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Tax Rates Around the World 2016
(Note: Only the underlined countries are currently ready)
(Last partial update May 10, 2016)
1. In countries in which VAT is charged at a number of different rates, the rate in the table is the highest rate.
2. The rates in the Table do not include Local tax, if it exists.
3. Social security rates are the highest rates. Unlike income tax social security contributions are generally imposed on income up to a ceiling.
Tax and Business News 2016
Tax Updates Archive
- Indonesia Tax Amnesty
Starting July 18,2016 there is a new tax amnesty in Indonesia. Taxpayer will pay taxes of 3%-10% for reporting their offshore accounts. August 2016.
- U.K. Interest Rate Cut
The bank of England reduced the interest rate by 0.25% from previous 0.5% to 0.25%, the first cut in the last seven years. The cut is aimed to provide additional monetary stimulus. August 2016
- Israel Corporate Tax Cut
Israel will reduce the corporate income tax rate , currently 25% , in the next two years. The rate will be reduced to 24% in 2017 and 23% in 2018. July 2016.
- U.S. June Job Report
The labor department reported on July 8, 2016 that 287,000 new jobs were added to the U.S. economy in June, much higher than the prior 175,000 estimate. The unemployment rate in June rose slightly to 4.9%. July 2016.
- U.K. to cut Corporate Tax Rate
The British chancellor announced on July 4, 2016 that Britain is going to cut the corporate income tax rate from the current 20% rate to a rate below 15%, a measure aimed to attract companies to invest in the U.K. July 2016.
- U.K. Credit Rating Downgrade
The credit rating agency Standard & Poor's downgraded on June 27, 2016 the British credit rating by two notches, from previous perfect AAA to AA with a negative outlook. June 2016.
- U.S. May Job Report
The U.S. labor department reported on June 3, 2016 that only 38,000 new jobs were added to the U.S. economy in May, compared to a preliminary forecast of 162,000 new jobs. The unemployment rate in May was 4.7%. June 2016.
- Greece V.A.T. Increase
Starting June 1, 2016 the new standard V.A.T. rate in Greece is 24% increased from the previous 23% rate. June 2016.
- China Russia Tax Treaty
The 2015 double tax treaty ,DTA, between the two countries entered into force on April 9, 2016 applying in both countries starting January 1, 2017. May 2016.
- Germany GDP Growth
The German statistics office reported on May 13, 2016 that the German economy grew sharply by 0.7% in the first quarter of 2016 compared to 0.3% in the fourth quarter of 2015.May 2016.
- Germany China Tax Treaty
The 2014 double tax treaty, DTA, between the two countries entered into force on April 5, 2016 applying in both countries starting January 1, 2017. May 2016.
- Singapore Tax Update
From YA 2017 there are three new personal income tax rates in Singapore. Two new rates of 19% and 19.5% and a new top marginal 22% rate which relates to annual income exceeding SGD 320,000. May 2016
History of Taxation
Tax has an extremely long-established history. The ancient Egyptians appointed Tax Masters who increased the burden on the Children of Israel - slaves under Egyptian domination. As a general rule, tax is the source that is best exploited by government. It is imposed on individuals and companies to finance services that the State is obligated to provide and to meet its goals....More info
The following pages attempt to give a brief summary of the principles of double entry bookkeeping. After reading the material you will find that the "bogey" is not that bad.
The Development of Bookkeeping.
In each area of life, techniques are developed and inventions made to answer the problems that arise therein. Thus, for example, the invention of the "airplane" provided an answer to the problem of reducing travel time between distant cities. The discovery of "canned foods" on the other hand gave an answer to the need to keep food fresh for long periods. This is similar to what happened with bookkeeping, in that it answered the severe problems that arose in managing modern commerce. More info...