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24 Corporate Tax Rate Survey 2006

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83 Uruguay (2006 rate = 30%) The Government is currently considering a tax reform to reduce the corporate income tax rate to 25 percent from 2007 onwards.

84 Venezuela (2006 rate = 34%) The income of corporations engaged in the exploitation of hydrocarbons and related activities is generally subject to a corporate income tax rate of 50 percent. This includes income from other sources. The rate indicated does not include municipal business taxes, which apply at rates ranging from 0.3 percent to 9.4 percent of gross income, depending on the district and the business


85 Vietnam (2006 rate

= 28%)

The 28 percent corporate income tax rate applies to resident companies with foreign investors (including joint ventures, 100 percent foreign-owned companies and business co-operation contracts) licensed from January 1, 2004 (25% if licensed before January 1, 2004) and Vietnamese enterprises. However, concessionary corporate income tax rates (10 percent, 15 percent, 20 percent) will apply for certain projects. Corporate income tax rates from 28 to 50 percent apply to businesses conducting prospecting, exploration and exploitation of petroleum and gas and other rare and precious natural resources.

86 Zambia (2006 rate = 35%) The general corporate income tax rate is 35 percent. Income earned by banking institutions is subject to 45 percent tax. Profits from farming, chemical fertilizer production and export of non-traditional items are taxed at a rate of 15 percent. Companies that with a turnover of K200,000,000 or less pay a turnover tax of three percent. Tax on foreign exchange earned by Sun Hotel is subject to tax at 15 percent.

© 2006 KPMG International. KPMG International is a Swiss cooperative of which all KPMG firms are members. KPMG International provides no services to clients. Each member firm is a separate and independent legal entity and each describes itself as such. All rights reserved.

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