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hubby's company has worked it out that they will effectively pay 56% tax on profits - and as mentioned, this net profit doesn't include any debt repayments or research/developoment costs. i understand that it also touted to be pay retrospectively - so if the company's have to pay tax for past...

the problem with the new tax is that it gives an effective tax rate on net profits of 56% instead of the usual business 30%, so they are paying nearly double tax rate, which means less money to reinvest back in the company. also means that the local steel makers (of which there are very few...