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Tax Rates Around the World 2019

(Note: Only the underlined countries are currently ready)
Country Income Tax Social Security VAT
Corporate Individual Employer Employee
Argentina 30% 9-35% 27% 17% 21%
Australia 30% 17-45%     10%GST
Austria 25% 21%-50% 21.83% 18.2% 20%
Barbados 25% 20/35%     17.50%
Belarus 18% 12% 34% 1% 20%
Belgium 29% 25-50% 40.58% 13.07% 21%
Brazil 34% 7.5-27.5% 37.3% 11% 17-25%
Bulgaria 10% 10% 18.5% 12.9% 20%
BVI 0 0      
Canada 15%(federal) 15-33%(Federal)     5%(gst)
China 25% 3-45% 30% 11% 6%/10%/16%
Croatia 18% 24%/36% 15.20% 20% 25%
Cyprus 12.5% 0-35% 11.5% 7.8% 19%
Czech Rep. 19% 22% 34% 11% 21%
Denmark 22% 38-65% 0 DKK 900 25%
Egypt 22.5% 10-25%     4%-20%
Estonia 20% 20% 33% 1.6% 20%
Finland 20% 6%-31.25% 19.47% 9.14% 24%
France 33.33% 14%-45% 50% 20% 20%
Georgia 15% 20%     18%
Germany 30-33%(effective) 14-45% 19.7% 20.6% 19%
Gibraltar 10% 0-40% Gip 32.97/week Gip 25.16/Week  
Greece 28% 0-42% 28% 16.5% 24%
Hong kong 16.50% 2-17% 5% 5%  
Hungary 9% 15% 28.5% 18.5% 27%
India 25%-40% 10-30% 12% 12% 5%-15%
Indonesia 25% 5-30% 3.7% 2% 10%
Ireland 12.50% 20-41% 10.75% 4% 23%
Israel 23% 10-47% 7.25% 12% 17%
Italy 24% 23%-43% 30% 10% 22%
Japan 23.2%/23.4% 5-50% 15.448% 14.643% 8%(consump)
Latvia 20% 23% 23.59% 10.50% 21%
Libya 20% 15% 11.25% 3.75%  
Lithuania 15% 15%/20% 32.6% 9% 21%
Luxemburg 18% 0-40% 14.69% 13.45% 17%
Malta 35% 15-35% 10% 10% 18%
Mexico 30% 0-30% 7% 2% 16%
Moldova 12% 7%/18% 26.5% 9.5% 20%
Monaco 33.33 0%     19.60%
Morocco 31% 0-41.5%     20%
Montenegro 9% 9%/15% 10.3% 24% 19%
Netherlands 25% 5.85%-52%     21%
New Zealand 28% 0-39%     15%gst
Norway 22% 28-49% 14.1% 7.8% 25%
Pakistan 30% 0-25%     17%
Panama 25% 15-25% 12% 9% 7%
Philippines 30% 5-32% PHP 1,090 PHP 500 12%
Poland 15%/19% 18%/32% 22.14% 13.7% 23%
Portugal 21% 14.5-48% 23.75% 11% 23%
Romania 16% 16% 28.45% 16.5% 24%
Russia 20% 13% 30% 0 18%
Saudi Arabia 20% 20%     --
Serbia 15% 10-20% 19.9% 19.9% 20%
Singapore 17% 3.5%-20% 17% 20% 7% (gst)
Slovakia 21% 19%/25% 34.8% 13.4% 20%
Slovenia 19% 16%-50% 16.1% 22.1% 22%
South Africa 28% 0-40%     15%
Spain 25% 19%-45% 23.6% 6.35% 21%
Sweden 21.4% 0-57%     25%
Switzerland 8.5% 0-11.5% (federal) 25.08% 20.73% 2.5%/3.7%/7.7%
Thailand 20% 5-37% 5% 5% 7%
Tunisia 25% 15-35% 16.57 9.18 18%
Turkey 22% 15-35% 20.5% 14% 18%
U.K. 19% 0-45% 13.8% 12% 20%
Ukraine 18% 15/17% 49.7% 3.6% 17%
U.S.A. 21% 10%-37% 7.65% 5.65%  
Vietnam 20% 5-35% 21% 9% 10%
Zambia 35% 0-35%     16%
(Last partial update March 9,2019)

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 2019

  • OECD 2019 World Forecast
    The OECD published on March 6, 2019 its interim forecast for 2019 and 2020. The OECD cuts, compared to its November report, the growth for 2019 from 3.5% to 3.3%. The growth for 2020 is expected to fall from 3.5% to 3.4%. March 2019.
  • Greece Credit Rating
    The credit rating agency Moody's raised on March 1, 2019 the credit rating for Greece by two notches, from B3 to B1 with a stable outlook. March 2019.
  • Israel New Cash Law
    Starting January 1, 2019 a new cash law is in effect in Israel, aiming to restrict the use of black money. February 2019.
  • U.K. Growth Forecast
    The bank of England, the central bank, warned on February 7, 2019 that the U.K. will face in 2019 the lowest economic growth for a decade. February 2019.
  • Israel Credit Rating
    The credit rating agency S&P's changed on February 4, 2019 Israel's already high –AA credit rating from temporary to constant. The new rating will enable Israel to get loans in the global market in a low interest rate. February 2019.
  • U.K. November Job Report
    The office for national statistics reported on January 22, 2019 that 32.53 million people were employed in November 2018, a rise of 328,000 compared to a year earlier. January 2019.
  • U.S. December Job Report
    The U.S. labor department reported on January 4, 2019 that 312,000 new jobs were added in December 2018, compared to a preliminary estimate of 184,000 new jobs. January 2019.
  • Bahrain V.A.T. Regime
    Starting January 1, 2019 a 5% V.A.T rate will be imposed in Bahrain. From that date the regime will apply only for businesses with a turnover exceeding BD 5 million. Two other stages for smaller businesses will apply later in 2019. December 2018.
  • U.S. Interest Rate Rise
    The U.S. federal reserve raised on December 19, 2018the interest rate by 0.25% to 2.5%. The present rise is the fourth rise in 2018, Two additional rises are expected in 2019. December 2018.
  • Israel Share Warrants Taxation
    According to a new circular by the Israeli tax office regarding taxation of share warrants in case of exit or public offering will rise from current 25% to a rate similar to labor taxation, about 50% for senior employees. December 2018.
  • Switzerland Pakistan Tax Treaty
    The 2017 double tax treaty, DTA, between the two countries entered into force on November 29, 2018. According to the DTA the tax withholding rates will be 10%/20% for payments of dividends, 10% for payments of royalties and interest. December 2018.
  • U.S. October Job Report
    The U.S. labor department reported on November 2, 2018 that 250,000 new jobs were added to the U.S. economy in October, compared to a preliminary forecast of 200,000 new jobs. November 2018.
  • Israel Interest Rate Rise
    The Israeli central bank raised on November 26, 2018 the interest rate from 0.1% to 0.25%, the first rise for the last seven years. November 2018.
  • U.K. 2018 Budget
    According to the 2018 budget the corporate income tax rate will be reduced from 19% to 17% starting April 1, 2010.A new 2%digital serve tax will be imposed from the same date. November 2018.
  • U.S. September Job Report
    The U.S. labor department reported on October 5,2018 that 134,000 new jobs were added to the American economy in September, compared to a forecast of 185,000 new jobs. October 2018.
  • Italy Credit Rating Downgrade
    Moody's credit rating agency downgraded on October 19, 2018 Italy's credit rating from Baa2 to Baa3.The agency changed Italy's outlook from negative to stable. October 2018.
  • Turkey September Inflation
    According to the Turkish statistical office the consumer price index in September 2018 rose by 24.52% compared to September 2017, the highest rise since August 2003. October 2018.
  • Russia V.A.T. Rise
    Starting January 1, 2019 the standard V.A.T. rate will rise from the current 18% rate to 20%. The reduced 10% rate will remain unchanged. October 2018.
Tax Updates Archive




   

History of Taxation

Introduction
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

Bookkeeping - Basic Course


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...
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Plus a handy basic guide to bookkeeping.


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