It is understood the corporate tax
hike is less about generating revenue and more to do with Cyprus not being seen a tax avoidance haven.
Raising corporate tax
to 15 per cent would "drastically limit" these problems without Cyprus losing its competitive edge, the same sources added.
The network said that through its network of satellite jurisdictions, the UK bears the lion's share of responsibility for the "breakdown of the global corporate tax
Lowering corporate tax
will also lead to several other positive economic effects such as encouraging investment in the Nigeria and discouraging profit shifting.
The US-based company claimed that its Irish subsidiary, IV IL, was the contracting party and that the deal was subject to the corporate tax
exemption clause in the Korea-Ireland tax treaty.
'A more equitable corporate tax
system would help strengthen competition among businesses and encourage overall investment in the Philippines more broadly,' he said.
BMI research earlier warned that investments could slow over the near-term amid 'uncertainties' over the government's proposed conditional corporate tax
reduction and repealing of fiscal incentives, saying such a measure will likely make the Philippines less competitive versus its regional peers.
At present, the NBR collects corporate tax
in six categories.
"Business investment in Australia has been at historically high levels over much of the past decade despite our comparatively high headline corporate tax
As Suarez Serrato pointed out in the IBT interview, the study also highlighted the gulf between statutory and effective corporate tax
"To begin with, one percent cut in the corporate tax
rate, gradual phasing out of accelerated tax depreciation and a sunset clause for the tax deductions, coupled with reduction in MAT, will set the tone for this year's Budget," KPMG (India) Partner Tax Vikas Vasal said.
KPMG has released an analysis on the corporate tax
and VAT law situation in the UAE.