However, it has not yet been decided whether the Minister of Finance will emerge from the pandemic as a hero.
(Photo: AFP)
London The UK is initiating a U-turn in corporate tax. After ten years in which the corporate income tax rate has been steadily lowered, it is expected to rise from 19 to 25 percent in 2023. Some smaller businesses are exempt from the increase.
In the crown crisis, Conservative Chancellor of the Exchequer Rishi Sunak said in his budget speech in parliament on Wednesday that the debt could not be allowed to grow indefinitely. When the economy is on the way to recovery, public finances must be put back in order.
“I know the changes are not popular, but they are honest,” he said. The alternative would be to raise taxes on workers. “That would not be nice.” However, it also removed the planned income tax and capital gains tax relief.
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