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Tax Rates Around the World 2016

(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) 15-33%(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 23.5% 38-65% 0 DKK 900 25%
Egypt 25% 10-25%     10%gst
Estonia 20% 20% 33% 1.6% 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 25% 10-50% 7.25% 12% 17%
Italy 27.50% 23%-43% 30% 10% 22%
Japan 25.50% 5-50% 15.448% 14.643% 8%(consump)
Latvia 15% 23% 23.59% 10.50% 21%
Libya 20% 15% 11.25% 3.75%  
Lithuania 15% 15%/20% 32.6% 9% 21%
Luxemburg 21% 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 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 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 22% 19%/25% 34.8% 13.4% 20%
Slovenia 17% 16%-50% 16.1% 22.1% 22%
South Africa 28% 0-40%     14%
Spain 25% 19%-45% 23.6% 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% 20.5% 14% 18%
U.K. 20% 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 May 10, 2016)

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 2016

  • China Russia Tax Treaty
    The 2015 double tax treaty ,DTA, between the two countries entered into force on April 9, 2016 applying in both countries starting January 1, 2017. May 2016.
  • Germany GDP Growth
    The German statistics office reported on May 13, 2016 that the German economy grew sharply by 0.7% in the first quarter of 2016 compared to 0.3% in the fourth quarter of 2015.May 2016.
  • Germany China Tax Treaty
    The 2014 double tax treaty, DTA, between the two countries entered into force on April 5, 2016 applying in both countries starting January 1, 2017. May 2016.
  • Singapore Tax Update
    From YA 2017 there are three new personal income tax rates in Singapore. Two new rates of 19% and 19.5% and a new top marginal 22% rate which relates to annual income exceeding SGD 320,000. May 2016
  • Portugal Senegal Tax Treaty
    The 2014 double tax treaty, DTA, between the two countries entered into force on March 20, 2016 applying from January 1, 2017. The Czech Republic and Turkmenistan signed on March 18, 2016 a double tax treaty, DTA. According to the DTA the withholding rate for dividends, interest and royalties will be 10%. April 2016.
  • U.S. March Job Report
    The labor department reported on April 1, 2016 that 215,000 new jobs were added to the American economy in March compared to the forecast of 199,000 new jobs. The unemployment rate was 5%. April 2016.
  • Czech Republic Turkmenistan Tax Treaty
    The Czech Republic and Turkmenistan signed on March 18, 2016 a double tax treaty, DTA. According to the DTA the withholding rate for dividends, interest and royalties will be 10%. April 2016.
  • World Economic Outlook
    The IMF published on April 12, 2016 its outlook for two years. In 2016 the growth outlook is 3.2%, compared to previous 3.4% outlook. The 2017 growth outlook is 3.5% compared to the previous 3.6% outlook. April 2016.
  • UAE Singapore Tax Treaty
    The 2014 protocol of the DTA, double tax treaty, between the two countries entered into force on March 16, 2016 applying from January 1, 2017. April 2016.
  • Egypt Currency Devaluation
    The central bank of Egypt devaluated on March 14 the Egyptian pound by nearly 13%, from previous 7.33 per dollar to 8.95 per dollar. March 2016.
  • Europe Interest Rate Cut
    Europe Central Bank, ECB, cut on March 10, 2016 the interest rate on deposits by 0.1%, from -0.3% down to – 0.4%.The interest rate on loans granted by the central bank was cut from 0.05% to 0.0%.March 2016.
  • U.S. February Job Report
    The labor department reported on March 6, 2016 that 242,000 new jobs were added to the U.S. economy in February compared to economists' estimate of only 190,000 new jobs. March 2016.
  • Europe GDP Growth
    Eurostat reported on February 12 that the GDP rose by 0.3% in the fourth quarter of 2015 compared to the previous quarter in the euro zone and the EU28 countries as well. February 2016.
  • Germany Economy Growth
    The German GDP grew by 0.3% in the fourth quarter of 2015 .The annual 2015 growth rate was 1.7%. February 2016.
  • U.S. January Job Report
    The labor department reported on February 5, 2016 that only 151,000 new jobs were added to the U.S. economy in January, compared to a forecast of 190,000 new jobs. February 2016.
  • Romania Reduced Tax Withholding Rate
    Starting January 1, 2016 the new tax withholding rate for payment of dividends is 5% compared to the previous 16% rate. February 2016.
  • Japan negative Interest Rate
    The bank of Japan, BOJ, announced on January 29, 2016 that starting February 16, 2016 the interest rate for deposits of banks in the BOJ will be negative, -0.1%. February 2016.
  • World Economy Growth 2016
    The IMF updated on January 19, 2016 its global forecast. The world growth in 2016 will be 3.4% compared to the previous 3.6% forecast. The growth in 2017 will be 3.6% compared to the previous 3.8% forecast. January 2016.
  • Chile Czech Republic Tax Treaty
    Chile and the Czech Republic signed on December 2, 2015 a double tax treaty, DTA. The DTA includes reduced tax withholding rates for dividends, interest and royalties. January 2016.
  • Bulgaria Norway Tax Treaty
    The 2014 double tax treaty, DTA, between the two countries applies from January 1, 2016, including reduced tax withholding rates when in effect. January 2016.
  • Switzerland Estonia Tax Treaty
    The 2014 double tax treaty, DTA, between the two countries applies from January 1, 2016 and includes reduced tax withholding rates when in effect. January 2016.
  • U.S. December Job Report
    The U.S. labor department reported on January 8, 2016 that 292,000 new jobs were added to the American economy in December, compared to a forecast of only 200,000 jobs. In the year 2015 2.65 million new jobs were added to the U.S. economy .January 2016.
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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Plus a handy basic guide to bookkeeping.


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