On 30 April 2007, the Ministry of Finance submitted to the government proposed amendments to tax laws, which are a part of the public finance and tax reform proposed by the new coalition government. Once approved by the government, the bill will be submitted to the lower chamber of the parliament. The changes, summarized below, would generally be effective from 1 January 2008. Corporate taxation (a) Rates. The 24% corporate income tax rate would be reduced gradually to 22% in 2008, 20% in 2009, and 19% as of 2010. (b) Withholding tax. Royalties, as well as payments made to non-residents...