14 October 2012
On 16 August 2012, the Ministry of Finance published a draft of an Emergency Ordinance amending the Tax Code.
The amendments would enter into force on 1 January 2013, unless otherwise indicated.
The major proposals are summarized below.
With effect from 1 October 2012, the supplementary deduction in respect of research and development expenses would be increased from 20% to 50%.
Losses of entities that cease to exist as a result of divisions or mergers would be carried forward. Currently, such losses may not be recovered by the newly formed taxpayer.
Further clarifications regarding the existing provisions on social security contributions are included.
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