On 20 May 2013, the government proposed amendments to the Corporate Income Tax Act (CIT Act). Key changes are summarized below. Corporate income tax rate The CIT Act, currently in force, stipulates that the corporate income tax rate would be gradually reduced. However, the proposed amendments abandon further yearly reduction. As a result, the corporate income tax rate will remain at 17%. Transfer pricing The definition of related parties will be extended to include also sister companies. In order to be qualified as sister companies, the shareholder (individual or company) has to hold directly or indirectly at least 25% of...