Australia’s tax system has ranked poorly in a global survey of corporate tax systems, coming it at 47th in the world.
The study by PricewaterhouseCoopers and the World Bank found that Australia’s tax system is too complex and is in urgent need of review.
Australia also ranked poorly when it comes to the total tax paid by Australian businesses, at 127th place, out of 183 economies studied.
PricewaterhouseCoopers tax partner Tim Cox said the results were “sobering”.
“Every year that goes by, we’re getting further and further behind,” he said.
Australia ranked 48th in the same survey last year and 41st the year before. In 2007, it was ranked 35th.
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