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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% 5%-15%
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

  • France GDP Rise
    The French national statistics office announced on November 14, 2014 that the GDP in the third quarter of 2014 rose by 0.3% .Analysts previous forecasts anticipated a 0.1% rise. November 2014.
  • China Stock Market Update
    The Chinese authorities announced on November 10, 2014 that next week the trade in Hong Kong stock exchange will be linked to Shanghai stock exchange. The new regulation will allow foreign investors to buy domestic Chinese stocks estimated at a value of & 4.2 trillion. November 2014.
  • Brazil France Social Security Agreement
    The social security agreement between Brazil and France entered into force on September 1, 2014. The agreement is aimed, inter alia, to avoid double social security payments by individuals working in the other country. October 2014.
  • U.K. V.A.T. on Digital Services
    The HMRC announced that starting October 20, 2014 suppliers of digital services to EU countries will be able to register to a new V.A.T. online service, MOSS, Mini One Stop Shop. October 2014.
  • Russia Czech Republic Social Security Agreement
    The social security agreement between the two countries will enter into force on November 1, 2014 replacing the previous 1959 agreement. October 2014.
  • Colombia New Tax Heavens List
    The Colombian ministry of treasury released a new annual list of tax heavens. Ten countries and jurisdictions were excluded from the previous tax heaven list. October 2014.
  • 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.
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...
World-wide Tax 
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International tax and other economic information with embassy contacts and other details essentail for world-wide business.
Plus a handy basic guide to bookkeeping.


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