The Chairman of the House Committee on Ways and Means filed House Bill 4829 looking for to reduce the corporate income tax (CIT) rate from 30% to 25%. The same bill also includes a proposal to increase the minimum corporate income tax (MCIT) rate from 2% to 5% On 26 August 2014. Under draft legislation currently under review the tax rate would be reduced in stages from 30% to 25%.
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