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Tax Rates Around the World 2018

(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 29% 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 0 0      
Canada 15%(federal) 15-33%(Federal)     5%(gst)
China 25% 3-45% 30% 11% 6%/10%/16%
Croatia 18% 24%/36% 15.20% 20% 25%
Cyprus 12.5% 0-35% 11.5% 7.8% 19%
Czech Rep. 19% 22% 34% 11% 21%
Denmark 22% 38-65% 0 DKK 900 25%
Egypt 25% 10-25%     4%-20%
Estonia 20% 20% 33% 1.6% 20%
Finland 20% 6%-31.25% 19.47% 9.14% 24%
France 33.33% 14%-45% 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 29% 0-42% 28% 16.5% 24%
Hong kong 16.50% 2-17% 5% 5%  
Hungary 9% 15% 28.5% 18.5% 27%
India 25%-40% 10-30% 12% 12% 5%-15%
Indonesia 25% 5-30% 3.7% 2% 10%
Ireland 12.50% 20-41% 10.75% 4% 23%
Israel 23% 10-47% 7.25% 12% 17%
Italy 24% 23%-43% 30% 10% 22%
Japan 23.2%/23.4% 5-50% 15.448% 14.643% 8%(consump)
Latvia 20% 23% 23.59% 10.50% 21%
Libya 20% 15% 11.25% 3.75%  
Lithuania 15% 15%/20% 32.6% 9% 21%
Luxemburg 18% 0-40% 14.69% 13.45% 17%
Malta 35% 15-35% 10% 10% 18%
Mexico 30% 0-30% 7% 2% 16%
Moldova 12% 7%/18% 26.5% 9.5% 20%
Monaco 33.33 0%     19.60%
Morocco 31% 0-41.5%     20%
Montenegro 9% 9%/15% 10.3% 24% 19%
Netherlands 25% 5.85%-52%     21%
New Zealand 28% 0-39%     15%gst
Norway 23% 28-49% 14.1% 7.8% 25%
Pakistan 30% 0-25%     17%
Panama 25% 15-25% 12% 9% 7%
Philippines 30% 5-32% PHP 1,090 PHP 500 12%
Poland 15%/19% 18%/32% 22.14% 13.7% 23%
Portugal 21% 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% 17% 20% 7% (gst)
Slovakia 21% 19%/25% 34.8% 13.4% 20%
Slovenia 19% 16%-50% 16.1% 22.1% 22%
South Africa 28% 0-40%     15%
Spain 25% 19%-45% 23.6% 6.35% 21%
Sweden 22% 0-57%     25%
Switzerland 8.5% 0-11.5% (federal) 25.08% 20.73% 2.5%/3.7%/7.7%
Thailand 20% 5-37% 5% 5% 7%
Tunisia 25% 15-35% 16.57 9.18 18%
Turkey 22% 15-35% 20.5% 14% 18%
U.K. 19% 0-45% 13.8% 12% 20%
Ukraine 18% 15/17% 49.7% 3.6% 17%
U.S.A. 21% 10%-37% 7.65% 5.65%  
Vietnam 20% 5-35% 21% 9% 10%
Zambia 35% 0-35%     16%
(Last partial update May 31, 2018)

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 2018

  • Russia V.A.T. Rise
    Starting January 1, 2019 the standard V.A.T. rate will rise from the current 18% rate to 20%.The reduced 10% rate will remain unchanged. October 2018.
  • Hungary August Inflation
    The Hungarian statistical office reported on September 12, 2018 that the consumer price index in August 2018 rose by 3.4% compared to August 2017.In this year motor fuel price rose by 16.3%.September 2018.
  • Brazil Argentina Tax Treaty
    The protocol to the 1980 double tax treaty, DTA, between the two countries entered into force on July 29, 2018 applying from January 1, 2019. August 2018.
  • U.K. Interest Rate Rise
    The bank of England raised on August the interest rate from 0.5% to 0.75%, the highest interest rate for the last nine years. August 2018.
  • Israel's Credit Rating Update
    The credit rating agency S&P's upgraded on August 3, 2018 Israel's credit rating from A- to AA- , the highest rating ever for Israel. August 2018.
  • Singapore Kenya Tax Treaty
    Singapore and Kenya signed on June 12, 2018 a double tax treaty, DTA. According to the DTA the tax withholding rates are 5% for dividends and 10% for interest and royalties. July 2018.
  • Russia Austria Tax Treaty
    Russia and Austria signed on June 5, 2018 a protocol to the existing 2000 double tax treaty, DTA, between the two countries. According to the DTA the tax withholding rates for payments of dividends are 5% or 15% .July 2018.
  • U.S. June Job Report
    The U.S. labor department reported on July 6,2018 that 213,000 new jobs were added to the American economy in June 2018 compared to a preliminary forecast of 195,000 new jobs. The unemployment rate rose to 4% compared to 3.8% in previous month. July 2018.
  • China U.S. Trade War
    China announced on July 6, 2018 its plan to impose tariffs on imports from the U.S. .The tariffs would reach $34 billion, the same amount as U.S.'s Tariffs on imports from China. July 2018.
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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