On 27 September 2012, the government proposed amendments to the Corporate Income Tax Law (the Law).
The key elements of the proposed amendments are listed below.
Limitation on utilisation of tax losses
The utilisation of tax losses transferred from previous tax years will be limited to 50% of the tax basis (currently, 100%). This will apply to companies, permanent establishments of non residents as well as individuals earning professional income.
Lump sum expense deduction for qualifying …