The Minister of Finance has issued new regulations* to create a framework allowing public companies, that are domestic corporate tax payers, to submit a request for the reduction of income tax rates.

The new framework sets out detailed criteria for qualification of income tax reduction and the manner in which such reduction may be applied for.

*Regulation No. 40 of 2023 on Forms and Procedures for the Submission of Reports and Lists of Taxpayer Within the Context of the Fulfilment of Requests for Reductions in Income-Tax Rates for Domestic Corporate Taxpayers That Take the Form of Public Companies.