Details of the new Income Tax Law (ITL) issued by way of Law No. 21 of 2009 dated 17/11/2009 have become available. The main features of the ITL, which applies as of 1 January 2010, are summarized below. The Executive Regulations of the ITL are expected to be published shortly. Further details will be reported subsequently.

Scope of taxation

The ITL, like…

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