On 22 June 2012, the President signed Law No. 4834-VI of 24 May 2012 introducing amendments to the Tax Code. Most provisions of the Law will become effective on 1 July 2012. The most important changes are listed below. (a) Corporate income tax – Tax losses accumulated on 1 January 2012 may be deducted 25% during 2012-2015. If the losses are not used by the end of 2015, taxpayers would not be able to carry forward the losses for future tax periods. –   For banks, the 4% limitation on the deductibility of marketing, advertisement, consulting and royalty payments is...