On 5 March 2013, the National Tax and Customs Administration (NTCA) published an interpretative leaflet on its website regarding the loss relief and loss carry-forward provisions in corporate taxation. As reported earlier, these provisions have been changed several times in the past few years.
The leaflet states that, according to the rules applicable from 1 January 2012, losses from previous tax years may only be deducted up to 50% of the pre-tax profits of the current tax year. However…