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Tax Rates Around the World 2020
(Note: Only the underlined countries are currently ready)
(Last partial update March 20, 2020)
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 2020
Tax Updates Archive
- Czech Republic Tax Update
The Czech ministry of finance decided on March 24,2020 that Czech taxpayers will be able to carry back their 2020 losses against reported income from the previous years 2018 and 2019. March 2020.
- Poland Tax Update
The Polish ministry of finance announced on March 25,2020 that Polish companies will have an extension to file their 2019 tax reports by May 31, 2020. March 2020.
- U.K. Interest Rate Cut
The bank of England, BOE, cut on Mach 19,2020 the interest rate from 0.25% to 0.1%, the lowest interest rate in 400 years. The new cut follows the interest cut eight days ago. March 2020.
- U.S. Interest Rate Cut
The federal reserve cut on March 3, 2020 the U.S. interest rate by 0.5% to a range of 1%, the deepest cut since 2008.The cut is aimed to counter the corona virus crisis. March 2020.
- China Growth 2020
The credit rating agency S&P estimated on February 8, 2020 that the Chinese economy will grow in 2020 by only 5% compared to the previous estimate of 5.7% before the corona virus outbreak. February 2020.
- Germany V.A.T. Update
Starting January 1, 2020 the V.A.T. on feminine products was reduced from previous 19% to 7%. February 2020.
- Ireland V.A.T. Update
Starting January 1, 2020 a new reduced V.A.T. rate of 13.5% was introduced in Ireland for certain food supplements. February 2020.
- Hungary V.A.T. Update
Starting January 1, 2020 the V.A.T. in Hungary on certain accommodation services was reduced from previous 18% rate to 5%. February 2020.
- U.S. December Job Report
The labor department said that 145,000 new jobs were added to the American economy in December 2019, compared to a preliminary forecast of 160,000 new jobs. January 2020.
- Slovenia V.A.T update 2020
Starting January 1, 2020 the V.A.T . rate for electronic newspapers and e-books was reduced from 22% to 5%. January 2020.
- Croatia Tax 2020
Starting January 1, 2020 the corporate income tax rate for companies having annual income of less than HRK 7.5 million is reduced to 12%.January 2020.
- China Economic Growth
According to a meeting of the senior leadership held this month in China the growth forecast for 2020 is only 6% compared to a growth target of 6%-6.5% for 2019.December 2019.
- Turkey Interest Cut
The Turkish central bank cut on December 12, 2019 the interest rate from 14% to 12%.The analysts expected a more moderate cut to 12.5%. December 2019.
- Israel Economic Forecast
The OECD published on November 21, 2019 its forecast for the second half of 2019. According to the forecast the Israeli economy will grow by 2.9% in the years 2020 and 2021 compared to an annual growth of 3.8% in the last decade. November 2019.
- U.K. 3% Real Estate Tax
The conservative party reported its plan to impose 3% tax on foreigners buying real estate in the U.K. The tax will be imposed only in England and not in other parts of the U.K. November 2019.
- Czech V.A.T. Cut
The standard 21% V.A.T. rate in the Czech Republic will be reduced till around April 1,2020. The reduced V.A.T. rate will be reduced from 15% to 10%. October 2019.
- Berlin Rents Freeze
The Berlin coalition approved on October 18, 2019 freezing of the rents for five years period. The decision is a blow to the landlords in Berlin. October 2019.
- Turkey Interest Rate Cut
The Turkish central bank cut on October 24,2019 the interest rate by 2.5%, from 16.5% to 14%,deeper than the expected cut to only 15.5%. October 2019.
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...