REDUCED CORPORATE INCOME TAX (CIT) RATES FOR FINANCIAL INSTITUTIONS GRANTING LOANS TO FARMING ENTERPRISES AND LEASING COMPANIES
Brief Description
Corporate tax rates are presently 25%. However, the following chargeable income
tax rates (a reduced rate) applies to:
•Financial institution income from loans granted to farming enterprises for use by
that enterprise in the production of income is taxed at the rate of: 20%
•Financial institution income from loans granted to leasing companies for the use
by that company for the funding or acquisition of assets for lease is taxed at the
rate of : 20%
Criteria
ompanies principally engaged in the fi nancial industry granting loans to farming enterprises and leasing companies
