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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).