Parliament revises corporate tax rules placing foreign and domestic investors on equal footing
08 Jun 2016
On 8 June 2016, the Parliament approved legislative changes which will grant foreign investors the same tax status as domestic investors. Previously, domestic funds were exempt from paying corporate income tax on revenue related to dividends and real estate, while foreign funds were required to pay a 15 per cent tax rate on such gains. Under the new rules, shareholders will be eligible for tax rebates only if the stocks are held 45 days before and after the dividend payout date. The new regulation is expected to be in place by January 2018.
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