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In the last few years, countries across the globe have reduced corporate tax rates with a view to boost investment, consumption and labour market participation. Resultantly, the average corporate tax rates amongst the Organization for Economic Co-operation and Development ("OECD") countries has reduced from 32.5% in 2000 to 23.19% in 2018. 8 Japan should more than double the consumption tax rate to as high as 26 per cent to ensure its fiscal sustainability, the Organization for Economic Cooperation and Development said Monday. In its biennial report, the OECD said Japan faces the intertwined challenges of a rapidly graying population and...
The UK raised 35% of national income in tax in 2018–19. Figure 1 shows that tax as a share of national income has fluctuated between around 30% and 35% of national income since the end of the second world war and been rising since the early 1990s. Tax revenues are now, just, higher as a share of national income than at any point since the late 1960s. An ageing society is increasing ... Explaining the high Japanese savings rate was one of the most popular topics for an economics paper. However, since then, it has gradually fallen: if fell First is the temporary impact of the consumption tax rate hike that took place in April 2014. Since retail prices inclusive of consumption tax are going...