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May 15, 2026

This article establishes a clear hierarchy, or 'waterfall', for settling a Taxable Person's final Corporate Tax liability. The process must follow a specific order. First, the tax due is reduced by any available Withholding Tax Credits. Second, the remaining amount is reduced by any available Foreign Tax Credits. Third, any further credits or reliefs specified by the Cabinet are applied. The final residual amount is the Corporate Tax Payable, which must be settled in cash. This structured approach ensures a consistent and predictable application of all available tax credits and reliefs.

Chapter 13 - Calculation of Corporate Tax Payable

Article 44 - Calculation and Settlement of Corporate Tax

The Corporate Tax due under this Decree-Law is settled in the following order:

First, by using the Taxable Person's available Withholding Tax Credit, as determined under Article 46 of this Decree-Law.
To the extent there is a residual amount after Clause 1 of this Article, by using the Taxable, Person's available Foreign Tax Credit as determined under Article 47 of this Decree-Law.
To the extent there is a residual amount after Clause 2 of this Article, by using any credits or other forms of relief as specified in a decision issued by the Cabinet at the suggestion of the Minister.
To the extent there is a residual amount after Clause 3 of this Article, this amount of Corporate Tax Payable must be settled in accordance with Article 48 of this Decree-Law.