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Tax Rates Around the World 2014

(Note: Only the underlined countries are currently ready)
Country Income Tax Social Security VAT
Corporate Individual Employer Employee
Argentina 35% 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 33.99% 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          
Canada 15%(federal) 15-29%(Federal)     5%(gst)
China 25% 3-45% 30% 11% 17%
Croatia 20% 12-40% 15.20% 20% 25%
Cyprus 12.5%% 0-35% 8.5% 6.8% 19%
Czech Rep. 19% 22% 34% 11% 21%
Denmark 24.5% 38-65% 0 DKK 900 25%
Egypt 25% 10-25%     10%gst
Estonia 21% 21% 33% 2% 20%
Finland 20% 6.5-31.75% 19.47% 9.14% 24%
France 33.33% 5.5-41% 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 26% 0-42% 28% 16.5% 23%
Hong kong 16.50% 2-17% 5% 5%  
Hungary 10/19% 16% 28.5% 18.5% 27%
India 30-40% 10-30% 12% 12% 12.50%
Indonesia 25% 5-30% 3.7% 2% 10%
Ireland 12.50% 20-41% 10.75% 4% 23%
Israel 26.5% 10-50% 6.75% 12% 18%
Italy 27.50% 23%-43% 30% 10% 22%
Japan 25.50% 5-50% 15.448% 14.643% 8%(consump)
Latvia 15% 24% 24.09% 11% 21%
Libya 20% 15% 11.25% 3.75%  
Lithuania 15% 15%/20% 32.6% 9% 21%
Luxemburg 21% 0-40% 14.69% 13.45% 15%
Malta 35% 15-35% 10% 10% 18%
Mexico 30% 0-30% 7% 2% 16%
Moldova 12% 7%/18% 26.5% 9.5% 20%
Monaco 30% 0%     19.60%
Morocco 30% 0-41.5%     20%
Montenegro 9% 9%/15% 9.8% 24% 19%
Netherlands 20-25% 5.85%-52%     21%
New Zealand 28% 0-39%     15%gst
Norway 27% 28-49% 14.1% 7.8% 25%
Pakistan 35% 0-25%     17%
Panama 25% 15-25% 12% 9% 7%
Philippines 30% 5-32% PHP 1,090 PHP 500 12%
Poland 19% 18%/32% 22.14% 13.7% 23%
Portugal 25% 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% 16% 20% 7% (gst)
Slovakia 22% 19%/25% 34.8% 13.4% 20%
Slovenia 17% 16%-50% 16.1% 22.1% 22%
South Africa 28% 0-40%     14%
Spain 30% 24.75-52% 29.9% 6.35% 21%
Sweden 22% 0-57%     25%
Switzerland 12.5-24% 0-11.5% (federal) 25.08% 20.73% 8%
Thailand 20% 5-37% 5% 5% 7%
Tunisia 30% 15-35% 16.57 9.18 18%
Turkey 20% 15-35% 27% 15% 18%
U.K. 23% 0-45% 13.8% 12% 20%
Ukraine 18% 15/17% 49.7% 3.6% 17%
U.S.A. 15-35% 0-39.6% 7.65% 5.65%  
Vietnam 22% 5-35% 21% 9% 10%
Zambia 35% 0-35%     16%
(Last partial update July 1, 2014)

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 2014

  • Georgia EU Free Trade Agreement
    Georgia signed on June 27, 2014 a free trade and political cooperation agreement with the EU. July 2014.
  • Finland Construction Works Reports
    Starting July 1, 2014 companies and self employed that commission construction works must collect worksite specific information on their construction contracts. July 2014.
  • China Switzerland TFA
    The free trade agreement, FTA, which was signed between the two countries on July 7, 2013 will enter into force on July 1, 2013. June 2014.
  • Albania EU Accession
    Starting June 24,2014 Albania is an official candidate to join the EU with its existing members. June 2014.
  • Ukraine EU FTA
    Ukraine's president signed on June 27, 2014 a historical free trade agreement with the EU shifting from the previous ties with Russia. June 2014.
  • Estonia Average Salary
    According to a release by Statistics Estonia dated 12.6.2014 the average monthly salary in 2013 was EUR 900 higher than the 2012 average. June 2014.
  • Eurozone Interest Cut
    The European Central Bank, ECB, cut on June 5, 2014 the eurozone refinancing rate from 0.25% to 0.15% and the deposit rate from 0% to -0.1%. June 2014.
  • Brazil bitcoins Taxation
    According to the latest Brazilian tax office guidelines bitcoins are treated as financial assets subject to 15% capital gain tax. May 2014.
  • Japan Consumer Tax
    Starting April 1, 2014 the consumer tax in Japan is increased to 8% compared to the previous 5% rate. The rate will increase to 10% in October 2015. May 2014.
  • Singapore Barbados Tax Treaty
    The 2013 double tax treaty between the two countries entered into force on April 25, 2014 after being ratified by both countries. May 2014.
  • Israel Intel's Investment
    Intel Corp reported on April 30, 2014 its plan to invest additional $ 6 billion in enlarging the existing plant in southern Israel. May 2014.
  • Russia Credit Rating Downgrade
    The credit rating agency Standard & Poor's downgraded on April 25, 2014 Russia's credit rating from previous BBB to BBB-. May 2014.
  • Ukraine Tax Update
    Starting April 1, 2014 the standard V.A.T. rate in Ukraine is 20%. There is a reduced 7% rate relating to medical supplies. April 2014.
  • Jamaica Business Tax
    Starting April 1, 2014 a new business tax is imposed on certain companies and individuals in Jamaica. The tax is paid twice a year. April 2014.
  • U.S Unemployment Rate
    The labor department reported on April 4, 2014 that the U.S. economy added 192,000 jobs in March. The unemployment rate remained unchanged at 6.7%. April 2014.
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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