How the UK’s corporate tax rate will remain the lowest in the G7
The UK will still have the lowest corporate tax rate of any major economy, even after Rishi Sunak’s planned hike in 2023. OECD data show that increasing the UK’s rate from 19% to 25% would still put it behind the US, Canada, Italy, France, Japan and Germany.
The UK will host a G7 summit in Cornwall next month and the government is under increasing pressure to approve Joe Biden’s proposal for an overall minimum corporate tax rate of at least 15% (revised from to a previous proposal of 21%). The purpose of this policy is to recover income from international corporate tax evaders, which the Tax Justice Network says is costing governments around the world. $427 billion a year.
Content from our partners
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/6D3PQFR4HASJYP5NYJXVM66GAM.jpg)
