The Budget for 2013-14 was presented to the Legislative Council by the Financial Secretary on 27 February 2013. Details of the tax-related proposals, which unless otherwise indicated will apply from 1 April 2013 when they are enacted, are summarized below. Direct taxation (a) Corporate taxation -   A 75% reduction of profits tax for the year of assessment 2012-13 was proposed, subject to a ceiling of HKD 10,000 per case.