Corporate income tax
The standard corporate tax rate is 22 percent with effect from 1 January 2014 (previously the rate was 25 percent). The standard corporate tax rate will further reduce to 20 percent from 1 January 2016. Preferential tax rates can be obtained for encouraged projects. See “Other incentives” section for further details. Certain industries may have a higher tax rate applied (e.g. oil and gas operations and natural resources industry − 32 percent to 50 percent).