Ireland has dropped corporate tax rates from 40 percent in 1993 to 12.5 percent today – the lowest of any developed country and has been enjoying growth rates of up to 12 percent. There are also links between favourable tax regimes and growth in Norway, Sweden and Denmark.
That’s according to study by KPMG International which tracks 14 years’ worth of corporate tax movements in 86 countries. So while it’s encouraging to see the New Zealand Government thinking about three percent cut (to 30 percent), KMPG tax partner Brahma Sharma notes that would still make it higher than the OECD average of 28.5 percent.
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