Foreign tax credit
Under general tax law, no provision exists for allowing the deduction of foreign tax credits.
Exemptions to CIT exist, most notably, under the Investment Law. General projects registered under the Investment Law are permitted a five-year CIT holiday with a possibility to extend for a further three years.
Exemptions also exist for strategic infrastructure projects. Such exemptions must be awarded by the legislative body, either by ratifying the relevant contract, which includes a tax exemption clause, or by the issuance of a separate law.
Customs and stamp duties exemption
The Investment Law also provides exemptions for customs duties and stamp duty. The exemptions that exist are bestowed on subcontractors to the relevant projects.
The Petroleum Law provides exemption to customs duties on oilfield-specific equipment and materials, which is also provided to oil service companies.