The amount of tax paid by UK businesses in the past year has gone up by £8 billion.
The total business tax contribution amounts to 27% of all UK tax revenue. This comes from a number of different business taxes, including:
- £60bn of corporation tax revenues (accounting for 31% of total tax revenue from businesses);
- £63bn of employer's national insurance contributions (NICs), worth 32% of all business taxes;
- £28bn of business rates (14%);
- £12bn of fuel duties (6%);
- £33bn of other business taxes (17%).
Rain Newton-Smith, CBI chief economist, said: "Our analysis shines a timely light on the importance of business to the funding of our schools, hospitals and many other public services. The efforts of successful enterprises, paying a fair share in tax, cannot be taken for granted by politicians at a time of such economic uncertainty.
"From investing in communities and creating opportunities for people, to contributing more than a quarter of the total UK tax-take, businesses are the heartbeat of towns and villages throughout the country."
The CBI has said that any changes to the business tax regime must be designed to support UK firms.
"The single most effective remedy to the current structural challenges facing the British economy is a simple one - increased business investment," said Newton-Smith.
"Any future changes to direct business taxes will need this as a number one priority, keeping in mind the rapid changes that new technology is bringing to the way we work and shop. That means a studied, evidence-based approach is paramount to ensure the tax system in our modern economy is stable, transparent and simple."
Written by Rachel Miller.