On 30 November 2013, Law Decree No. 133/2013 was published in Official Gazette No. 281. The Law Decree entered into force on 30 November 2013 and will be presented to Parliament.
Under article 2(2) of the Law Decree, for tax year 2013, a surcharge of 8.5% applies to income of banks, insurance and financial entities. This brings the effective corporate income tax rate applicable for these types of entity to 36% (i.e. 27.5% + 8.5%).
However, the surcharge does not apply on the portion …