The parliament accepted a bill proposed by the former president amending the Corporate Income Tax Law to establish new research and development (R&D) tax incentives and promote modern technologies, on 25 September 2015. According to the bill, R&D expenses will be deductible from the gross profit (currently, R&D expenses are deductible from the taxable base) and the tax relief will amount to 150% of the incurred R&D expenses for small and medium-sized companies, whereas the tax relief amount for large companies will be 120%. All at once, tax incentive permits taxpayers a deduction from the taxable base of 50% of the expenses incurred for the acquirement of new technologies. This amendment will be effective from 1 January 2016.