Newsletter
BUSINESS TAX RATE TO BE REDUCED TO 2% FOR FINANCIAL INSTITUTIONS
On 19 February 1999, the Ministry of Finance (MOF) announced plans to amend Article 11 of the Business Tax Law so as to reduce the business tax rate for financial institutions (encompassing the banking, insurance, trust and investment, securities, short-term commercial papers, and pawnshop industries) from the current 5% to 2%.