In May 2006, the Treasury & Resources Department issued a consultation paper on the design of the new corporate income tax regime, which is intended to be introduced with effect from the financial year 2009. The proposals do not extend to captive insurance companies (which are no longer allowed) or International Business Companies (which are being phased out with a view to abolition in the 2012 Budget). Comments are invited by 30 June 2006. The main proposals are as follows: -   the standard rate of corporate income tax will be zero; -   a special 10% rate of corporate...