The major amendments to the Income Tax Act promulgated on June 4, 2014 include: (1) The imputed tax credit for dividends is reduced by 50%: For resident individuals, the imputed tax credit for dividends which can be used to offset income tax liability is reduced by 50%. For non-resident individuals where the 10% profit retention tax has been imputed on the dividends distributed to them, the imputed tax credit that can be used to offset the withholding tax is also reduced by 50%. This amendment will be implemented from January 1, 2015; and (2) The progressive tax rates of the personal income tax are increased from 5 to 6: The progressive tax rates for personal income tax are amended from 5 to 6, and the highest tax rate is increased from 40% to 45%. This amendment will be implemented from year 2015.