ActionAid Head of Advocacy Ms Charlie Matthews, commenting on the Prime Minister’s commitment to Britain having the lowest rate of Corporation Tax in the G20, said:
“Cuts to corporation tax will fuel a global race to the bottom on corporate taxation and undermine efforts to ensure companies pay their fair share of tax around the world.
“It is the world’s poorest countries which stand to lose the most from this downward spiral. Developing countries are pressured by cuts in the UK and elsewhere into offering ever-lower tax rates, hampering their efforts to raise a fair share of tax to fund key public services like schools and hospitals.
“Many businesses agree with a recent PWC survey showing 71% of UK businesses opposing a cut to corporation tax because it risks damaging public trust in business. The Prime Minister should rethink her plan.”
PWC report: The future of tax — what do businesses think? https://www.pwc.co.uk/issues/futuretax/the-future-of-tax—what-do-businesses-think-.html:
71 per cent of British businesses surveyed think that corporation tax should stay at 20 per cent (as it is now) or not fall below 17 per cent, (as it’s due to by 2020).