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(Feb 22, 2010) The 2010 budget for the Ivory Coast includes a number of tax provisions. Newly incorporated companies will be given tax incentives, as will companies that resume functions or maintained operations in parts of the country affected by the civil war. For companies newly incorporated or resuming activities, there is a tax exemption for eight years. In addition, from 2010 to 2012, those companies need not pay withholding tax on interest earned from inter-corporate interest payments. (Albert Atangana, Ivory Coast: Budget for 2010, TAX NEWS SERVICE, Feb. 19, 2010, subscription newsletter from email@example.com.)
There has already been a reduction of corporate income tax for reinvested profits. The new budget adjusts that regime so that it is extended to trading companies, services suppliers, and those already entitled to special tax incentives. Furthermore, the maximum tax reduction is increased from 25% to 35% in the city of Abidjan and from 30% to 40% elsewhere in the country. (Id.)
The 2010 budget also institutes a one-year tax of 3% of the total operating costs of companies, to help the country recover from the global economic crisis. It applies to companies with a pre-tax turnover of CFAF1 billion (about US$2.134 million) or more as of December 31, 2009. (Id.)
|Author:||Constance Johnson More by this author|
|Topic:||Taxation More on this topic|
|Jurisdiction:||Ivory Coast More about this jurisdiction|
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Last updated: 02/22/2010