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<p>The OECD has concluded that corporation tax is the most harmful tax for growth
and productivity.</p><p> </p><p>In April 2017, the corporation tax rate was reduced
from 20% to 19%. This is the continuation of this government’s reduction in the rate
from 28% in 2010.</p><p> </p><p>Lower corporation taxes can result in increased profits,
wages, employment and consumption that all feed through into higher tax revenues that
support our vital public services.</p><p> </p><p>Despite the rate cut in 2017, the
onshore corporation tax revenues have increased from £53.6 billion in 2016-17 to £56.1
billion in 2017-18. Since 2010, onshore corporation tax revenues have increased by
55%.</p>
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