From 1 July 2008, the Income Taxes Act will be amended to facilitate cross-border mergers of limited liability companies, in connection with the implementation of Directive 2005/56/EC on cross-border mergers of limited liability companies. The most important changes include: provisions on depreciation of long-term assets, to ensure an equal tax treatment of cross-border and domestic situations (mergers); and rules to ensure the carry-over of any reserves, provisions, deductions and losses in connection with the mergers at issue, provided that the conditions under the Merger Directive 90/434/EEC are met.