On 16 July 2009, the Council of Ministers introduced a new tax incentive regime by way of Decree No. 2009/15199, which entered into force on that date. The new incentives introduce, inter alia, a reduction of corporate and individual income tax for qualifying investments. The basic features of the new incentive regime are summarized below. Qualifying investments Investment incentives are granted in respect of qualifying investments, certified by an investment document issued by the Under Secretariat of Treasury (UT). The UT may reject the application if the project is not deemed to be economically, regionally, financially and technically justified. The...