Effective Tax Rates and Statutory Tax Regulations
The statutory tax rate for corporate entities in this jurisdiction is consistently set at 10%. Nevertheless, specific provisions govern various tax rates for distinct types of companies and taxable income scenarios. As of January 1, 2019, insurance companies are subject to a standard tax rate of 10% applied to their net income after permissible deductions. Previously, insurance companies were taxed at a rate of 5% based on accrued gross premiums. This tax is payable quarterly.