U.K., Russia Offer Lowest Rates of Corporate Tax, Study Finds
- Corporate tax rates globally average 27 percent, UHY says
- Group of Seven economies impose corporate levies of 32 percent
Skyscrapers including the Leadenhall building, also known as the Cheesegrater, second left, 30 St Mary Axe, also known as the Gherkin, second right, and the Heron Tower, right, stand surrounded by commercial office buildings in the City of London, U.K., on Wednesday, Feb. 24, 2016. The U.K. currency has tumbled this year amid concern that Britain will vote to leave the European Union, hampering trading and discouraging foreign investment.
Photographer: Jason Alden/BloombergRussia and the U.K. give companies the lowest effective tax rates among the world’s leading economies, according to a report by UHY, a network of auditors and consulting firms.
Companies in Russia pay corporate tax at 20 percent while in the U.K. it’s 21 percent, UHY said in the study of rates applied to $1 million of taxable profit. The average for Group of Seven nations is 32 percent while across the 31 countries included in UHY’s research it was 27 percent.