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Nation announces cuts in corporate taxes

The Ministry of Finance announced on Wednesday to cut corporate tax for enterprises in the integrated circuit design and software industries, to support their development. For the first two years of the tax grace period, qualified companies from these industries will be exempt from corporate taxes. Between the third and the fifth year, the corporate tax rate will be set at 25 percent, cutting half of the corporate tax payment for integrated circuit design and software companies, the ministry said in a statement on its website.

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