Ministry of Finance defines rates at which companies can expense FX losses in 2016
Ministry of Finance has set three rates at which companies will be allowed to expense FX losses they incurred from sourcing USD from the parallel market in 2016. Companies can write-off 15% of the variance between the official and parallel market rates for January-June of last year, 40% between July and September, and 60% in October 2016. The rates will be taken into consideration, whilst calculating the income tax for 2016.
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