A report from the Organisation for Economic Co-operation & Development (OECD) shows that corporate tax accounted for about 5.5% of Australia’s GDP in 2017. This compares with an average of 3% across all OECD member nations. The US and the Bahamas are among 15 jurisdictions whose corporate tax collections comprise less than 2% cent of GDP.
Treasurer Josh Frydenberg contends that Australia’s lower value add tax is a key reason for the nation’s personal and corporate income tax rates being higher than the OECD average:
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