World Tax Rates 2023

Country Income Tax Social Security VAT
Corporate Individual Employer Employee
Argentina 30% 9-35% 27% 17% 21%
Australia 30% 17-45%     10%GST
Austria 25% 25%-55% 21.83% 18.2% 20%
Barbados 5.1-1% 28.5%     17.50%
Belarus 18% 12% 34% 1% 20%
Belgium 25% 25-50% 40.58% 13.07% 21%
Brazil 34% 7.5-27.5% 37.3% 11% 10-15%
Bulgaria 10% 10% 18,92%-19.62% 13.78% 20%
BVI 0 0      
Canada 15%(federal) 15-33%(Federal)     5%(gst)
China 25% 3-45% 29% 11% 3%-13%
Croatia 18% 30% 15.20% 20% 25%
Cyprus 12.5% 0-35% 12% 8.3% 19%
Czech Rep. 19% 15%/23% 34% 11% 21%
Denmark 22% 0-56% 0 DKK 900 25%
Egypt 22.5% 10-25%     14%
Estonia 20% 20% 33% 1.6% 20%
Finland 20% 0-55% 19.47% 9.14% 24%
France 25% 11%-45% 50% 20% 20%
Georgia 15% 20% 2 2 18%
Germany 30-33%(effective) 14-45% 19.7% 20.6% 19%
Gibraltar 10% 0-41% Gip 32.97/week Gip 25.16/Week  
Greece 22% 9%-44% 24.81% 15.75% 24%
Hong kong 8.25%/16.50% 15% 5% 5%  
Hungary 9% 15% 28.5% 18.5% 27%
India 25%-40% 10-30% 12% 12% 18%
Indonesia 25% 0-35% 3.7% 2% 10%
Ireland 12.50% 20-40% 11.05% 4% 23%
Israel 23% 10-47% 7.25% 12% 17%
Italy 24% 23%-43% 30% 10% 22%
Japan 23.2%/23.4% 5-45% 15.448% 14.643% 8%(consump)
Latvia 20% 31% 23.59% 10.50% 21%
Libya 20% 13% 11.25% 3.75%  
Lithuania 15% 0-32% 32.6% 9% 21%
Luxemburg 18% 0-42% 14.69% 13.45% 17%
Malta 35% 15-35% 10% 10% 18%
Mexico 30% 0-35% 25% 5% 16%
Moldova 12% 12% 26.5% 9.5% 20%
Monaco 33.33 0%     19.60%
Morocco 31% 0-38%     20%
Montenegro 9% 9%/15% 8.3% 24% 21%
Netherlands 15%/25.8% 37.07%/49.5% 18% 27.6% 21%
New Zealand 28% 0-39%     15%gst
Norway 22% 22% 14.1% 7.8% 25%
Pakistan 29% 0-35%     17%
Panama 25% 15-25% 12% 9% 7%
Philippines 30% 0-35% PHP 1,090 PHP 500 12%
Poland 9%/19% 12%/32% 22.14% 13.7% 23%
Portugal 21% 14.5-48% 23.75% 11% 23%
Romania 16% 10% 10.25% 35% 19%
Russia 20% 13% 30% 0 20%
Saudi Arabia 20% 20%     5%
Serbia 15% 10-20% 19.9% 19.9% 20%
Singapore 17% 0-22% 17% 20% 7% (gst)
Slovakia 21% 19%/25% 34.8% 13.4% 20%
Slovenia 19% 16%-45% 16.1% 22.1% 22%
South Africa 28% 0-45%     15%
Spain 25% 0-47% 29.9% 6.35% 21%
Sweden 20.6% 0-25%     25%
Switzerland 8.5% 0-11.5% (federal) 25.08% 20.73% 2.5%/3.7%/7.7%
Thailand 20% 5-35% 5% 5% 7%
Tunisia 25% 15-35% 16.57 9.18 19%
Turkey 22% 15-40% 20.5% 14% 18%
U.A.E. 20%/55% 0% 12.5%/15% 5% 5%
U.K. 19% 0-45% 13.8% 12% 20%
Ukraine 18% 18% 22% 3.6% 20%
U.S.A. 21% 10%-37% 7.65% 5.65%  
Vietnam 20% 5-35% 21% 9% 10%
Zambia 35% 0-37.5%     16%
(Last partial update March 2, 2023)

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 2023

  • U.S January Job Report
    In January 2023 517,000 new jobs were added, compared to prior estimates of 187,000 new jobs. The unemployment rate decreased to 3.4%, the lowest since 1969 .February 2023.
  • Oman Qatar Tax Treaty
    The double tax agreement, DTA , between the two countries applies from January 1, 2023. The DTA includes reduced tax withholding rates for payments of dividends, royalties and interest. February 2023.
  • Hungary Andorra Tax Treaty
    The double tax agreement, DTA, between the two countries applies from January 1, 2023 .The double tax agreement includes reduced tax withholding rates for payments of dividends, interest and royalties. February 2023.
  • Greece V.A.T. Update
    Starting January 1, 2023 COVID 19 vaccines and diagnostic tests are subject to a super reduced 6% V.A.T. rate. February 2023.
  • U.K. Tax 2023
    Starting April 6, 2013 there will be some changes in the U.K. tax law. The corporate income tax rate in the U.K. will rise from 19% to 25%. January 2023.
  • Israel Interest Rate Rise
    The bank of Israel raised on January 2, 2023 the basic interest rate by 0.5%, from3.25% to 3.75%, the 7th rise since 2008. January 2023.
  • Croatia Euro Currency
    Starting January 2023 the euro is the official currency in Croatia, the 20th country using the euro. The exchange rate is Kuna 7.5345 to one euro .January 2023.
  • Egypt IMF Loan
    The board of directors of the IMF confirmed a new 3 billion dollar loan to Egypt. At present Egypt's external debt is about 52 billion dollar. December 2022.
  • UK interest rate rise
    The bank of England raised in December 15, 2022 the interest rate by 0.5%, from 3.0% to 3.5%, the highest rate in the last 14 years. December 2022.
  • Switzerland Japan Tax Agreement
    The double tax agreement, DTA, which was updated in 2021 entered into force on November 30, 2022 applying from January 1, 2023. December 2022.
  • Qatar Czech Republic Tax Agreement
    The 2022 double tax agreement, DTA, between the two countries entered into force on October 25, 2022 applying from January 1, 2023 .November 2022.
  • U.K Corporate Tax Rise
    The British finance minister decided to raise the corporate income tax rate on gas and petrol companies from 25% to 25%, effective from January 2024 to March 2028, November 2022.
  • Norway Brazil Tax Agreement
    The new DTA, double tax agreement signed on November 4, 2022 will replace the existing 1980 DTA. The new DTA includes reduced tax withholding rates for dividends, interest and royalties. November 2022.
  • Europe Interest Rate Rise
    The European Central Bank raised on October 27, 2022 the interest rate in the 19 eurozone countries from 1.25% to 2%, the third rise within three months. October 2022.
  • IRS 2023 Tax Adjustments
    The IRS announced on October 18, 2023 the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including tax rate tables. October 2022.
  • Poland Inheritance and Donation Tax
    Starting October 13, 2022 there are new personal tax exempt scales. Up to PLN 10,434 from a single donor and up to PLN 20,868 from joint donors. October 2022.
  • Spain Electronic Invoices
    Following a new law dated September 28, 2022 companies with an annual turnover exceeding EUR 8 million must issue electronic invoiced to companies and sole contractors too. Ocober 2022
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