The Income Tax (Amendment) Law of 2013

A new amendment to Section 13(1) of the Income Tax Law, 118(I)/2002, now allows, in cases where the business of a credit institution is transferred to another institution by virtue of the Resolution of Credit and Other Institutions Law of 2013 [Law 17(I)/2013], the transfer of any tax loss to the credit institution to which the business is transferred for purposes of future utilization. The credit institution to which the business is transferred can make use of such tax losses for a period not exceeding fifteen years from the end of the year in which the business and the tax loss is transferred. The Law shall have a retroactive effect so as to apply from 25 March 2013.

Source: Dr. K. Chrysostomides & Co LLC 
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