On 19 September 2006, the Ministry of Finance announced details of the 2007 Budget, which provides for various tax cuts. The proposed effective date is 2007, unless otherwise indicated. The most important details are summarized below. Corporate income tax The corporate income tax rate will be 20% on the first EUR 25,000, 23.5% on profits between EUR 25,000 and 60,000, and 25.5% on the excess. Currently, the rates are 25.5% on the profits up to EUR 22,689, and 29.6% on the excess. Dividend withholding tax The dividend withholding tax will be reduced from 25% to 15%.