BRITAIN is now the sixth-best place on the planet to do business thanks to the increasingly favourable corporate tax policies embarked on by the previous government and the current one, according to a report from the World Bank.
Now outranking the US, Germany and Japan in the 189-strong table, the UK has the joint-lowest corporate tax rate in the G20, and the government plans to cut the rate further to 18% by the end of the decade.
It’s the highest position the UK has occupied since 2011, when it was ranked fourth.
The report found that economies with little or no regulation were not those which performed best, but those with a framework which expedite business.
“This is international recognition of the UK’s strong and stable business environment, competitiveness and entrepreneurial spirit. Our economy is now growing faster than any other G7 nation,” business secretary Sajid Javid said.
Institute of Economic Affairs director Mark Littlewood told City AM the World Bank had “rightly identified” the UK’s low tax policy as the “crucial” element in driving the economy.
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The European Commission has ordered Apple to pay a record €13bn (£11bn) in back taxes after it ruled the Silicon Valley tech giant’s Irish tax scheme was illegal.
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