Since the last KPMG's Corporate and Indirect Tax Rate Survey was published in January 2013, some 24 countries have lowered corporate tax rates while nine others have raised them.
In terms of indirect tax rates, 13 countries have pushed up indirect taxes and none decreased.
These are the key findings of the latest edition of the survey, which compares corporate and indirect tax rates from more than 130 countries, including Singapore.
The issue of tax transparency and morality – or whether companies are paying their 'fair share' of corporate tax - will continue to influence the global corporate tax landscape.
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Other key findings:
- For countries that impose an indirect tax, Hungary is the country imposing the highest rate at 27 percent. The lowest is Aruba at 1.5 percent.
- In Asia, Singapore has the second lowest indirect tax rate at seven percent, just behind Taiwan at five percent.
- Among countries that impose a corporate tax, the United Arab Emirates holds the top spot with the highest rate at 55 percent. The lowest is Montenegro at nine percent.
- Singapore, at 17 percent, has the ninth lowest corporate tax rate. Hong Kong at 16.5 percent is ranked just above Singapore, while Macau and Oman take the third lowest corporate tax rate position at 12 percent.