On 19 November 2014, Peru's Finance Minister announced that the government will introduce legislation to cut the country's corporate and individual income tax rates. An initial 2% cut is proposed for 2015, reducing the corporate tax rate from 30% to 28%, with additional cuts to 27% in 2017 and 26% in 2019. Planned cuts in the individual tax rate include a reduction in the lowest bracket from 15% to 8%. The proposal also includes an increase in the domestic dividend tax rate from 4.1% to 6.8%, and treating corporate loans to shareholders and other related parties as dividends.