Tax Alert: 04 December 2012

Various changes announced to Taxation of Dividends and Interest, VAT and Customs Duty for PSAs and SMEs and Social Insurance


The Parliament approved various changes to the taxation of Dividends and Interest income for individuals, VAT and Customs Duty relating to the Oil Exploration and Production industry, VAT and Customs Duty for SMEs  and Social Insurance.

Notably significant is the cancellation of the VAT and Customs Duty Exemption  for the importation of equipment, materials and supplies, parts and fuels by companies operating under  Production Sharing Agreements in the Oil Exploration and Production Industry.  

Should you have any questions or require tax advice, please do not hesitate to contact us.