Former business tax has been replaced with 2 components during 2.1.:
CFE is calculated by municipality at the end of the year.
For example, for 2020, the CFE has been issued at the middle of December.
Payments were done as following:
CVAE is calculated on the basis of the added value produced, according to the following transaction: (value added x effective tax rate) + [(value added x effective tax rate) x 1%].
Only expenses and income relating to taxable activities (in the scope of the CFE, and which are not exempt) are taken into account.
CVAE is calculated at year end and payments are don as following:
This tax is treated as income tax for US Gaap.
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