The Budget for 2013 was presented to Parliament by the Minister of Finance on 15 November 2012. Details of the Budget, which unless otherwise indicated will apply from 1 January 2013, are summarized below.
Direct taxation
(a) Corporate taxation. The Minister has proposed to reduce the tax rate on interest earned from fixed term deposits with tenure of at least 90 days from 15% to 5%.
(b) Personal taxation. Proposals include: