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UK's Sunak to raise business tax to pay for COVID-19 support: Report

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The Sunday Times reported.Sunak, in his speech on March 3, will announce he is increasing corporation tax from 19 pence in the pound and will outline a pathway where it rises to 23 pence in the pound by the time of the next general election, the report said.

The move will raise an expected 12 billion pounds ($16.8 billion) a year, the report added.According to the report, at least 1 pence is set to be added to the bill for business from this autumn, at a cost to business of 3 billion pounds, with further rises in subsequent years.Allies of Sunak clarified he would not increase corporation tax higher than 23%.These measures will be helpful in paying for an extension to the furlough scheme, VAT cuts and business support loans until at least.

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