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Tax Rates Around the World
(Note: Only the underlined countries are currently ready)
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Income Tax |
VAT |
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Individual |
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(Last partial update, January 1, 2012 )
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.
Tax and Business News
- South Africa Annual Inflation
According to Statistics South Africa the annual inflation in December 2011 was 6.1%. The prices increased by 0.2% in December 2011 compared to November. January 2012.
- Finland Tax Rates 2012
The personal income tax rates vary from 6.5% up to 29.75% for income exceeding EUR 70,300. The municipal tax rates vary from 16.25% to 21.75%. January 2012.
- European Rescue Fund Downgrade
S&P downgraded on January 16 the credit rating of Europe's rescue fund ,EFSF, by one notch from previous AAA to AA+ .January 2012.
- Israel Azerbaijan Customs Agreement
Israel and Azerbaijan signed an agreement on customs mutual assistance between the two countries. January 2012.
- Saudi Arabia Malta Double Tax Treaty
Saudi Arabia and Malta signed on January 4 a treaty for prevention of double taxation between the countries. January 2012.
- Azerbaijan Oil Export 2011
Azerbaijan's oil export for the eleven months ending November 2011 totaled 34.99 million tons. January 2012.
- India Opens Stock Markets to Foreigners
India opens its stock markets to foreign individuals who would be able to directly buy and sell starting January 15. January 2012.
- Tbilisi Quality of Living Low Ranking
According to the 2011 quality of living Survey by Mercer Tbilisi has a very low ranking, 214, out of 221 cities surveyed. January 2012.
- Mexico Hungary Double Tax Treaty
The double tax treaty, DTA, between the two countries will enter into force on December 31, 2011 and apply from January 1, 2012. December 2011.
- Uzbekistan Czech Republic Double Tax Treaty
Uzbekistan and the Czech Republic signed on December 8 a new protocol to the existing 2000 tax treaty between the two countries. December 2011.
- Luxembourg Russia New DTA
Luxembourg and Russia signed on November 21 a new protocol amending the existing 1993 double tax treaty. December 2011.
- Hungary Tax Updates 2012
Starting January 1, 2012the standard VAT rate in Hungary would increase from 25% to 27%.Some income tax changes would apply too. December 2011.
- UAE to Establish a Mortgage Entity
The UAE ministry of finance is checking the option of establishing a new entity for registration of mortgages of small and medium firms having assets which may use as a guaranty. December 2011.
- UK HMRC Reminder For Online Filing
HMRC is reminding taxpayers filing their tax returns online for the first time to get registered in good time before the filing deadline of January 31, 2012. December 2011.
- Australia's Credit Rating Downgrade
Standard & Poor's downgraded on December 2 Australia's credit rating by one notch, from AA to AA- .December 2011.
- China's Bank Reserve Ratio Cut
The Chinese central bank cut from December 5 the reserve ratio for Chinese banks by 0.5%, the first cut since 2008. December 2011.
- Hungary's Credit Rating Downgrade
Moody's downgraded on November 24 Hungary's credit rating from Baa3 to Ba1.November 2011.
- Belgium's Credit Rating Downgrade
Standard & Poor's downgraded on November 25 Belgium's long term sovereign credit rating from AA+ to AA. November 2011.
- France New 5% Corporate Surcharge
The French prime minister proposed to impose 5% surcharge on companies with turnover exceeding EUR 250 million. November 2011.
- Thai Reduced Corporate Tax Approved
The Thai cabinet approved reduction of the corporate tax rate from 30% to 23% in 2012 and 23% from January 1, 2013 onwards. November 2011.
- Cyprus Removed From Portugal's Black List
Cyprus was removed on November 8 from Portugal's black list of tax heavens. November 2011.
- ECB Cut Interest Rate
The European Central Bank, ECB, cut on November 3 its interest rate by 0.25%, from 1.5% to 1.25%. November 2011.
- Israel's New 25% Corporate Tax
The Israel government approved on October 30 some significant tax changes including, inter alia, increase of the corporate income tax rate to 25%. November 2011.
- Netherlands Switzerland DTA entry Into Force
The double tax treaty, DTA , between the two countries signed on February 26, 2010 will enter into force on November 9, 2011 and apply from January 1, 2012. November 2011.
- Vietnam Foreign Currency Fines
The Vietnamese government increased dramatically fines on businesses quoting prices in foreign currency instead of the local currency, Vietnam dong. November 2011.
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
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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