A clarification about Article 24 of the Law on Taxation—which states that “a qualified investment project with an independent audit report may be eligible for a minimum tax exemption”—was released by the General Department of Taxation (GDT) on April 8, 2024.

A few months earlier, businesses made a number of requests for clarification about whether having an independent audit report alone is sufficient or if submitting one is required in order to be eligible for the minimum tax exemption. The GDT went even further by taking a business-friendly stance and granting minimum tax exemption for the QIP in its first operational year, on the condition that the audited financial report be submitted to the GDT as soon as it becomes available. The GDT stated that at the time the submission was required.