The generally applied VAT rate varies between 2%, 10%, and 20%. Commercial, industrial, agricultural, and independent professional goods and services, goods and services imported into the country, and deliveries of goods and services caused by other activities are all subject to VAT.
There are several main product groups that are subject to special consumption tax at different tax rates: Petroleum products, natural gas, lubricating oil, and solvents and derivatives of solvents, automobiles and other vehicles, motorcycles, planes, helicopters, yachts, tobacco and tobacco products, alcoholic beverages, luxury products (Unlike VAT, which is applied on each delivery, special consumption tax is charged only once).
Banking and Insurance company transactions remain exempt from VAT but are subject to a Banking and Insurance Transaction Tax.
This tax applies to income earned by banks, for example on loan interest. The general rate is 5%, while interest on deposit transactions between banks is taxed at 1% and sales from foreign exchange transactions at 0.1%.
Stamp duty applies to a wide range of documents, including contracts, agreements, notes payable, capital contributions, letters of credit, letters of guarantee, financial statements, and payrolls. Stamp duty is levied as a percentage of the value of the document at rates ranging from 0.165% to 0.825%.
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