Finance Law 2009 (the Law) was published in the Official Gazette No. 74 of 31 December 2008. The Law was adopted by the parliament on 29 October 2008. The most important provisions of the Law, which generally applies from 1 January 2009, are summarized below. Direct taxation (a) Branch profits tax. The Law introduced a final 15% branch tax. This tax will be levied on the after-tax profits remitted by permanent establishments and professional establishments to their foreign head office, after deduction of the normal corporate income tax. (b) Capital gains on the disposal of participation held by non-residents. The...