Following the announcement by C.C.C. Tourist Enterprises Public Company Ltd, dated 19 December 2012, stated that the company is expected to show lower losses in the year 2012 compared to year 2011, now wishes to proceed with a corrective announcement, and to announce that the Company will show ultimately increased losses compared to year 2011.
The increase in losses is due to the fact that company proceeded with write off of provision of deferred tax related to tax losses exceeding the period of 5 years.
According to the new tax measures passed by the House of Representatives in December 2012, as part of the Memorandum of Understanding Between Cyprus and Troika, losses of any tax year will not be carried forward and will not be set off against income of any tax year after the lapse of 5 years from the end of the tax year in which the loss was incurred.
C.C.C. Secretarial Ltd
Limassol, 23 January 2013