Yet it doesn't, when you look at the nuts and bolts: it's not a matter of inefficiency of the tax itself; it stems from somewhere else. Here's something that might appear counterintuitive: the 100 largest businesses weigh 14% of the tax's base, but return 19% of its effective yield. Very small businesses are those that drag that yield down, roughly a hundred thousand of them that benefit much more from a recurring tax credit implemented 8 years back than larger businesses do (we were getting close to tax revolt in 2012, when overall taxation passed 45% of our GDP). But computing the calculations for that tax credit on top of the tax, and the handling of it on the state's end, for a hundred thousand plus small businesses, kept a lot of people busy and pocketing administrative costs that wouldn't have existed had the tax rate for the lower bracket had been lowered instead. That's where the inefficiency was: the tax credit. It's why it was replaced last year with a perennial lowering of the corporate tax rate, with a projected return of €16Bn to the state's finances as a result (and it's going to cost accountants considerable revenue, but that's another story).