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May 15, 2026

This article specifies categories of income, along with their related expenditures, that are explicitly excluded from the calculation of Taxable Income. This 'Exempt Income' includes dividends and other profit distributions received from a resident juridical person. It also exempts income from a 'Participating Interest' in a foreign juridical person, as detailed in Article 23. Furthermore, the income of a Foreign Permanent Establishment is exempt if the taxpayer elects for it under Article 24. Finally, income derived by a qualifying Non-Resident Person from operating aircraft or ships in international transportation is also exempt under Article 25.

Chapter 7 - Exempt Income

Article 22 - Exempt Income

[GTL Notes]

The following income and related expenditure shall not be taken into account in determining the Taxable Income:

Dividends and other profit distributions received from a juridical person that is a Resident Person.
Dividends and other profit distributions received from a Participating Interest in a foreign juridical person as specified in Article 23 of this Decree-Law.
Any other income from a Participating Interest as specified in Article 23 of this Decree-Law.
Income of a Foreign Permanent Establishment that meets the condition of Article 24 of this Decree-Law.
Income derived by a Non-Resident Person from operating aircraft or ships in international transportation that meets the conditions of Article 25 of this Decree-Law.