On 10 December 2012, the Law of Income Redistribution for Social Expenditure, which establishes significant changes to the financial entities tax regime, was published in the Official Gazette. These modifications will be applicable as from 2013. The main details are as follows:
Corporate income tax
Private financial entities and credit card administrators, subject to the control of the Superintendence of Banking and Insurance, will no longer benefit from the 10% reduction in the corporat…