Overseas: corporate tax deduction for company investments extended to 2017 and one-third allowance on profits of businesses in the overseas departments

The overseas programme Act amends Article 217 undecies of the General Tax Code, which lets companies subject to corporate tax deduct their productive investments overseas from their profits: eligible sectors are aligned with those of Article 199 undecies B (all sectors except exclusions), the ministerial approval threshold rises from €760,000 to €1,000,000 and the scheme applies to investments made or subscriptions paid between promulgation and 31 December 2017. Article 34 rewrites Article 217 bis: profits of operations located in the overseas departments in eligible sectors are counted for only two thirds of their amount in the corporate tax base, for financial years ending up to 31 December 2017.