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Tax Rates Around the World 2013
(Note: Only the underlined countries are currently ready)
(Last partial update April 14, 2013)
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 2013
Tax Updates Archive
- Norway Tax Measures
The government plans to reduce the corporate income tax rate from 28% to 27% starting January 1, 2014. May 2013.
- Israel budget Approved
The Israeli cabinet approved on May 14 the 2013-14 budget by a majority of 21voting in favor and one against. The budget has yet to be approved by the Israeli parliament. May 2013.
- Europe Interest Rate Cut
The European Central Bank cut on May 2 its benchmark interest rate by 0.25% to 0.5% ,the first cut in the last 10months. May 2013.
- U.S. April Job Rise
165,000 new jobs were added to the U.S. economy in April 2013. The unemployment rate decreased to 7.5% the lowest rate for four years. May 2013.
- Japan Turkey Nuclear Plant Deal
A Japanese French consortium signed a $ 22 billion deal to build Turkey's second nuclear plant along the black sea. May 2013.
- Spain Unemployment Rate
Spain's unemployment rose to a record 27.16% rate in the first quarter of 2013 compared to 26.02% in the previous quarter. April 2013.
- Kazakhstan Singapore Tax Treaty
Kazakhstan and Singapore signed on April 9 a new protocol amending the existing 2006 double tax treaty between the countries. April 2013.
- Canada Consumer Price Index
According to statistics Canada the consumer price index, CPI, for the year ending March 2013 rose 1.0%. April 2013.
- Canada Annual Tax Returns2012
The Canada Revenue Agency, CRA, reminds Canadians about the near deadline filing date of their 2012 tax returns. April 2013.
- Finland 20% Corporate Income Tax Rate
The Finnish government plans to adopt new tax measures for the years 2014-2017 including reduction of the corporate income tax rate from the current 24.5% to 20% in 2014. April 2013.
- U.K. Personal Income Tax Rates 2013-14
The HMRC released new rates and thresholds for employers in the tax year 2013-14 starting on April 5 2013 . April 2013.
- Cyprus 1.3% Inflation Rate
The Cyprus inflation rate decreased in March 2013 to 1.3% compared to 1.8% in February 2013 and 3.5% in March 2012 . April 2013.
- U.S. March Job Rise
Only 88,000 new jobs were added to the American economy in March 2013 compared to economists' forecast of about 200,000 new jobs. April 2013.
- India Interest Rate Cut
The Indian central bank cut on March 19, 2013 the interest rate for the second time this year from 7.75% down to 7.5%. March 2013.
- Cyprus Credit Rating Downgrade
S&P downgraded on March 21, 2013 Cyprus credit rating from previous CCC+ to CCC with a negative outlook. March 2013.
- Italy Credit Rating Downgrade
Fitch downgraded on March 8, 2013 Italy's credit rating by one step, from previous A- to BBB+ with a negative outlook. March 2013.
- U.S. February Job Rise
236,000 new jobs were added to the American economy in February compared to economists' forecast of 160,000 jobs. March 3013.
- Denmark Corporate Income Tax Cut
The Danish government plans to reduce the corporate income tax by 1% in each of the years starting 2014 down to 22% in 2016. March 2013.
- Europe Retail Sales Rise
The retail sales in the 17 eurozone countries rose sharp0ly in January 2013 by 1.2% compared to a decline of 0,8% in December 2012. March 2013.
- Mexico Latvia Double Tax Treaty
The DTA between the two countries entered into force on March 2, 2013 and will apply from January 1, 2014. March 2013.
- China New Real Estate Rules
China decided to impose new dramatic rules to control the rising real estate market including a new20% tax on sales of homes. March 2013.
- France New 65% Income Tax Rate
France plans to impose a new 65%-66% tax on households with annual income exceeding EUR 2 million. March 2013.
- Morocco Latvia Tax Treaty
The double tax treaty, DTA, which entered into force in September 2012 applies from January 1, 2013. February 2013.
- U.K. Credit Rating Downgrade
Moody's downgraded U.K. credit rating by one notch. From the previous perfect AAA rating down to AA1. February 2013.
- Panama Ireland Tax Treaty
The double tax treaty, DTA, which was signed between the two countries in 2011 applies from January 1, 2013. February 2013.
- Lithuania V.A.T. Update
Starting January 2013 new products and services are added to the reduced and super reduced V.A.T. rate. February 2013.
- France GDP Decline
The French GDP declined in the 4th quarter of 2012 by 0.3% compared to a rise of 0.1% in the 3rd quarter. February 2013.
- Germany GDP Decline
The German GDP declined in the 4th quarter of 2012 by 0.6% compared to a rise of 0.2% in the 3rd quarter. February 2013.
- Spain U.S. Tax Treaty
Spain and the U.S. signed on January 14 a new protocol amending the existing double tax treaty between the two countries. February 2013.
- U.S January Job Rise
Only 157,000 new jobs were added to the American market in January compared to a preliminary estimate of 185,000 jobs. February 2013.
- Ukraine Corporate Income Tax Rate
Starting January 2013 the new corporate income tax rate in Ukraine is 19% compared to the previous 21% rate. January 2013.
- Czech V.A.T. Increase
Starting January 2013 the new standard V.A.T. rate is 21% compared to the previous 20% rate. The new reduced rate is 15%. January 2013.
- Serbia 15% Corporate Income Tax Rate
Starting January 2013 the corporate income tax rate is increased to 15% from the previous 10% rate. January 2013.
- Slovakia Corporate Income Tax Rate
Starting January 2013 the corporate income tax rate is increased to 23% compared to the previous 19% rate. January 2013.
- Slovenia Corporate Income Tax Rate
Starting January 2013 the corporate income tax rate is reduced to 17% compared to the previous 18% rate. January 2013.
- Sweden Corporate Income Tax Rate
Starting January 2013the corporate income tax rate is reduced to 22% compared to the previous 26.3%rate. January 2013.
- Israel Personal Income Tax Rates Increase
Starting January 2013 there is a new top 50% income tax rate which is imposed on individual's annual income exceeding IS 811,560. January 2013.
- Finland V.A.T. Increase
Starting January 2013 the new standard V.A.T. rate in Finland is 24% compared to the previous 23% rate. The reduced V.A.T. rates are 14% and 10%. January 2013.
- Eurozone Unemployment Rate
The eurozone unemployment rate in November was 11.8% the worst rate since 1995. January 2013.
- Cyprus V.A.T. Rise
Starting January 14, 2013 the standard V.A.T. rate in Cyprus will increase from the current 17% rate to 18%. A further increase will take place on January 13, 2014. January 2013.
- U.S. Fiscal Cliff Deal
The U.S. congress approved on January 1 the fiscal cliff deal. About 77% of the U.S. households are expected to pay more tax in 2013 compared to 2012. January 2013.
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...