More cuts needed for corporation tax
Manufacturers have claimed that a sharp cut in corporation tax is required to counter the rising burden of tax affecting small businesses.
According to a survey by EEF, the manufacturing trade body, just over half of
manufacturers have seen their tax burden rise over the past five years.
EEF urged the Treasury to cut corporation tax to 25% by 2011. EEF claimed
that benefits from the cut in corporation tax from 30 to 28% in the last Budget
had been lost through much less attractive capital allowances.
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