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Tax Rates Around the World 2015
(Note: Only the underlined countries are currently ready)
(Last partial update January 19, 2015)
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 2015
Tax Updates Archive
- Singapore Uruguay Tax Treaty
Singapore and Uruguay signed on January 15, 2015 a double tax treaty, DTA. When in effect the DTA will include reduced tax withholding rates for payments between the two countries. February 2015.
- Israel Credit Rating
The credit rating agency S&P's kept on February 15, 2015 Israel's A+ credit rating unchanged with a stable outlook. The agency forecasts a growth of 3% in Israel. February 2015.
- France Singapore Tax Treaty
France and Singapore signed on January 15, 2015 a double tax treaty, DTA, replacing the existing 1974 tax treaty between the two countries. February 2015.
- Croatia U.K. Tax Treaty
Croatia and the U.K. signed on January 15, 2015 a new double tax treaty, DTA, replacing the previous 1981 tax treaty between the U.K. and the former Yugoslavia. February 2015.
- Estonia Income Tax Rate
Starting January 1, 2015 the corporate and personal income tax rate is reduced to 20%. January 2015.
- Iceland Reduced V.A.T. Rate
Starting January 1, 2015 the standard V.A.T. rate is reduced from 25.5% to 24%. January 2015.
- Denmark Corporate Income Tax Rate
Starting January 1, 2015 the Danish corporate income tax rate is reduced from 24.5% to 23.5%. January 2015.
- Luxembourg V.A.T. Update
Starting January 1, 2015 the new standard V.A.T rate is increased from 15% to 17%.The previous 12% rate is increased to 14% and the previous 6% rate is increased to 8%. January 2015
- Cyprus U.S. IGA Agreement
Cyprus and the U.S. signed on December 2, 2014 an IGA, inter government agreement ,applying the FATCA aimed to force financial institutes to report money owned by American citizens. January 2015.
- Russia Credit Rating Downgrade
The credit rating agency Fitch downgraded on January 10, 2015 Russia's credit rating from BBB to BBB- one step above junk level retaining the agency's negative outlook for Russia. January 2015.
- Lithuania Euro Introduction
Lithuania adopted on January 1, 2015 the Euro as its official currency. There is a fixed exchange rate of 1 Euro equals LT 3.4528. Lithuania is now the 19th member of the Euro zone. January 2015.
- Thailand Investment Incentives
The Thai board of investment approved on November 25, 2014 a new investment plan valid for seven years starting January 1, 2015. December 2014.
- Russia Interest Rate Rise
The Russian central bank raised on December 16, 2014 the interest rate from previous 10.5% to 17%, the sixth rise since the beginning of the year. December 2014.
- Albania Tax Withholding Rates
Starting January 1, 2015 the Albanian tax withholding rate for payments of dividends, interest and royalties will rise from the current 10% rate to 15%. December 2014.
- U.S. November Unemployment Rate
The U.S. labor department reported on December 5, 2014 that the November unemployment rate fell to 5.8%. 321,000 new jobs were added to the American market, about 40% higher than the forecast. December 2014.
- China Becomes the Biggest Economy
According to a recent release by the IMF China is now the world biggest economy surpassing the US. The IMF estimates that China's GDP is $ 17.6tn compared to US's $ 17.4tn. December 2014.
- Israel Monthly Salary Rise
The Israeli minimum monthly salary will rise from current IS 4,300 to IS 5,000. The minimum salary will rise in 3 phases starting April 1, 2015 and ending on January 1, 2017. December 2014.
- China Interest Rate Cut
The Chinese central bank cut on November 21, 2014 the one year loan rate by 0.4% down to 5.6%. The new interest cut is the first since July 2012. November 2014.
- Japan Economy Shrink
The Japanese GDP shrank in the third quarter of 2014 by 1.6% following a decrease of 7.3% in the second quarter of 2014. November 2014.
- Germany GDP up 0.1%
The German statistical office announced on November 14, 2014 that the GDP rose by 0.1% in the third quarter of 2014. On a year on year comparison the German economy rose by 1.2% compared to the third quarter of 2013. November 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.
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...