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United Kingdom turns into a tax haven.

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International                                                           Monday, November 21, 2016

 

21 November 2016 09:44/8967 views


United Kingdom turns into a tax haven. The Government in London wants to decrease the tax on companies under 15%, to keep big corporations after Brexit


London, Canary Wharf

 

British Prime Minister Theresa May will announce Monday the business community that wants to reduce the tax on companies at less than 15 percent, from 20 percent currently, in an attempt to alleviate the shock to investors, after United Kingdom voters voted for the country's exit from the European Union (Brexit), writes the Daily Telegraph, taken over by Agerpres.


The British Prime Minister would be able to reduce the tax on companies below 15% Donald Trump promised ahead of the US presidential election, the Daily Telegraph.


A charge less than 15% would be one of the lowest among major world economies and could attract companies in the EU towards the United Kingdom and would endanger the status of Northern Ireland European country with the lowest taxes for multinationals.


This year's budget, announced in March, includes a reduction in the tax rate on companies 17% until 2020.


The average tax rate on companies is about 25% in the countries of the Organization for Economic Cooperation and development (OECD). The 34 member countries of the OECD have together around 60% of the world economy, 70% of world trade and 20% of the world's population.


Recently, Reuters submitted a mail of the OECD in which the Organization appreciates that a new corporate tax reduction in the United Kingdom is less likely but if it will take place, "will transform the country's economy into a kind of tax haven".


And Prime Minister Viktor Orban announced last week that tax on companies in Hungary will be reduced to 9% in 2017, and this tax will apply to both large companies and SMEs. At present, the duty on companies in Hungary is 10% for companies with a tax base of up to 500 million forint (1.6 million euro) and 19% for companies with a larger tax base.


Hungarian economy Minister, Mihaly Varga, stressed that reducing taxes will allow companies to save 145 billion forint and Hungary will have the most favorable tax for companies in the European Union.

 

Author: InCont.ro, 21 November 2016 09:44




Övriga genrer (Essä/Recension) av Jeflea Norma, Diana. VIP
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Publicerad 2016-11-21 18:49



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