KPMG´s Corporate and Indirect Tax Rate Survey 2009
KPMG International's 2009 Corporate and Indirect Tax Rate Survey illustrates a milestone in global tax policy, as governments - driven by the need for more revenue as a result of the recession - are implementing proactive measures to increase the tax take from both indirect taxes and the tax base for corporate income taxes.
Figures from KPMG's 2009 Corporate and Indirect Tax Rate Survey showed that the long term slide in tax rates applied to company profits in Europe and Latin America has come to a halt in 2009.
But while this may be a pause before competitive pressures continue to drive corporate tax rates lower, there are some clear signs that any further cuts are likely to be paid for by widespread restrictions on tax allowances and tighter enforcement.
The survey shows that in Latin America, the average corporate tax rate this year was unchanged at 26.9 percent, the first time there has been no cut in rates since 2004.
In Europe, average rates stayed at 23.2 percent, the first time in 13 years that they have failed to fall year-on-year.
Only in the Asia Pacific region has the average rate this year matched the cuts of previous years, falling from 28.4 percent in 2008 to 27.5 percent in 2009.
Looking at indirect taxes, mainly Value Added Tax (VAT) or Goods and Services Tax (GST), rates in Europe have risen from 19.5 percent to 19.8 percent and in Latin America 15.9 percent to 16.2 percent.
Among the Asia-Pacific countries there was a marginal drop in indirect tax rate from 10.9 percent to 10.8 percent.
To learn more about the current state of corporate and indirect taxes in countries across the globe, and the implications for businesses, access the full report here.
© 2010 KPMG International Cooperative ("KPMG International"), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.
© 2010 KPMG AB, a Swedish limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
Legal ::Privacy :: Om cookies