Government says it will seek to cut corporate tax from 18% to 12% by 2020

Government is set to announce an ambitious restructuring of its business tax regime to encourage the creation of “economic zones” in the future.

The Government is proposing a 12% corporate tax rate for multinationals to fund a raft of reforms that it says will provide certainty to businesses in a climate of uncertainty and tax avoidance.

The changes, outlined in the Government’s first budget update of the year, would allow businesses to declare a “tax zone” on their profits to avoid paying a 30% tax rate on the income of any individual company.

The new model would also see the corporate tax rates for small business businesses reduced from 16% to 10% and for large firms from 20% to 15%.

A small business would be able to declare an “economic zone” for up to three years, while larger firms could set up zones for up.

“The Government will seek ways to make the tax system fairer for small and medium-sized enterprises,” the budget said.

Under the proposed changes, small businesses and medium businesses would have to declare the profits of their parent company for a maximum of two years, whereas the larger firms would be allowed to declare for as long as 10 years.

Large firms would have the option of declaring the profits for as little as two years.

Businesses would be given the option to declare one tax zone or two tax zones, or the option for more than one.

For the first time in recent years, there would be a new tax on the profits made in the zones.

Business tax is currently taxed at 18%, with the rate for small businesses to reduce to 12%.

The Government said the new tax would encourage firms to create economic zones and would help support local economies.

Ministers said the tax rate would be “much higher” than currently imposed, with the proposed rate of 25% effective from 2019.

But the Budget also included a measure to cut the corporate rate to 12.5%, the same rate as for multinational corporations.

This is to ensure that the proposed change will not “undermine the integrity of the corporate system and reduce competition”, it said.

The move is intended to ease pressure on small businesses, who already pay a levy of between 12.75% and 16% on their income tax.

Businesses are already required to pay taxes on their earnings and other business costs through the Business Tax Reduction Scheme (BTRS), which has helped the Government to cut taxes on businesses.

However, the Budget announced an increase in the levy to 10%, with companies and businesses that have less than $5m in taxable income paying an extra 5% tax on their tax bills.

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