Taxation represents the biggest source of revenues for the Peruvian government (up to 76%). For 2016, the projected amount of taxation revenues was S/.94.6 billion ($29 billion). There are four taxes that make up approximately 90 percent of the taxation revenues: the income tax (both corporate and personal), the value-added tax (VAT), the import tax, the excise tax. All these four types of taxes are imposed at the national level. There are also municipal taxes based on an individual's or household's residence as well as a municipal property tax and a municipal vehicle tax. Income tax Peruvian income taxes may be divided into 2 large groups: Corporate income tax The general income tax annual rate for resident entities is 29.5%. In addition to this, resident entities are obliged to make advance payments on a monthly basis by applying a coefficient over the accrued taxable income of the month. Advance payments are to be offset against the annual income tax obligation. All resident companies are subject to this income tax on their worldwide taxable income. Resident companies are those incorporated in Peru. Branches and permanent establishments of foreign companies that are located in Peru and non-resident entities are taxed only on income from Peruvian sources. Various significant tax incentives are available for investments in the following areas: Mining enterprises, Oil and gas licenses and services contracts, Certain agricultural activities, Capital markets. They are available also for investments in manufacturing industries located in the jungles, in designated tax-free zones and in borderline areas of the country. Furthermore, companies involved in certain economic sectors may be subject to special or reduced income tax rates (i.e. companies involved in agriculture, animal husbandry and similar activities are entitled to a 15% rate). Personal income tax Peru also has an income tax for individuals. Peruvian citizens domiciled in Peru are subject to taxation on their worldwide income. Individuals not domiciled in Peru are only taxed in this country on their Peruvian sourced income. Foreigners residing or staying in Peru for more than 183 days within any given 12-month period, will be given the status of individuals domiciled in the country from January 1 of the following fiscal year in which the duration of stay expires. Dividends distributed by companies incorporated or established in Peru, received by individuals, are subject to the following rates: 4.1% on results as of December 31, 2014, 6.8% on results generated in