On 5 July 2012, the Parliament passed a law introducing amendments to the Tax Code concerning the relaxation of the limitations on losses carry-forward. Tax losses accumulated as at 1 January 2012 and not utilized by the end of 2015 can be used in subsequent tax periods. Based on the previous amendments announced the taxpayers would have not been able to carry forward such losses to the future tax periods. These amendments will take effect once they are signed by the President.