No actual foreign tax credit is allowed on foreign-source income if the GBL company has claimed the 80% exemption.
Exemption to Freeport companies (excluding local trading activity) shall continue to apply until 30 June 2021 to any company issued with a Freeport certificate on or before 14 June 2018.
|ENTITY||TAX RATE (%)|
|Global Business Category 1 (GBC1) companies (Global Business Licence as of 1 January 2019) except for specific income||15|
|Freeport operators or Private Freeport Developers carrying on Freeport activities other than providing goods and services on local markets||15|
|Global Business Category 2 (GBC2) companies||Exempt|
|Companies engaged in the export of goods||3|
|All other companies||15|
|GBC 2 LICENSE ISSUE DATE||GRANDFATHERING|
|On or before 16 October 2017||Grandfathered up to 30 June 2021|
|After 16 October 2017||Grandfathered up to 31 December 2018|
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