Amendments to the Income Tax Law October 2016

On 14 October 2016, the House of Representatives enacted into law amendments to the Income Tax Law (ITL) which were published in the Gazette on 27 October 2016 and provide for the gradual phase out of the current IP regime and the introduction of a new IP regime that is in line with the latest international developments on the taxation of IP income and OECD’s action plan on fighting base erosion and profit shifting (BEPS). The ITL amendments are supported by Regulations which provide detailed guidance in the calculations and application of the new IP regime. […]