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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
- 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.
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...