The Budget for 2014 was presented by the Prime Minister (also the Finance Minister) on 25 October 2013 and saw the introduction of the Goods and Services Tax from 1 April 2015. Key points of the Budget are summarized below and are effective from 1 January 2014 unless otherwise stated. Direct taxation (a) Corporate taxation -   The corporate tax rate will reduce by 1%, from 25% to 24%, from the year of assessment 2016. This is in line with the introduction of the Goods and Services Tax (see below). -   Cooperative income tax rates will reduce by 1...