The National Budget for 2008 was presented by the government on 5 October 2007. Under the Budget, both the corporate income tax rate and the flat tax rate on general income received by individuals will remain unchanged at 28%. Details of the Budget, which unless otherwise indicated will apply from 1 January 2008, are summarized below.
Corporate taxation
(a) CFC legislation. The Ministry of Finance proposes to limit the scope of the current CFC…