On 2 February 2010, the draft of a new tax reform was released by the Government. This reform would be submitted to the Congress in March 2010. Some of the major proposed amendments are summarized below. Further developments will be reported subsequently. Corporate income tax -   The corporate income tax rate would be reduced from 30% to 25%. The proposed rate reduction would be made gradually over 2 years for public services, and the telecommunications, insurance, and cement industries. -   The alternative calculation of taxable income (cálculo alterno del impuesto sobre la renta - CAIR), whereby the total...