Amendment to Income Tax Law – further details

On 19 December 2008, the president signed into law a comprehensive amendment to the Income Tax Law. The amendment was published in the Official Gazette on 1 January 2009. The further changes (or details) summarized below generally apply from 1 January 2009. The amendment does not change the other proposals (e.g. thin capitalization, withholding tax rate, personal income tax rate, cross-border donations, etc.)

Corporate taxation

(a) Participation exemption – capital gains…