On 30 December 2015, Venezuela enacted and published Presidential Decree No. 2,163, which makes amendments to the country's income tax law. One of the main amendments is the introduction of a 40% flat corporate income tax on Venezuelan resident taxpayers engaged in banking, financial or insurance activities. Normal corporate tax rates, which are levied progressively (15%, 22%, 34%), are unchanged. The amendments also include the elimination of all incentives for new investments. The amendments entered into force on 31 December 2015.