On 27 March 2007, it was reported that the State Secretary for Finance announced that he plans a further reduction of the corporate income tax rate from 25.5% to 24.5%. In this respect, it should be noted that, with effect from 1 January 2007, the corporate income tax rate has already been reduced from 29.6% to 25.5% for profits exceeding EUR 60,000. The reduction would be financed by an increase in environmental taxes, which should result in additional revenue of EUR 1 billion.