1. A Taxable Person's opening balance sheet for Corporate Tax purposes shall be the closing balance sheet prepared for financial reporting purposes based on the accounting standards applicable in the State on the last day of the Fiscal Year that ends immediately before the first Tax Period commences, subject to any conditions or adjustments that may be prescribed by the Minister. 2. The opening balance sheet referred to in Clause (1) of this Article shall be prepared taking into consideration the arm's length principle in accordance with Article (34) of this Decree-Law. 3. For the purposes of Clauses (1) and (2) of this Article, and notwithstanding the provisions of Article (70) of this Decree-Law, the provisions of Article (50) of this Decree-Law shall apply to transactions or arrangements entered into on or after the date this Decree-Law is published in the Official Gazette. 4. The Cabinet may, at the suggestion of the Minister, issue a resolution prescribing other transitional measures related to the implementation of this Decree-Law and the application of its provisions.
Interpretation and application must be checked against the official text and current version.