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Corporate and tax cuts announced — Orbitax Tax News & Alerts

The Prime Minister and the Minister of Finance announced on 29 November 2005 corporate income tax cuts and other changes, which are planned to be effective as of 1 January 2006.

The corporate income tax rate (currently 30%) will be reduced to 20%. It was also declared that the investment allowance, which is one of the exempt items in calculating the taxable corporate income, will be abolished as of 1 January 2006.