The Budget for 2009 was presented to Parliament by the Minister of Finance, on 22 January 2009. Details of the Budget, which will apply from the dates indicated, are summarized below: Direct taxes (a) Corporate tax -   The corporate income tax rate is reduced to 17% with effect from the year of assessment (YA) 2010. -   The tax deduction on donations made to Institutions of Public Character (IPCs) and other approved recipients during 1 January 2009 to 31 December 2009 will be enhanced from the current 200% to 250%. -   The tax concession for banks (including merchant...