Write an article that answers the following question: How many percent was the corporate income tax reduced by on July 1, 2006?
The highest rate of provincial corporate income tax was reduced from 17% to 14% on July 1, 2006. It was further reduced to 13% on July 1, 2007, and finally to 12% on July 1, 2008. The tax on paid-up capital was reduced from 0.6% to 0.3% on July 1, 2006, to 0.15% on July 1, 2007, and abolished altogether on July 1, 2008. These displayed values were obtained by adding the corporate income tax for each year with the corporate capital tax.