Figure 1 illustrates a broad variation of corporate tax
rates across countries at different levels of development.
The proposal comes as a shock as it wasn't tabled as part of the upcoming tax reform, neither has there been any previous mention of changing the corporate tax
They said the proposed corporate tax
hike is not intended as a fiscal measure, given that the government is operating with a balanced budget.
British territories and dependencies made up the four of the top 10 countries that have done the most to "proliferate corporate tax
avoidance" on the Corporate Tax
Other countries with higher than average corporate tax
rates include India-35 percent, Venezuela-34 per cent, Brazil-34 per cent and Japan- 30.86 per cent.
The Supreme Court of South Korea on Wednesday ruled against plaintiff Samsung Electronics, ending the five-year litigation filed by the tech giant in 2013 challenging tax authorities' decision to hold it responsible for 70.6 billion won in corporate tax
At 30 percent of gross income, the Philippines has the highest corporate tax
rate in the region.
'It will help build a more equitable, efficient, and transparent corporate tax
system with a lower corporate income tax rate for everyone and a clearer focus on the country's development priorities,' Rhee added.
'It is often argued that the corporate tax
rate in Bangladesh is high.
In her analysis accompanying the news report, Alberici said there was no case for a corporate tax
cut when one in five companies did not pay tax.
As the average state corporate tax
rate has essentially remained stagnant at between 6 and 7 percent from 1980 to 2012, state corporate tax
revenues have fallen to an average of less than 3 percent of state gross domestic product from nearly 5 percent of state GDP over the same period, according to the study, published in the National Bureau of Economic Research this week.
Small banks in Ghana are apprehensive about a new corporate tax
, which they feel would reduce their profits.