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Tax Rates Around the World
(Note: Only the underlined countries are currently ready)
| Country |
Income Tax |
VAT |
| Corporate |
Individual |
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(Last partial update, April 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
- Vietnam Minimum Wage Increase
Starting May 1, 2012 the minimum wage in Vietnam is VND 1,050,000 compared to the previous minimum of VND 830,000. May 2012.
- Vietnam Delayed VAT Filing
The Vietnamese government announced that VAT filing for April, May and June would be delayed for six months. May 2012.
- Singapore Employment Q1
The employment in Singapore is estimated to have grown by 27,400 in the first quarter of 2012, lower than the increase of 37,600 in the fourth quarter of 2011. May 2012.
- Ireland Production Data
According to the Irish statistics office the industrial production in March 2012 decreased by 2.5% compared to February 2012 and by 5.6% compared to March 2011 . May 2012
- Hong Kong Hot Real Estate Market
According to CNBC Hong Kong is the second hottest real estate market. The price of the real estate market increased by 93.7% in the last five years. China tops the list with a price increase of 110.9% in the same period. April 2012.
- Czech 2017 Euro Adoption
The year 2017 is the closest real date for the Czech Republic's adoption of the Euro. The first serious debates about entering the eurozone may start in 2014 or 2015 .April 2012.
- IRS Tax Returns Tips
The IRS released on April 16, 2012 tips aimed to avoid common errors when filing annual tax returns. April 2012.
- Sony's Annual Loss
Sony corporation announced on April 10, 2012 that the forecast for the net loss for the year ending in March 31, 2012 is about & 6.4 billion, the worst result in the last 22 years. April 2012.
- Japan's New Reduced Corporate Tax Rate
Starting April 1, 2012 the new corporate income tax rate in Japan is 25.5% compared to the previous 30% rate. April 2012.
- France 1.1% Industry Growth
In January 2012 the French turnover of the manufacturing industry increased by 1.1%. The turnover in December 2011 decreased by 2.2%. April 2012.
- Portugal's Madeira New V.A.T. Rates
Starting 1.4.2012 there are new increased V.A.T. rates in Madeira. The standard V.A.T. rate is 22%, the medium V.A.T. rate is 12% and the new reduced rate is 5%. April 2012.
- U.K. New 24% Corporate Income Tax Rate
Starting April1, 2012 the new corporate income tax rate in the UK is 24% compared to the previous 26% rate. The tax rate would be further reduced to 23% starting April 1, 2013. April 2012.
- Poland Cyprus New Double Tax Treaty
Poland and Cyprus signed on March 22, 2012 a new protocol amending the existing 1992 double tax treaty, DTA, between the two countries. The agreement has to be ratified by both countries. April 2012
- UAE Latvia Double Tax Treaty
The UAE and Latvia signed on March 11,2012 a double tax treaty. For the UAE the new treaty is its 61st DTA so far. March 2012.
- Brazil February Inflation
According to the Brazilian statistics office the consumer price index in February was 0.45% compared to 0.56% in January 2012. March 2012.
- Cyprus 3.1% Inflation
The February inflation in Cyprus was 3.1% , the same as in January 2012 and February 2011. March 2012.
- U.K. Online V.A.T. Filing
Starting April 1, 2012 most of the businesses in the U.K. will have to submit the V.A.T. returns online and pay the V.A.T. due electronically. March 2012.
- Latvia Tax Withholding Update
Starting 1.1.2013 payment of dividends to non-residents will be exempt from tax withholding. March 2012.
- Cyprus New 17% V.A.T. Rate
As from March 1, 2012 the new standard V.A.T. rate in Cyprus is 17% compared to the previous 15% rate. There is no change in the reduced V.A.T. rates of 8% and 5%. March 2012.
- U.S. 3% Economy Growth
The U.S. economy grew in the last quarter of 2011 by 3% at annual rate, faster than the previous 2.8% forecast. March 2012.
- Mexico to Increase Its IMF Contribution
The Mexican senate voted to increase Mexico's contribution to the IMF to around $ 14 billion. March 2012.
- Netherlands' 2011 Deficit
Preliminary data for 2011 show a budget deficit of 4.8% of the Dutch gross domestic product. February 2012.
- Lithuania Immovable Property Tax
Starting January 1 2012 Lithuanian individuals pay annual 1% tax on immovable property with value exceeding Lt. 1 million. February 2012.
- U.K. Interest Rate Unchanged
The bank of England decided on February 9 the keep the official interest rate paid on bank reserves at0.5%. February 2012.
- China 4.5% Interest Rate
The annual inflation in China accelerated to 4.5% in January 2012 compared to 4.1% in December, above the analysts' forecast of 4.0%. February 2012.
- China Banned Paying Carbon tax
China banned its domestic airlines from paying the EU carbon tax to flights to or from EU countries. February 2012.
- Belarus New 18% Corporate Tax Rate
Starting January 1, 2012 the new corporate income tax rate in Belarus is 18% compared to the previous 24% rate. February 2012.
- Switzerland Ireland Revised Tax Treaty
Switzerland and Ireland signed on January 26 2012 a new protocol amending the 1966 double tax treaty between the two countries. February 2012.
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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