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The key findings of a survey conducted from the The Hundred Group, data from 84 out of the 105 corporate members collected for the accounting periods ending 31/03/10, have just been released.
It shows that The Hundred Group of Britain's largest companies make a massive contribution to the UK economy. They employed 1.8m UK employees and had a Total Tax Contribution of £56.8bn, which is 11.9% of government receipts from all taxes for the whole of the UK.
Total taxes borne have fallen 25.1% in the 2010 survey compared to last year, primarily reflecting a drop in corporation tax and petroleum revenue tax from falling commodity prices and lower profitability. Irrecoverable VAT also fell due to the Government’s temporary VAT rate reduction to 15%.
Taxes that Hundred Group members collect on behalf of Government were more stable falling only 1.9%. Lower amounts of tax deducted from interest, due to lower interest rates, were offset by higher excise duties collected.
For every £1 of corporation tax paid, there is another £1.97 paid in other taxes borne and £6.79 in taxes collected.
Lavinia Newman, Founder of ABDS says:
“Once again one of the most interesting aspects of this report is the Industrial Sector Contribution; four industry sectors made a major tax contribution Together, the participating oil and gas companies, retailers, banks and insurance companies paid two thirds of the taxes borne and collected, but they represented just under a third of the number of companies taking part in the survey.”
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