On 26 June 2012, the Minister of Finance and Economic Affairs delivered the Financial Statements and Budgetary Proposals. Main tax features of the Budget, which would generally apply from 1 August 2012, are as follows. International Business Company (IBC) Effective for tax years 2012 and 2013, the income tax rates for entities in the international business sector (i.e. international business companies (IBC), societies with restricted liability (SRL) and international banks), will be modified as follows: Profits and gains (BBD) Current tax rate (%) Rate 2012 Rate 2013 up to 10,000,000 2.50 2.50 2.50 10,000,001 – 20,000,000 2.00 2.00 2.00 20,000,001...