On 8 August 2013, the Ministry of Finance published its Budget proposal for 2014, whereas the other ministries are expected to release their proposals shortly thereafter. All the proposals will be discussed by the government on 28-29 August 2013 before the final proposal is presented to the parliament in September 2013. Details of the proposed tax measures which, if adopted, become effective from 1 January 2014, are summarized below: Direct taxation (a) Corporate taxation -   the corporate income tax rate is decreased to 20% (currently 24.5%); -   the tax base is broadened by abolishing and limiting the existing...