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UK RANKS SECOND AFTER CANADA FOR COMPETITIVE TAX RATES
The UK has ranked second for the competitiveness of its overall business tax system, among ten different countries, in a survey conducted by KPMG.
KPMG’s study, “Competitive Alternatives: Focus on Tax”, compared the total tax burden faced by companies in 107 cities and in ten countries, including Australia, Canada, France, Germany, Italy, Japan, Mexico, the Netherlands, the UK and the US.
The study considered both location-based and national taxes, including corporate income taxes, property taxes, capital taxes, sales taxes, miscellaneous local business taxes and statutory labour costs, in order to gain an insight to calculating the total tax burden, and compared them with those of the USA.
Ranking first with 53.6%, Canada has the lowest Total Tax Index (TTI), meaning total tax costs in Canada are 46.4% lower than in the US, which has a TTI of 100% and represents the benchmark against which all locations are scored. The results revealed Toronto, Vancouver and Montreal as the top three cities for business tax deferrals.
The UK, Mexico and the Netherlands also have a TTI score below the US. At the other end of the spectrum, France’s TTI of 163.3% indicates that total tax costs in France are 63.3% higher than in the US.
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