Sydney and Kuala Lumpur — The harmful effects of falling corporate tax rates have been acknowledged in a recent International Monetary Fund (IMF) research paper. This trend, since the early 1980s, has been especially detrimental for developing countries, which rely on direct taxation much more than developed economies.
Acknowledging that existing international corporate tax rules are unfair, set by developed country governments scantly considering their effects on poor countries, IMF Managing Director, Christine Lagarde, called for a new system earlier this year.
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