On 8 August 2011, the Legislative Assembly approved a registration flat tax on companies. The tax is to be paid annually based 50% of the "salary base". Inactive companies (i.e. basically "holding companies" without any active business) are subject to a tax of 25% of the salary base. For 2011, the salary base is CRC 316,200. Small companies classified as such by the Ministry of Economics and Industry are exempt from this tax.