OrbitaxThe proposal to rectify the Budget Law for 2005 has been approved by the parliament and enacted by Law 39-A/05, published in the Official Gazette of 29 July 2005. The most important amendments reported earlier, which apply from 1 January 2005, are compiled below:
|Approved Changes|Portugal
| - | restriction on the carry-forward of losses to address situations of change in ownership prior to the deduction of the losses; | |
| - | foreign tax credit is limited to the lower of the foreign income tax actually paid, or the Portuguese tax that is proportionally attributable to the f… |
