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Tax Rates Around the World 2014
(Note: Only the underlined countries are currently ready)
(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
Tax Updates Archive
- U.S. September Unemployment Rate
According to a release by the labor department dated October 3 the U.S. unemployment rate in September 2014 fell to 5.9%, the lowest rate since 2008. October 2014.
- Spain France Social Security Agreement
The social security agreement which was signed in December 2011 between Spain and France entered into force on September 1, 2014. September 2014.
- Germany Israel Double Tax Treaty
Germany and Israel signed on August 21, 2014 a new double tax treaty, DTA, replacing the previous 1962 DTA which was amended in 1977. September 2014.
- Saudi Arabia Luxembourg Tax Treaty
The 2013 double tax treaty, DTA, between Saudi Arabia and Germany entered into force on September 1, 2014 applying from January 1, 2015. The DTA includes reduced tax withholding rates for payments of dividends and royalties. September 2014.
- Israel Interest Cut
The bank of Israel cut on August 25, 2014 the interest rate from 0.5% to 0.25%. September 2014.
- Europe Interest Cut
The European Central Bank, ECB, cut on September 4, 2014 the European interest rate from previous 0.15% down to 0.05%. September 2014.
- U.S. Streamline Filing Procedure
A review of filing procedures required for U.S. citizens who are living outside the U.S. September 2014.
- Korea Hong Kong Tax Treaty
Korea and Hong Kong signed on July 8, 2014 a double tax treaty. The withholding rates according to the treaty will be 10%/15% on dividends and 10% on interest and royalties. August 2014.
- Estonia Luxembourg Tax Treaty
Estonia and Luxembourg signed on July 7, 2014 a new double tax treaty replacing the existing 2006 treaty between the two countries. August 2014.
- Mexico UAE Tax Treaty
The 2012 double tax treaty, DTA, between the two countries entered into force on July 9, 2014 applying January 1, 2015. The withholding rates are 0% on dividend, 4.9%/10% on interest and 10% on royalties. August 2014.
- Singapore Seychelles Tax Treaty
The two countries signed on July 9, 2014 a double tax treaty, DTA, The tax withholding rates will be 12% on interest and 8% on royalties. August 2014.
- Iceland Switzerland Tax Treaty
The two countries signed on July 10, 2014 a new protocol replacing the existing 1988 tax treaty, DTA. August 2014.
- Poland Slovakia Tax Treaty
The 2013 protocol to the existing 1994 tax treaty, DTA, between the two countries entered into force on August 1, 2014 applying January 1, 2015. August 2014.
- Ireland Botswana Tax Treaty
Ireland and Botswana signed on June 10, 2014 a double tax treaty which includes reduced tax withholding rates on payments of dividend, interest and royalties. July 2014.
- Poland Bosnia and Herzegovina Tax Treaty
The two countries signed on June 4, 2014 a new double tax treaty replacing the previous 1985 double tax treaty. July 2014.
- China Reduced 3% VAT Rate
Starting July 1, 2014 the former V.A.T. rates of 4% and 6% are reduced to a uniform 3% rate. July 2014.
- Italy New Tax Withholding Rates
Starting July 1, 2014 the new tax withholding rates for payments of interest, dividend and capital gains are increased from 20% to 26%. July 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.
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...