On 21 March 2013, the government of Finland announced that it had reached an agreement on its tax plans for the tax years from 2014 to 2017. Finland plans to further cut its corporate tax rate to 20% from the current 24.5% rate, as of the beginning of 2014. To pay for this reduction Finland is reducing some grants and subsidies paid to companies and tightening the taxation of dividends. Also, consumption tax is being increased for electricity, alcohol, tobacco, sweets and beverages.