The corporate income tax rate is reduced to 30% in 2005. The rate will be 29% for 2006 and 28% for 2007.

Dividend distributions
Dividends that are not distributed out of the tax earnings account have to be multiplied with the following factor:

1.4286 for 2005; 1.4085 for 2006 and 1.3889 for 2007.

Tax credit

The tax reform provides that a credit for foreign tax is granted on dividends distributed by second-tier foreign subsidiaries if both the first and second tier subsidiaries are residents of countries, which have an exchange information agreement with …