Finance minister Richard Hu announced a budget that drew on a more optimistic reading of the Asian economic climate. Principal changes included a reduction in the corporate tax rate from 26% to 25.5%. The two-year property tax rebate for commercial and industrial properties, announced in 1998 was extended until 2001 but at the lower rate of 25%.
Unlock this content.
The content you are trying to view is exclusive to our subscribers.
The new guidance is not meant to reflect a substantial change to UK law, but the requirement that tax advice is ‘likely to be correct’ imposes unrealistic expectations
China and a clutch of EU nations have voiced dissent after Estonia shot down the US side-by-side deal; in other news, HMRC has awarded companies contracts to help close the tax gap