Crown Prince, Kuwaiti prime minister discuss strengthening bilateral ties in NEOM    911 emergency centers handle over 2.7 million calls in July    Civil Affairs proposes amendment to death reporting rules for resident expatriates    Commemorative stamp issued honoring Prince Khalid Al-Faisal    Saudi central bank submits new banking draft law to legislative authorities    Saudi report shows 97.7% of businesses have internet access, 57.7% use social media    Mohamed Yousuf Naghi Motors and alfanar partner to deliver seamless home EV charging solutions across Saudi Arabia Powering the future of mobility    Ministry launches Non-Profit Precious Metals and Gemstones Association to boost industry    Netanyahu asks Red Cross to help hostages in Gaza, as families warn against an 'expanding war'    Poland extends border controls with Germany, Lithuania until October 4 over migration concerns    New Zealand woman arrested after two-year-old found in luggage    Al Qadsiah sign Saudi starlet Musab Al Juwayr from Al Hilal    Salm Al-Dawsari returns to Al Hilal training after injury layoff    Pakistan monsoon death toll rises to 299, including 140 children    Saudi defender Saud Abdulhamid joins RC Lens on loan from AS Roma    Riyadh Comedy Festival tickets now on sale for world's biggest stand-up event    Sotheby's returns Buddha jewels to India after uproar    Riyadh Film Music Festival returns with live orchestral performances of iconic movie scores    Nissan Formula E Team celebrates a landmark season 11 with proud Saudi sponsor Electromin    Saudi Arabia approves first Alzheimer's treatment with lecanemab for early-stage patients    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Cutting UK company tax costs £3.5b each year

Cutting British taxes on company profits would cost £3.5 billion ($5.3 billion) each year, but it can be paid for by scrapping some business tax reliefs, the opposition Conservatives said on Sunday.
The revenue neutral move, which would take full effect by April 2011 at the latest if the Conservatives win an election due by June, must fit into the party's pledge to cut a record budget deficit faster than current Labour government plans.
“It is paid for by changes in the system ... by removing complex reliefs and allowances,” the party's economic spokesman George Osborne, likely to be Britain's finance minister in any Conservative government, told BBC television.
“For example, there is an investment allowance for small business which I think is complicating the system.”
The centre-right Conservatives, a traditionally business-friendly party, say they will announce a fully-funded cut in corporation tax to 25 percent from 28 percent in their first budget due within 50 days of potentially taking office.
Osborne said that cut would cost about £2.5 billion each year while reducing small companies' tax to 20 percent from 21 percent, would cost about one billion pounds.
The measures are part of a wider Conservative strategy to make Britain a more attractive place to do business and to stimulate growth after an 18-month recession which reduced economic output by 6.2 percent.
The Labour party and some business groups have warned that scrapping investment incentives in order to cut taxes on profits could hinder some firms, especially in manufacturing, that want to expand.
The Conservatives, once seen as the safe bet to end 13 years of Labour rule this year, have seen a large opinion poll lead almost evaporate in recent weeks.
A poll for the Sunday Times newspaper on Sunday suggested that Labour, under Prime Minister Gordon Brown, could even retain enough seats in parliament to form a minority government.
Markets most fear a hung parliament in which no one party has control because of concerns about the repercussions that might have for plans to cut a budget deficit set to top 12 percent of gross domestic product this year.
Labour says it will halve the deficit over four years but the Conservatives say more needs to be done and sooner to protect Britain's top


Clic here to read the story from its source.