Further to the 2014 Budget speech on 25 October 2013, the Finance Bill (No. 2) 2013 was issued on 30 October 2013. 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 to 2 percentage points from the year of assessment 2015....