On 16 June 2010, the government published the text of a proposed new Income Tax Act.
The Act will be in parts new, amending, and consolidating. It will provide for the new 10% company tax rate, expected to take effect from 1 January 2011. It will also end all distinction between "offshore" and "onshore" business.
The Act will introduce a self-assessment system. It will also contain anti-avoidance measures, and provide for penalties in order t…