Australian businesses are suffering from high employment costs and the eighth highest corporate tax rate in the world, a study has found.
Accounting firm UHY Haines Norton calculated taxes on corporate profits of US$100,000 (AUD$104,000), of which the Australian Taxation Office would claim 30 percent, compared with a global average of about 25 percent.
Japan had the highest corporate tax rate of countries studied, at 43.02 percent, while the US and Irish governments claimed 24.05 percent and 12.5 percent of corporate profits respectively.
Tax partner Michael Coughtrey said Australia’s relatively high tax rate put businesses at a disadvantage in the global market and could hinder economic growth.
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