Corporate and personal incomes are both taxed according to a progressive scale ranging from 10% to 35%. Since 1951, new corporations, if placed on the government's list of recommended new industries have benefited from special tax concessions, including customs duties exemption and a five-year corporate income tax exemption. The progressive income tax is the most important direct tax. The first band, 10%, implicitly exempts the first 20,000 gourdes of income (about $509) from taxation, and runs to 100,000 gourdes ($2,542). The 15% band covers the next increment of income to 250,000 gourdes ($6,360); the 25% band covers the next increment to 750,000 gourdes ($19,076), and the highest band, 30%, applies to all income above $19,076. The highest property tax rate is reportedly 15%. Indirect taxes include a value-added tax (VAT) with a 10% standard rate, raised from 7% in 1985. There are also numerous excise taxes at various rates.