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Tax Rates Around the World 2017

(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%     4%-20%
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% 24%
Hong kong 16.50% 2-17% 5% 5%  
Hungary 9% 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 24% 10-50% 7.25% 12% 17%
Italy 24% 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% 10.3% 24% 19%
Netherlands 20-25% 5.85%-52%     21%
New Zealand 28% 0-39%     15%gst
Norway 24% 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 15%/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 21% 19%/25% 34.8% 13.4% 20%
Slovenia 19% 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 20% 5-35% 21% 9% 10%
Zambia 35% 0-35%     16%
(Last partial update April 20, 2017)

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 2017

  • Sweden Armenia Tax Treaty
    The 2016 double tax treaty, DTA, entered into force on June 1, 2017 applying from January 1, 2018. The DTA includes reduced tax withholding rates for payments of dividends and royalties. July 2017.
  • Cyprus Luxembourg Tax Treaty
    Cyprus and Luxembourg signed on May 8, 2017 a double tax treaty, DTA. According to the DTA the tax withholding rate for payment of dividends is 0%/5% depending on the percentage of holding by the recipient. June 2017.
  • Turkey Somalia Tax Treaty
    Turkey and Somalia signed on June 3, 2017 a double tax treaty, DTA. The DTA includes reduced tax withholding rates for payments of dividends, interest and royalties. June 2017.
  • Greece EU Loan
    The EU finance ministers and the IMF agreed on June 15,2017 to grant Greece loans of 8.5 billion euros enabling Greece to repay its loan due in July. June 2017.
  • U.S. Interest Rate Rise
    The federal reserve raised on June 14, 2017 the short term interest rates from 1% to 1.25%, the third rise since last December. June 2017.
  • China Credit Rating Downgrade
    Moody's credit rating agency downgraded on May 24, 2017 China's credit rating by one step, from Aa3 to Ai. China's outlook was raised from negative to stable. May 2017.
  • Czech Republic Ghana Tax Treaty
    The two countries signed on April 11, 2017 a double tax treaty, DTA. The tax withholding rates according to the DTA are 6% for dividends, 0%/10% for interest and 8% for royalties. May 2017.
  • UAE Slovakia Tax Treaty
    The double tax treaty, DTA, which was signed between the two countries in 2015 entered into force on April 1, 2017 applying from January 1, 2018. May 2017.
  • U.S. April Job Report
    The U.S. labor department reported on May 5, 2017 that 211,000 new jobs were added in April compared to a forecast of only 190,000 new jobs. The unemployment rate decreased from 4.5% to 4.4% the lowest since May 2007. May 2017.
  • Slovenia Corporate Tax
    Starting January 1, 2017 the new corporate income tax rate is 19% increased from 10% in 2016. April 2017.
  • Italy Corporate Tax
    Starting January 1, 2017 the new corporate income tax rate, IRES, is 24% reduced from previous 27.5% rate. April 2017.
  • Norway Corporate Tax
    Staring January 1, 2017 the new corporate income tax rate in Norway is 24% reduced from 25% in 2016. The rate is expected to be further reduced to 23% in 2018. April 2017.
  • U.S February Job Report
    The U.S. labor department reported on March 10, 2017 that 235,000 new jobs were added in February. The unemployment rate in February decreased from 4.8% to 4.7%. March 2017.
  • U.S. Interest Rate Rise
    The federal reserve increased on March 15, 2017 the interest rate by 0.25% to a range of 0.75% to 1.0%. The rise is the first in 2017.
  • Romania V.A.T. Cut
    Starting January 1, 2017 the new standard V.A.T. rate in Romania is 19% reduced from 20%. February 2017.
  • Hong Kong Pakistan Tax Treaty
    The two countries signed on February 17, 2017 a double tax treaty, DTA. The tax withholding rates are 10% for payments of dividends, interest and royalties. February 2017.
  • Slovakia Armenia Tax Treaty
    The 2015 double tax treaty, DTA, between the two countries entered into force on February 1, 2017 applying from January 1, 2018. February 2017.
  • U.K. Inflation
    The consumer prices index, CPI, in the U.K. rose by 1.8% in the year to January 2017 compared to 1.6% in the year to December 2016. February 2017.
  • U.S. January Job Report
    The labor department reported on February 3, 2017 that 227,000 new jobs were added to the American economy in January compared to a forecast of only 175,000 new jobs. The unemployment rate rose from 4.7% to 4.8%. February 2017.
  • Greece Tax Withholding Update
    Starting January 1, 2017the tax withholding rate for payment of dividends to nonresident companies increased from previous 10% rate to 15%. January 2017.
  • Colombia Tax Withholding Update
    Starting January 1, 2017 the tax withholding rate for payments of interest and royalties to nonresident companies decreased from previous 33% rate to 15%. January 2017.
  • Belgium Tax Withholding Update
    Starting January 1, 2017 the tax withholding rate for payments of dividends, interest and royalties to nonresident companies increased from previous 27% rate to 30%. January 2017.
  • Slovakia Corporate Tax
    Starting January 1, 2017 the new corporate income tax rate in Slovakia is 21% reduced from the 2016 rate of 22%.January 2017.
  • U.K. Corporate Tax
    The corporate income tax rate in the U.K. will be reduced to 19% compared to the current 20% rate starting April 1, 2017. January 2017.
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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Plus a handy basic guide to bookkeeping.


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