On 5 March 2013, the National Tax and Customs Administration (NTCA) published an interpretative leaflet on its website regarding the loss relief and loss carry-forward provisions in corporate taxation. As reported earlier, these provisions have been changed several times in the past few years. The leaflet states that, according to the rules applicable from 1 January 2012, losses from previous tax years may only be deducted up to 50% of the pre-tax profits of the current tax year. However, these rules apply only to losses incurred in or following 2004. For losses incurred earlier than 2004, the 50% ceiling does...