On 15 May 2009, the government presented a revised version of the National Budget for 2009 which includes only minor amendments to tax rules. The main proposed changes are summarized below. Foreign tax credit Dividends derived by resident corporate shareholders from other companies are fully exempt under certain conditions. However, from 7 October 2008, 3% of the dividends so exempt must be added back to the taxable income, representing deemed expenses incurred with respect to the exempt dividends. The proposal explicitly provides that no foreign tax credit can be claimed in respect of the tax on the exempted 3% of...