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Tax Rates Around the World 2018
(Note: Only the underlined countries are currently ready)
(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
Tax Updates Archive
- U.S. October Job Report
The U.S. labor department reported on November 2, 2018 that 250,000 new jobs were added to the U.S. economy in October, compared to a preliminary forecast of 200,000 new jobs. November 2018.
- Israel Interest Rate Rise
The Israeli central bank raised on November 26, 2018 the interest rate from 0.1% to 0.25%, the first rise for the last seven years. November 2018.
- U.K. 2018 Budget
According to the 2018 budget the corporate income tax rate will be reduced from 19% to 17% starting April 1, 2010.A new 2%digital serve tax will be imposed from the same date. November 2018.
- U.S. September Job Report
The U.S. labor department reported on October 5,2018 that 134,000 new jobs were added to the American economy in September, compared to a forecast of 185,000 new jobs. October 2018.
- Italy Credit Rating Downgrade
Moody's credit rating agency downgraded on October 19, 2018 Italy's credit rating from Baa2 to Baa3.The agency changed Italy's outlook from negative to stable. October 2018.
- Turkey September Inflation
According to the Turkish statistical office the consumer price index in September 2018 rose by 24.52% compared to September 2017, the highest rise since August 2003. October 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.
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...