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The British Chambers of Commerce (BCC) has claimed that Britain’s business tax regime is becoming increasingly uncompetitive compared with rivals abroad, and has told the Chancellor that Britain has dropped from ninth-lowest rate of corporation tax among the rich countries of the Organisation for Economic Co-operation and Development (OECD) to the sixteenth lowest.
Bill Midgley, BCC President, stated: “Our current rate threatens to harm business competitiveness.
In countries where corporation tax has been reduced in the last five years, the vast majority have seen an increase in total tax receipts as more companies choose to invest.”
The Institute of Directors has also called for the main rate of corporation tax to be cut and demanded that the tax regime for businesses be simplified, while arguing for tougher control on public spending. Miles Templeman, IOD Director General, said there was clear scope to cut corporation tax. He said: “If we are to remain competitive, we must act now."
Source:
RedAlert
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