Data provided by a network of audit and consulting firms, UHY, shows that Russia has the lowest corporate tax rate of 20% among the leading global economies.
According to Bloomberg, the UK is rated second as UK-based companies pay a corporate tax of 21%. UK finance minister George Osborne intends to decrease the tax rate to 17% by 2020.
The minister thinks that the corporate tax is one of the least effective. Osborne plans not only to cut corporate tax rate to 17% but to make the British tax system one of the most attractive in the world.
On average, the corporate tax of the G-7 countries is 32%, while for the 31 countries, analyzed in the research the average tax rate figure is 27%.
