Corporate Taxes will be levied on the taxable persons. Broadly, the decree law has bifurcated the taxable person into 2 categories, which can be understood from below sketch.
Further Residence for Corporate Tax purposes is not determined by where a person resides or is domiciled but instead by specific factors that are set out in the Corporate Tax Law. If a Person does not satisfy the conditions for being either a Resident or a Non-Resident person then they will not be a Taxable Person and will therefore be not subject to Corporate Tax.
Residency of a taxable person can be understood from the below table.
With the suggestion of minister, cabinet will issue a decision which will specify the business & business activities conducted by the resident or non-resident natural persons. A natural person will only be liable to pay taxes in the income derived from these activities only.
