We would like to inform you that on 12 April 2024, an Income Tax Amendment Law was published in the Official Gazette of the Republic. It includes significant amendments to the tax framework for energy saving initiatives, as follows:

• Allowable deductions concerning energy saving studies by approved consultants.
• For capital expenditure to improve the energy efficiency of buildings, for the years 2023-2026, a seven percent (7%) capital allowance.
• For capital expenses conducted for technical energy efficiency systems of buildings, for the years 2023-2026, a twenty percent (20%) capital allowance.
• For capital expenditure for investments in electric vehicles for the years 2023-2026, a capital allowance of thirty-three and one-third percent (33 1/3%).