![]() ![]() The COVID-19 pandemic has led many countries to adopt temporary changes to their tax systems. Corporate tax base improvements have occurred in Chile and the United Kingdom, while the corporate tax base has been made less competitive in Belgium. Though some countries like the United States and France have reduced their corporate income tax rates by several percentage points, others, like Turkey, have increased them. Not all recent changes in tax policy among OECD countries have improved the structure of tax systems some have made a negative impact. Now, most OECD nations raise a significant amount of revenue from broad-based taxes such as payroll taxes and value-added taxes (VAT). Over the past few decades, marginal tax rates on corporate and individual income have declined significantly across the Organisation for Economic Co-operation and Development (OECD). Many countries have recognized this and have reformed their tax codes. In contrast, poorly structured tax systems can be costly, distort economic decision-making, and harm domestic economies. ![]() A well-structured tax code is easy for taxpayers to comply with and can promote economic development while raising sufficient revenue for a government’s priorities. The structure of a country’s tax code is a determining factor of its economic performance.
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