The ITPF News Blog is managed by the students at the University of Florida Levin College of Law International Tax LLM Program.
By Alex Morales
The U.K. expects to keep business levies competitive with the other Group of Seven nations, a government official familiar with the matter said, giving Chancellor of the Exchequer Rishi Sunak scope to raise corporation tax in his budget next week. The U.K. rate is already the lowest among the seven nations at 19%, the person said. Rates in Canada, France, Germany, Italy and Japan are all above 25%. The official also pointed to proposals earlier this week by Treasury Secretary Janet Yellen to lift the U.S. rate to 28% from 21%.
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