Worldwide Corporate Tax Guide 2019 Tax Corporate Worldwide EY | Assurance | Tax | Transactions | Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better Worldwide working world for our people, for our clients and for our communities. Corporate Tax Guide EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate 2019 legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. For more information about our organization, please visit ey.com. About EY’s Tax Services Your business will only succeed if you build it on a strong foundation and grow it in a sustainable way. At EY, we believe that managing your tax obligations responsibly and proactively can make a critical difference. Our 50,000 talented tax professionals, in more than 150 countries, give you technical knowledge, business experience, consistency and an unwavering commitment to quality service — wherever you are and whatever tax services you need. © 2019 EYGM Limited. All Rights Reserved. EYG no. 002787-19Gbl ED None This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice. ey.com Access Global Tax Guides Read the Worldwide Corporate Tax Guide on the EY website or on your tablet where it is accompanied by timely, country-specific Global Tax Alerts. You will also find the Worldwide Personal Tax and Immigration Guide and the Worldwide VAT, GST and Sales Tax Guide as well as guides on transfer pricing, estate and inheritance taxes, research and development incentives, oil and gas taxes, digital tax, and tax relief on capital expenditures. Global Tax Guides at your fingertips ey.com/GlobalTaxGuides ey.com/TaxGuidesApp Preface Governments worldwide continue to reform their tax codes at a historically rapid rate. Taxpayers need a current guide, such as the Worldwide Corporate Tax Guide, in such a shifting tax land- scape, especially if they are contemplating new markets. The content is straightforward. Chapter by chapter, from Afghanistan to Zimbabwe, we summarize corporate tax systems in more than 160 jurisdictions. The content is current on 1 January 2019, with exceptions noted. Each chapter begins with contact information for the key peo- ple in that jurisdiction’s EY offices. Symbols precede the names of individuals who hold the following functions: National director of the listed tax specialty Director of the listed specialty in the local office We then lay out the facts about the jurisdiction’s corporate taxes, beginning with an at-a-glance summary. With some variation, the topics covered are taxes on corporate income and gains, determi- nation of trading income, other significant taxes, miscellaneous matters (including foreign-exchange controls, debt-to-equity rules, transfer pricing, controlled foreign companies and anti-avoidance legislation) and treaty withholding tax rates. At the back of the guide, you will find a list of the names and codes for all national currencies and a list of contacts for other jurisdictions. For many years, the Worldwide Corporate Tax Guide has been published annually along with two companion guides on broad- based taxes: the Worldwide Personal Tax and Immigration Guide and the Worldwide VAT, GST and Sales Tax Guide. In recent years, those three have been joined by additional tax guides on more- specific topics, including the Worldwide Estate and Inheritance Tax Guide, the Worldwide Transfer Pricing Reference Guide, the Global Oil and Gas Tax Guide, the Worldwide R&D Incentives Reference Guide, the Worldwide Digital Tax Guide and the World- wide Capital and Fixed Assets Guide. Each of the guides represents thousands of hours of tax research. They are available free online along with timely Global Tax Alerts and other great publications on ey.com or in our EY Global Tax Guides app for tablets. You can keep up with the latest updates at ey.com/ GlobalTaxGuides, and find out more about the app at ey.com/ TaxGuidesApp. EY May 2019 This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advi- sors for specific advice. About EY’s Tax Services Your business will only succeed if you build it on a strong foundation and grow it in a sustain- able way. At EY, we believe that managing your tax obligations responsibly and proactively can make a critical difference. Our 50,000 talented tax professionals, in more than 150 countries, give you technical knowledge, business experi- ence, consistency and an unwavering commit- ment to quality service — wherever you are and whatever tax services you need. © 2019 EYGM Limited. All Rights Reserved. Contents EY Global Tax contacts .............................................................. 1 EY Global Tax Desk Network .................................................... 4 Afghanistan ............................................................................... 12 Albania ...................................................................................... 19 Algeria ....................................................................................... 28 Angola ....................................................................................... 38 Anguilla (Other jurisdictions chapter) .................................. 1883 Antigua and Barbuda (Other jurisdictions chapter) ............. 1883 Argentina ................................................................................... 47 Armenia .................................................................................... 56 Aruba ........................................................................................ 66 Australia .................................................................................... 71 Austria (European Union member state) ................................ 104 Azerbaijan ............................................................................... 119 Bahamas .................................................................................. 125 Bahrain .................................................................................... 129 Bangladesh .............................................................................. 132 Barbados ................................................................................. 142 Belarus .................................................................................... 151 Belgium (European Union member state) .............................. 167 Bermuda .................................................................................. 187 Bolivia ..................................................................................... 192 Bonaire, Sint Eustatius and Saba (BES-Islands) .................... 201 Bosnia and Herzegovina (Other jurisdictions chapter) ......... 1883 Botswana ................................................................................. 205 Brazil ....................................................................................... 209 British Virgin Islands .............................................................. 221 Brunei Darussalam.................................................................. 225 Burkina Faso (Other jurisdictions chapter) ........................... 1883 Bulgaria (European Union member state) .............................. 229 Cambodia ................................................................................ 241 Cameroon ................................................................................ 248 Canada ..................................................................................... 258 Cape Verde .............................................................................. 283 Cayman Islands ....................................................................... 295 Chad ........................................................................................ 299 Chile ........................................................................................ 305 China (mainland) .................................................................... 314 Colombia ................................................................................. 342 Congo, Democratic Republic of ............................................ 357 Congo, Republic of ................................................................. 364 Costa Rica ............................................................................... 370 Côte D’Ivoire (Ivory Coast) .................................................... 379 Croatia (European Union member state) ................................ 386 Curaçao ................................................................................... 397 Cyprus (European Union member state) ................................ 407 Czech Republic (European Union member state) .................