................... 1814 US Virgin Islands................................................................... 1874 Uruguay.................................................................................. 1878 Uzbekistan.............................................................................. 1883 Venezuela............................................................................... 1890 Vietnam.................................................................................. 1902 Yemen (Other jurisdictions chapter)...................................... 1931 Zambia................................................................................... 1915 Zimbabwe............................................................................... 1921 Contacts for other jurisdictions.............................................. 1931 Foreign currencies.................................................................. 1933

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