OECD Tax Reform Publication — Lower Corporate Tax Rates | KPMG | CA
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OECD Tax Reform Publication — Lower Corporate Tax Rates Trending

OECD Tax Reform Publication — Lower Corporate Tax Rates

OECD reports on international tax trends

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KPMG Insights reports on a recent OECD publication that examines tax reforms in various countries. According to the OECD, reforms have been used in many jurisdictions to lower taxes on businesses and individuals, in a continuation of ongoing trends. The report, Tax Policy Reforms 2018, describes the latest tax policy changes in 35 OECD member-countries, as well as Argentina, Indonesia, and South Africa. It identifies major taxation trends and says that fiscal policies of economic stimulus have become notable. The report notes that significant tax reform packages were introduced in the United States, Argentina, France and Latvia, while other countries have introduced tax measures in a more piecemeal fashion.

According to the OECD:

  • Corporate income tax rate are being reduced (with average corporate income tax rate dropping to 23.9% in 2018 from 32.5% in 2000)
  • Individual (personal) income tax reductions in many countries are common, and are mostly designed to alleviate the tax burden on low and middle-income taxpayers
  • There have been limited reforms to social security contributions
  • Value-added tax (VAT) rates have generally stabilized and many countries are looking for alternative ways to raise additional VAT revenues (e.g., tax administration and anti-fraud measures)
  • Many countries are introducing new excise taxes to deter "harmful" consumption (i.e., new or increased excise taxes on tobacco, alcohol, and sugar-sweetened beverages)
  • Environment-related tax reforms have continued to focus on energy taxes.

For more information, contact your KPMG adviser.

Information is current to September 11, 2018. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500
 

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