18 Corporate Tax Rate Survey 2006
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55 New Zealand (2006 rate = 33%) The corporate income tax rate is 33 percent. A flat tax of 3.3 percent applies to general insurance premiums and film hire taxes paid to non-residents. The New Zealand Government has introduced the large budget screen production grant scheme, which provides a rebate of 12.5 percent of the Qualifying New Zealand Production Expenditure to film and television production companies, provided certain requirements are satisfied. A film or television company will be eligible for the grant if it is a New Zealand resident company or a foreign corporation operating with a permanent establishment in New Zealand.
56 Norway (2006 rate = 28%) The corporate income tax rate for 2006 is 28 percent.
57 Oman (2006 rate = 12%) The corporate income tax rate of 12 percent on taxable profits exceeding RO 30,000 applies to (1) all companies incorporated in Oman and (2) branches and permanent establishments in Oman of companies incorporated in the other Gulf Co-operation Council (GCC) countries (Bahrain, Kuwait, Qatar, Saudi Arabia and United Arab Emirates). In the case of branches and permanent establishments in Oman of non- GCC companies the tax rates range from 0 percent to 30 percent, depending upon amount of taxable profits. For these entities, the rate once determined will be applied to the total taxable profits.
58 Pakistan (2006 rate = 35%) Corporate income tax rates differ according to the status of the company, and may vary from period to period. For example, for a 2006 tax year ending on June 30, 2006 or December 31, 2005, a rate of 37 percent applies to private companies, a rate 35 percent applies to public companies and a rate of 38 percent applies to banks.
59 Panama (2006 rate = 30%) Tax due will be the higher of 30 percent of net taxable income and 1.4 percent of Panamanian source gross income (alternative minimum tax). Corporations with losses may request a three-year break from the application of alternative minimum tax. If there is no distribution, or if the distributed amount is less than 40 percent of net earnings, a so-called complementary tax of four percent is due as an advanced dividend tax.
60 Papua New Guinea (2006 rate = 30%) For mining and gas companies the tax rate is 30 percent. Existing Petroleum projects are subject to a 50 percent tax. New petroleum projects are taxed at either 45 percent or 30 percent, depending on when the license is issued. Non-resident mining companies pay tax at 40 percent. A branch of a foreign company is taxed at 48 percent. Non-residents are taxed on a deemed profit basis (shipping: 5 percent, i.e., an effective tax rate of 2.4 percent of gross income; insurance: 10 percent, i.e., an effective tax rate of 4.8 percent of gross income). Foreign contractors can elect to be taxed on a deemed profit basis of 25 percent (i.e., an effective tax rate of 12 percent of gross income).
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