Friday, April 28, 2006

Estamos Numero Uno

Except for the honor, rather be in Philadelphia?

MADRID — Spanish companies suffer the highest tax burden in the European Union, a survey has found.

A report by the German Centre for European Economic Research (ZEW) found the average corporation tax in Spain was 36.1 percent.

This compares with the EU average of 23.7 percent among the 25 members.
The report did not account for tax breaks but did factor in inflation.

Spain has one of the highest rates of inflation in the eurozone.

After Spain, the highest corporation tax rate was found in Germany, where companies pay an average 36 percent.

The lowest was in Cyprus, which has an average of 9.7 percent.

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