 Some major economic reforms undertaken by the government since 2003 include a dramatic slashing of customs and tariffs.A new taxation law implemented in 2005 decreased corporate taxes from 40% to the current 20%, resulting in a stated 100% increase in tax revenue by the year 2006.Foreign direct investment (FDI) in Egypt increased considerably before the removal of Hosni Mubarak, exceeding $6 billion in 2006, due to economic liberalisation and privatisation measures taken by minister of investment Mahmoud Mohieddin.