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Thread: UK to cut corporation tax

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    Politics.ie Member asknoquestions's Avatar
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    Default UK to cut corporation tax

    I know it's probably not as important as the Duchess of Cambridge shenanigans but I haven't seen a thread on this yet.

    Corporation rate cut to nearly half of US level as Osborne ignores tax row | UK news | The Guardian

    t he stuck to his pledge to promote tax competitiveness with rival nations by announcing a reduction in the headline corporation tax rate to 21% in April 2014, rather than the previously stated 22%. The move follows a surprise cut in the headline rate in the March budget, when the levy was slashed from 26% to its current level of 24%.

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    There was a thread on this. The difference between Irish and UK rates has fallen quite a lot. The difference has more than halved. I think the overall trend is downwards for many countries, and our advantage is being eroded.

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    Politics.ie Member Spanner Island's Avatar
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    Since the Con/Lib Dem coalition came to power two years ago the corporate tax rate has dropped from 28% to 21%...

    Still a difference but I did hear it reported last week when everything else in taken into consideration (cost of doing business, cost of living etc. etc.)... that a 21% UK rate is competitive with our 12.5% rate...

    It was also reported that Osborne has been an 'admirer' of our tax rate and that the UK is likely to fall further...

    On mainland Europe however, their answer is to scurry around looking at how to raise taxes... cos they're imbeciles who refuse to see Europe as having to compete globally...

    Ireland is f***ed if we're forced to go with the mentality presiding in Europe...

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    Politics.ie Member Analyzer's Avatar
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    Britain's government is making policies to make Britain more competitive.

    Ireland's government is taking advice from Jack O'Connor and David Begg.

    Bailout 2.0 up ahead.
    Coveney's ambition is the be Ireland's next EU Commissar and Ireland will pay a price as he builds his CV to position himself sufficiently loyal to the nEU empire.

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    This is probably the fault of our governments. There was a kind of international gentleman's agreement among real countries that corporation tax was maintained above 30% so that companies couldn't move around to avoid tax. It's only fair they should pay taxes. But ever since Ireland decided to cheat its way into a boom by breaking this agreement, countries competing with us have started to do it out of necessity. It's shameful really.

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    Politics.ie Member Clanrickard's Avatar
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    Quote Originally Posted by titmouse View Post
    This is probably the fault of our governments. There was a kind of international gentleman's agreement among real countries that corporation tax was maintained above 30% so that companies couldn't move around to avoid tax. It's only fair they should pay taxes. But ever since Ireland decided to cheat its way into a boom by breaking this agreement, countries competing with us have started to do it out of necessity. It's shameful really.
    What is shameful is the likes of you advocating we throw away our major advantage in being a destination for FDI.

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    Politics.ie Member Spanner Island's Avatar
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    Quote Originally Posted by titmouse View Post
    This is probably the fault of our governments. There was a kind of international gentleman's agreement among real countries that corporation tax was maintained above 30% so that companies couldn't move around to avoid tax. It's only fair they should pay taxes. But ever since Ireland decided to cheat its way into a boom by breaking this agreement, countries competing with us have started to do it out of necessity. It's shameful really.
    Corporate tax rates should be abolished imo...

    Employing all those tax 'experts' in order to minimise liability must add countless billions to the cost of products and services around the world...

    Tax should be simple and there's no reason why it can't or shouldn't be simple... other than the fact that an open and simple tax regime wouldn't suit the vested interests who depend on complex tax to earn a crust...

    VAT and income tax should be the only two taxes imo...

    Everything else should be scrapped...

    And an individual's global income should be taxed...

    And everyone should be made file an annual tax return including those on welfare and benefits etc.

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    Quote Originally Posted by Spanner Island View Post
    Corporate tax rates should be abolished imo...

    Employing all those tax 'experts' in order to minimise liability must add countless billions to the cost of products and services around the world...

    Tax should be simple and there's no reason why it can't or shouldn't be simple... other than the fact that an open and simple tax regime wouldn't suit the vested interests who depend on complex tax to earn a crust...

    VAT and income tax should be the only two taxes imo...

    Everything else should be scrapped...

    And an individual's global income should be taxed...

    And everyone should be made file an annual tax return including those on welfare and benefits etc.

    The research into tax supports the idea of a broad based tax system, spreading tax widely rather than narrowly. That would suggest you don't just pile all the work on two taxes.

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    Politics.ie Member Red_93's Avatar
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    Quote Originally Posted by factual View Post
    The research into tax supports the idea of a broad based tax system, spreading tax widely rather than narrowly. That would suggest you don't just pile all the work on two taxes.
    And yet SF is opposing govt attempts to broaden the tax base...

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    Quote Originally Posted by Clanrickard View Post
    What is shameful is the likes of you advocating we throw away our major advantage in being a destination for FDI.
    Balance the arguement on FDI. We get Jobs - what does it cost?
    Include in that risk assessment - the incentives given, the cost of financial regulational 8, Vat grouping directive, corporation tax, risk this against the effects in the domestic and broader markets, and calculate the cost of the IDA.

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