Sub-Decree No. 17 ANKr.BK: Tax incentive for SMEs who voluntarily register for tax
In order to incentivize SMEs to voluntarily register for tax, the General Department of Taxation (GDT) has enacted Sub-Decree No. 17 ANKr.BK (“Sub-Decree 17”). The primary elements of the Sub-Decree are:
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SMEs that register with the General Department of Taxation in 2017 and 2018 may claim a two year exemption from Tax on Profit. (The exemption period begins either from the year the SME first generated revenue or from the year of tax registration–whichever comes first)
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SMEs are also exempted from the annual 1% Minimum Tax (and monthly pre-payments) during this exemption period.