Based on the interpretation of the newly established Tax Advisory Council, the newly introduced 10-year period for the carry-forward of losses only applies to losses incurred after 1 January 2009. Based on this interpretation, losses incurred prior to this date may be carried over for only up to 3 years (7 years for sub-surface users). Thus, the new rule will not benefit companies that are not in a position to make sufficient profits to utilize losses incurred in prior years. It should be noted that, based on the new Tax Code which entered into effect from 1 January 2009, losses...