The Budget for the fiscal year 2013/14 was presented on 12 June 2013. The Budget proposals will largely take effect from 1 July 2013 upon their enactment (unless indicated otherwise). Some of the more significant taxation proposals are detailed below. The main direct tax proposals are as follows:
Direct taxation
| - | The rate of tax for non-banking companies is to be reduced to 34% from 35%. | |