2008-09 Budget

Few expected the new Government’s first Budget would contain many tax surprises.  On the one hand, the Government has been keen to re-assure voters that it would implement all the promises made during last year’s election campaign.  On the other, during the last 3 weeks we have seen the carefully staged release of various Budget proposals that the Government wanted to accelerate.

As far as business tax was concerned, the Budget contained only a few new measures.  The Government followed the example of its predecessor and took the opportunity to re-announce many business tax measures.  Indeed, it even decided to re-announce measures which the previous Government had released.  Consequently, many of the measures will look quite familiar.  One very welcome innovation was the declaration by the Government of its position on the long list of measures that the previous Government had announced but not yet enacted.

For detailed coverage in our Tax Brief, click here.