The Budget for 2011 was adopted by the Parliament on 22 December 2010. Details of the Budget regarding direct taxation, which unless otherwise indicated apply from 1 January 2011, are summarized below. (a) Corporate taxation. -   Partnerships and similar legal entities are considered, in principle, as separate taxable entities liable to corporate income tax. However, they may be regarded as transparent, if an election is made by their members. Previously, partnerships were legally presumed to be tax transparent. -   Standard withholding tax rate on dividends distributions is reduced from 20 to 15%. In addition, the following new reliefs...