Income Tax Office Business Plan 2008 — Orbitax Tax News & Alerts
The Income Tax Office has published its business plan for 2008. The tax measures for the year will include the following:
| - | the introduction and implementation of the zero-ten corporate tax regime, and the related shareholder taxation provisions; | |
| - | the introduction of the Goods and Services Tax (GST); | |
| - | the continuation of the phasing-out of allowances for higher earners, under the "20% means 20%" regime; | |
| - | the introduction of a current year basis of assessment for trading activities; and | |
| - | the conclusion of negotiations on a substantial number of tax information exchange agreements (TIEAs). |