16 September 2013
On 16 July 2013, the Official Gazette published Law No 49/2013, of 16 July 2013, which introduces an Extraordinary Tax Credit, with effect from 17 July 2013.
The Extraordinary Tax Credit aims at promoting economic growth through the granting of a special tax credit calculated as a fraction of the investments incurred between 1 July 2013 and 31 December 2013. The credit is of 20% of the investment and will be used against the taxable amount of 2013, without exceeding 70% of such amount. Any excess credit can be carried forward for 5 years. The investment favoured with the credit may not exceed EUR 5,000,000.
In order to benefit from the tax credit, companies need to comply with the following requirements:
|-||carry on a commercial, industrial or agricultural activity;|
|-||keep proper accounts;|
|-||not be subject to taxation on indirect methods; and|
|-||have its tax situation duly regularized.|
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