Canadian Business Taxes Amongst Lowest in World
Aug 11, 2008
Canadian business taxes are among the lowest in the world, contrary to the stream of misleading reports pumped out by corporate-funded outfits like the Fraser Institute (including this one in July).
KPMG.ca, the Canadian arm of one of the largest professional services corporations in the world, has issued a report finding that business taxes in Canada are markedly lower than those paid by American companies.
Entitled Competitive Alternatives 2008 Special Report: Focus on Tax, the analysis looks at taxes paid by businesses in Australia, Canada, France, Germany, Italy, Japan, Mexico, the Netherlands, the U.K. and U.S.
Some of the key findings include the following:
Canada is the third least expensive country when it comes to the tax burden placed on business (the U.S. ranks fifth).
Out of the 35 large cities (with populations greater than two million), Vancouver, Toronto and Montreal are in the top seven for providing low tax costs. Additional findings on Manufacturing, Services and R&D sectors also show Canada in a very favourable overall position.
Paris is ranked number 35 for the most expensive for taxes, with Naples, Frankfurt, London and Yokohama close behind.
This is how business taxes compare (using a U.S. ranking of 100) among the countries analyzed (ranked in order from lowest to highest):
Mexico 70.2
Netherlands 78.3
Canada 78.8
Australia 95.9
U.S. 100.0
U.K. 101.6
Japan 120.8
Germany 128.2
Italy 172.0
France 185.3
KPMG says Mexico is ranked lowest primarily because of low wage costs. The Netherlands, which offered the "lowest effective corporate income tax rates" for manufacturing, narrowly edged out Canada for second place on the list. Canada also ranked high on the list for "significant R&D tax incentives" and it offered the lowest of all labour-related costs in "statutory plans as a percentage of payroll."
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Love to see the unions get on board for lower income taxes.
pissinginthetent.com - 2008-08-12 10:13