Budget for 2014 approved

The Budget Bill for 2014 was approved by the parliament on 26 November 2013. The main changes are:

Corporate taxation

(a) Reinvestment of retained earnings

-	A new tax benefit for the reinvestment of retained earnings will be introduced to allow small and medium sized enterprises to benefit from a corporate income tax deduction of 10% of the retained and reinvested earnings used in the acquisition of assets deeme…