Proposed amendments to Corporate Income Tax Law

On 8 October 2008, the Minister of Taxation presented Bill L 23 to the parliament, introducing various amendments to the Corporate Income Tax Law, concerning, inter alia, limitations of interest deduction, CFC taxation, and qualification of transparent entities. The predominant part of Bill L 23 was reported at the time of publication of the draft Bill However, Bill L 23 contains two additions to the draft, in the form of tightened rules on tax-free step-up of intangible assets, …