Global Trade Alert

On 9 August 2012 the Ministry of Strategy and Finance announced the details of the 2012 Tax Revision Bill, elements of which relate to international commerce. One prominent component was the extension for two years of the incentives given to "domestic firms" to repatriate commercial activities once they have been away for more than two years. Such firms can enjoy a five year corporate and individual tax holiday followed by two further years with a 50 percent reduction in these taxes. In addition, returning Small and Medium Sized Businesses can claim import tariff exemptions.