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7.1. General Rules

These provisions are applicable to companies operating under old tax regime.

Operating losses can be carried forward for 5 years. However, carry back of loss is not permitted. Companies may elect to carry forward operating losses for an extended period of up to 10 years in which case the statute of limitations is correspondingly extended to 11 years.

International Financial Companies, Special Trade Companies and companies located in Free Industrial Zone are not allowed to carry forward losses.