The tax benefits accruing to members of AMCs are as follows:
- A 50% reduction in annual corporate taxes provided the tax due is not less than the minimum company tax
- Exoneration from the payment of business license (patents) for the second year following incorporation
- A 50% reduction in the principal amount for which advance tax payment on purchases is calculated for those involved in distribution
- Application of good faith penalties for tax audits covering the period of membership to AMC
- Following the automation of procedures for contentious jurisdiction on claims relating to taxes and penalties, a reduction of 50% for taxpayers who are AMC members with an up-to-date record on their tax declaration and payment obligations (2023 Finance Law).
The obligations of members are as follows:
To the AMC
- Providing all necessary and valid source documents for the preparation of fair accounts; the approval of their accounts by the AMC
- Payments for services rendered by the AMC (membership fees and annual subscriptions)
To the Tax Administration
- Timely filing of tax returns and related payments
Following the negative consequences of the recent health crises and prevailing economic recovery strives, AMCs remain privileged partners of the tax administration.
Massive membership of SMEs in supervisory structures will enhance and boost efforts in financing the State’s economic and social developmental projects.
