A number of countries are undertaking (or are planning)tax reforms to reduce the tax burden on labor and corporations with a view to boosting employment and competitiveness. This year,
Greece and the Netherlands implemented targeted cuts in employers’ social
security contributions;
Italy and Norway lowered the personal income tax rate;
and Finland and the United Kingdom reduced the corporate income tax rate.
Italy and France plan additional labor tax cuts in 2015,
and Japan has announced plans to cut the corporate income tax rate while minimizing the impact on revenue through a broadening of the tax base and other
reforms.
Spain has also announced tax cuts.