Eurostat confirms EU average corporate tax rate increases for first time since 2001
29 May 2012
The average corporate tax rate among EU member states has increased for the first time in more than a decade, and taxpayers can expect fewer rate cuts while the financial crisis continues, according to advisers.
Figures released by Eurostat last week showed that the average corporate tax rate among the 27 member states was 23.5% in 2012, up from 23.4% in 2011.
The increase bucks the trend for the last eleven years where the average rates have fallen consistently from a high of 31.9% in 2000.
Maricla Pennesi, head of tax for DLA Piper in Italy, said she expects to see member states maintain more steady corporate tax rates for the next two years while the EU remains in crisis.
"[The} corporate tax rate is a really sensitive issue both for economic growth internally and for attracting foreign investment as well as for financing and supporting country indebtedness, so eurozone countries will try to be more steady with rates," said Pennesi.
The lowest rates are found in Bulgaria and Cyprus, at 10%, and in Ireland, at 12.5%. At the other end of...
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