A Theoretical Review on Global Trends of Company Income Taxes and Alternatives of Tax Reforms
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There are issues challenging the validity of existing company tax regimes to better serve the principle of effective, efficiency, fairness and accountability of public interest. This has in turn lead to an initiative of company tax reform seeking new way to design a system that is promoting competitiveness and generating steady stream of tax revenues flow. Therefore, this study aimed to provide brief reviews of literatures in which discuss the emerging trends of company income tax in global and possible tax reforms. A comprehensive review of company tax bases and rates are then employed. Data that is depicting the trends of company tax rates across these years are then being overviewed, compared, and evaluated. The importance of company’s taxation, concept of company tax base and rates, trends and comparison of global income Tax, tax competition and tax reforms are reviewed. It can be concluded from the literature review that most of the trends in jurisdictions are reducing tax rates to demonstrate their competitive. Also, the global trade tax circumstances have varied radically over past few decades and impair the effectiveness of company taxation administration policies nowadays to remain competitive and generate sufficient incomes without disrupted by aggressive profit shifting. Therefore, future studies should explore areas like tax transparency and country to country reporting, unitary tax system and tax cooperation in order to ensure effective and efficient tax reforms.
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