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Tax Rates Around the World 2015
(Note: Only the underlined countries are currently ready)
(Last partial update March 9, 2015)
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 2015
Tax Updates Archive
- U.S. June Job Report
The U.S. economy added 223,000 new jobs in June 2015 compared to the preliminary forecast of 230,000 new jobs. The unemployment rate in June was 5.3% down from 5.5% in May. July 2015.
- Israel Purchase Tax Rise
The Israeli government approved a rise of real estate purchase tax for investors owning more than one flat. The tax will rise to 8% for flats valued less than IS 4.8 million and to 10% for flats above IS 4.8 million. June 2015.
- Hungary Saudi Arabia Tax Treaty
Hungary and Saudi Arabia signed on May 1, 2015 a new double tax treaty, DTA. The DTA which includes reduced tax withholding rates will apply starting January 1, 2016. June 2015.
- Iceland Georgia Tax Treaty
Iceland and Georgia signed on May 13, 2015 a double tax treaty, DTA. The DTA includes reduced tax withholding rates for payments of dividends, interest and royalties. June 2015.
- U.S. May Job Report
The U.S. labor department reported on June 5 that 280,000 new jobs were added to the American economy in May 2015 compared to a prior forecast of 225,000 new jobs. June 2015.
- Greece IMF Debt
The Greek interior minister announced on May 24 that Greece is unable to repay its debt of 1.6 billion euro to the IMF due in June 2015. May 2015.
- Georgia Cyprus Tax Treaty
Georgia and Cyprus signed on May 18, 2015 a double tax treaty, DTA. The DTA will enter into force on January 1, 2016. May 2015.
- South Africa Cyprus Tax Treaty
South Africa and Cyprus signed on April 1, 2015 a new protocol amending the 1991 tax treaty between the two countries. May 2015.
- Hong Kong Annual Tax Returns
The inland revenue department sent on May 4, 2015 2.48 million tax returns reminding taxpayers to file the returns by June 4, or by August 4 for unincorporated businesses. May 2015.
- Cyprus Bahrain Tax Treaty
Cyprus and Bahrain signed on March 3, 2015 a double tax treaty, DTA. The DTA which is in line with the OECD model agreement will enter into force on January 1, 2016. May 2015.
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...