On 28 February 2022, the State Revenue Committee announced new corporate income tax and value added tax (VAT) benefits for the small businesses in the manufacturing industry. This was reported by the State Revenue Committee of the Ministry of Finance.
Corporate income tax
With effect from 1 January 2022, a small business entity applying the generally established procedure of taxation and operating in the manufacturing industry has the right to reduce the amount of taxable income accrued for the purchase or construction of industrial buildings and structures that meet the requirements of paragraph 4 of Article 274 of the Tax Code.
VAT
With effect from 1 July 2021, an additional VAT accounting (70%) applies for new manufacturing companies in the sale of goods resulting from the production activities in the manufacturing industry. Exemptions may not be used by producers of alcoholic beverages, tobacco products and taxpayers in the metallurgical industry.
