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After the appointment of the government following the January elections, the 2022 State Budget Law proposal was presented to Parliament on 13 April. The proposal includes new tax measures and amendments to the tax legislation. The budget law would be effective on the day after its publication.

The Budget proposes to increase the deduction for Corporation Tax (CIT) purposes under the existing Patent Box regime to 85% (currently, 50%).

The takeaway: Parliament currently is discussing the Budget proposal. The proposed tax measures are likely to be enacted given the government’s parliamentary majority. However, amendments and additional tax measures are possible following the hearings of relevant public and private institutions and organizations, and the subsequent parliamentary debate.