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Tax Rates Around the World 2015

(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) 15-29%(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%     10%gst
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% 23%
Hong kong 16.50% 2-17% 5% 5%  
Hungary 10/19% 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 26.5% 10-50% 7.25% 12% 18%
Italy 27.50% 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% 9.8% 24% 19%
Netherlands 20-25% 5.85%-52%     21%
New Zealand 28% 0-39%     15%gst
Norway 27% 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 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% 16% 20% 7% (gst)
Slovakia 22% 19%/25% 34.8% 13.4% 20%
Slovenia 17% 16%-50% 16.1% 22.1% 22%
South Africa 28% 0-40%     14%
Spain 28% 24.75-52% 29.9% 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% 27% 15% 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 22% 5-35% 21% 9% 10%
Zambia 35% 0-35%     16%
(Last partial update March 9, 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

  • U.K. Zambia Tax Treaty
    The double tax treaty, DTA, which was signed between the two countries in 2014 entered into force on July 20, 2015 applying from January 1, 2016. The DTA includes reduced tax withholding rates. August 2015.
  • China Interest Cut
    The Chinese central bank reduced on August 25, 2015 the annual interest rate by 0.25% down to 4.6%. The reduction is the fifth since November 2014. August 2015.
  • Israel GDP Growth
    The Israeli statistics office reported on August 16 that the Israeli economy grew in the second quarter of 2015 by only 0.3% compared to a growth of 2% in the first quarter of 2015 and 6% in the fourth quarter of 2014. August 2015.
  • U.K. GDP Growth
    The British national statistics office, ONS, announced on July 28, 2015 that the growth in the second quarter of 2015 was 0.7% , similar to the growth rates of 2008 before the crisis. July 2015.
  • Nigeria Spain Tax Treaty
    The 2009 double tax treaty, DTA, between the two countries entered into force on June 5, 2015 applying from the same date. The DTA includes reduced tax withholding rates for payments of dividends, royalties and interest. July 2015.
  • Latvia Qatar Tax Treaty
    The 2014 double tax treaty, DTA, between the two countries entered into force on June 1, 2015 applying from January 1, 2016. The DTA includes reduced tax withholding rates for payments of dividends, royalties and interest. July 2015.
  • U.S. June Job Report
    The U.S. economy added 223,000 new jobs in June 2015 compared to the preliminary forecast of 230,000 new jobs. The unemployment rate in June was 5.3% down from 5.5% in May. July 2015.
  • Israel Purchase Tax Rise
    The Israeli government approved a rise of real estate purchase tax for investors owning more than one flat. The tax will rise to 8% for flats valued less than IS 4.8 million and to 10% for flats above IS 4.8 million. June 2015.
  • Hungary Saudi Arabia Tax Treaty
    Hungary and Saudi Arabia signed on May 1, 2015 a new double tax treaty, DTA. The DTA which includes reduced tax withholding rates will apply starting January 1, 2016. June 2015.
  • Iceland Georgia Tax Treaty
    Iceland and Georgia signed on May 13, 2015 a double tax treaty, DTA. The DTA includes reduced tax withholding rates for payments of dividends, interest and royalties. June 2015.
  • U.S. May Job Report
    The U.S. labor department reported on June 5 that 280,000 new jobs were added to the American economy in May 2015 compared to a prior forecast of 225,000 new jobs. June 2015.
  • Greece IMF Debt
    The Greek interior minister announced on May 24 that Greece is unable to repay its debt of 1.6 billion euro to the IMF due in June 2015. May 2015.
  • Georgia Cyprus Tax Treaty
    Georgia and Cyprus signed on May 18, 2015 a double tax treaty, DTA. The DTA will enter into force on January 1, 2016. May 2015.
  • South Africa Cyprus Tax Treaty
    South Africa and Cyprus signed on April 1, 2015 a new protocol amending the 1991 tax treaty between the two countries. May 2015.
  • Hong Kong Annual Tax Returns
    The inland revenue department sent on May 4, 2015 2.48 million tax returns reminding taxpayers to file the returns by June 4, or by August 4 for unincorporated businesses. May 2015.
  • Cyprus Bahrain Tax Treaty
    Cyprus and Bahrain signed on March 3, 2015 a double tax treaty, DTA. The DTA which is in line with the OECD model agreement will enter into force on January 1, 2016. May 2015.
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...
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Plus a handy basic guide to bookkeeping.


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