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British financial services make more tax contributions in 2012/13

English.news.cn   2013-12-18 07:44:28            

LONDON, Dec. 17 (Xinhua) -- British financial services sector paid more taxes to the national treasury in the 2012/2013 financial year, posing an annual increase of three percent, said a research report issued by the City of London Corporation on Tuesday.

The report, compiled by the accounting house PwC, showed that financial services industry contributed an estimated 65 billion pounds (105.8 billion U.S. dollars) to British government tax revenue in the 2012/13 financial year ending in March this year, accounting for 11.7 percent of the total tax take.

The figure is higher than the 63 billion pounds of tax contribution made in the 2011-2012 financial year.

The report also revealed that the financial services sector paid corporation tax amounting to 6.5 billion pounds in 2012-2013 year, up from 5.4 billion pounds from the previous year, despite the main rate of the corporation tax being reduced from 26 percent to 24 percent from April 2012.

"As the economic recovery gathers pace, these figures demonstrate the important contribution that the financial services industry continues to make across the UK in terms of taxes and jobs, said Mark Boleat, Policy Chairman at the City of London Corporation.

"The success of this sector is integral to the country's future prosperity and this should not be forgotten in the wake of understandable anger over recent controversies... That is why the government must prove the UK is open for business," he said.

The financial service sector's success is contingent on access to international markets and talent, and this should be reflected in major policy decisions on aviation, the visa system and other areas, said Boleat.

He also suggested the City to engage with Europe to address areas of uncertainty including key regulatory developments - such as the proposed financial transaction tax and bonus cap- - as well as the ongoing European Banking Union developments.

"Strengthening the Single Market by promoting open markets and trade is vital to driving the UK and European economies forward," he said.

According to the report, the financial services sector now employs 1.1 million people, taking up 3.8 percent of the workforce in Britain.

Editor: Luan
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