The Budget 2007 was presented to the parliament by the Second Minister for Finance on 15 February 2007. Details of the Budget, which will apply from the dates indicated, are summarized below.
Direct taxation
(a) Tax rates
The corporate tax rate is reduced from 20% to 18% with effect from the year of assessment 2008. In line with the reduction, the following tax rates are also correspondingly reduced from 20% to 18% with effect from the year of assessment 2008:.