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The UK is one of only two countries to have announced an increase in its corporate tax rate in 2023 to 25 percent (a 30 percent increase).
The only other one is the UAE, which is introducing a 9 percent rate for the first time. Austria, Turkey, and South Africa are cutting their rates.
In 2022 six countries — Colombia, South Sudan, Netherlands, Turkey, Chile, and Montenegro — increased their top corporate tax rates, while ten countries — including France, Greece, and Monaco — reduced their top rates.
Asia has the lowest average statutory corporate tax rate among all regions at 19.52 percent, according to Tax Foundation data, which also shows how rates throughout the world have been declining over the decades:
The average top corporate rate among EU27 countries is 21.16 percent. In April, Britain's will rise to 25 percent.
Outcompeting the EU average in hiking this incredibly damaging tax will do no wonders for investment or economic growth in the UK. Much of its costs are borne by workers and Treasury revenues will most likely fall as a result of the decision to increase the rate by 30 percent. The UK is striking off on its own in quite a fashion.