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KPMG: Australia's Tax Rates Out Of Step With Global Averages

by Mary Swire, Tax-News.com, Hong Kong

05 November 2015


Australia's corporate and indirect tax rates are out of step with global averages, according to a new report from professional services firm KPMG.

KPMG's 2015 Global Tax Rate Survey said that, at 30 percent, Australia's corporate tax rate is above the global average of 23.68 percent. Australia's individual income tax rate of 45 percent is also higher than the global average of 41.43 percent. Meanwhile, the average global value-added tax (VAT) rate is some 5.79 percentage points higher than Australia's 10 percent goods and services tax rate.

KPMG found that globally there has been clear movement from governments in favor of adopting indirect taxes. A VAT regime has been introduced in Malaysia, China continues to expanded its VAT system, and India plans to replace most of its current indirect taxes with a GST in 2016.

Tim Gillis, KPMG's Head of Global Indirect Tax Services, said: "VAT has swept the globe. It is now in more than 160 countries, and in most countries we have seen a pattern where the rate starts low and is gradually increased, to settle [at] a range between 13 and 25 percent."

TAGS: VAT rates | tax | business | value added tax (VAT) | India | corporation tax | goods and services tax (GST) | Australia | China | tax rates | Malaysia | tax reform | individual income tax | services | Asia-Pacific

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