On 22 May 2008, Prime Minister Jean-Claude Juncker presented to the Parliament the government's annual declaration on the Grand-Duchy's economic, social and financial situation. With a view to making Luxembourg more competitive, Prime Minister Juncker announced attractive new tax measures for both companies and individuals, namely (i) abolition of the capital duty, (ii) a progressive reduction in the corporate tax rates; and (iii) a reduction in individual taxation.