An amendment to the Fiscal Codes regarding profit tax has entered into force on 1 February 2013.
The definition and calculation method of the fiscal value for fixed assets qualified as biological assets has been introduced. The new provisions are similar to the general provisions referring to depreciable fixed assets. Income/expenses incurred further to the modifications in the fair value of biological assets held by taxpayers applying IFRS are considered as non-taxable income / non-deductible expenses.
The percentage of additional deduction for profit tax purposes for research and development expenses has been increased from 20% to 50%. As before, the deduction is granted on a quarterly/ annual basis. If a company registers fiscal loss, it can be recovered according to the law. The deduction is granted separately for each research and development project.
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