Global Companies 15% Tax
The seven finance ministers of the G7 summit meeting in London on June 6, 2021 agreed to impose a minimum 15% corporate tax rate on big global companies.
The new decision will prevent the present situation of big global companies paying zero, or very low ,tax in tax shelters.
The members of the G7 summit are the USA, Canada ,the UK ,France ,Italy Germany and Japan.
In the near past the US president suggested to impose a minimum 21% tax rate on such countries.
OECD New VAT Guidelines
The OECD published on November 6, 2015 new guidelines relating to cross border VAT/GST transactions.
The new guidelines which ensure that the tax is paid in the country where the products are consumed were endorsed by more than 100 countries.
World Social Security Rates
Social security contributions by employers and employees worldwide are aimed to ensure social services by the social security authorities.
These services generally include pension and various kinds of insurance including medical, old age ,survivors, unemployment, disability and maternity insurance.
Having preliminary knowledge of the social security rates in a foreign country are important for both the employer and the employee.
The employer can calculate the additional cost of social security added to the gross salary.
In certain countries the employer's share can reach about 50%.
The employee too can calculate in advance the rate of social security which would be withhold from his gross salary, in addition to income tax.
We have included worldwide social security rates in our tax chart.
To read more please visit www.worldwide-tax.com.