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Tax Rates Around the World 2013
(Note: Only the underlined countries are currently ready)
(Last partial update July 1, 2013)
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 2013
Tax Updates Archive
- Cyprus Credit Rating Upgrade
The credit rating agency S&P upgraded on 29.11.13 Cyprus' credit rating by one step to B-. November 2013.
- Spain Economic Outlook Update
S&P updated on 29.11.13 Spain's economic outlook from negative to positive. November 2013.
- Netherlands Credit Rating Downgrade
S&P downgraded on 29.11.13 Netherlands' credit rating from the previous perfect AAA to AA+. November 2013.
- Israel Personal Tax Update
The Israeli finance minister announced on November 25 ,2013 that the planned increase of the personal income tax rate starting January 1, 2014 is abolished. November 2013.
- Italy Film Industry Incentives
According to a decree published on October 8, 2013 the tax incentives for investors in Italian film production and distribution will be in effect permanently starting January 1, 2014. November 2013.
- Colombia Tax Heavens Listing
The finance ministry issued on October 7, 2013 a new list of tax heavens. There are negotiations for signing exchange of tax information treaties with seven countries. These countries are temporarily excluded from the tax heaven list. November 2013.
- Ireland 2014 Budget
According to the 2014 budget which was presented to the Irish parliament on October 15 , 2013 the corporate income tax rate will remain at 12.5%. The reduced V.A.T rate will remain at 9%. November 2013.
- France Credit Rating Downgrade
The credit rating agency S&P downgraded on November 8, 2013 France credit rating from the previous AA+ to AA with a stable outlook. November 2013.
- Bahrain China Tax Treaty
Bahrain and China signed on September 16, 2013 a new double tax treaty replacing the existing 2002 tax treaty between the two countries. The new treaty includes a reduced tax withholding rate for payments of dividends. October 2013.
- Tajikistan Finland Tax Treaty
Tajikistan and Finland tax treaty entered into force on September 5, 2013 applying from January 1, 2014.The tax treaty includes reduced tax withholding rates for payments of dividends, interest and royalties. October 2013.
- Germany Philippines Tax Treaty
The two countries signed on September 9, 2013 a new tax treaty replacing the existing 1983 tax treaty. The treaty includes reduced tax withholding rates for payments of dividends, interest and royalties. October 2013.
- Hungary Switzerland Tax Treaty
The two countries signed on September 12, 2013 a new tax treaty replacing the existing 1981 tax treaty. October 2013.
- Switzerland China Tax Treaty
The two countries signed on September 25, 2013 a new tax treaty replacing the existing 1990 tax treaty between the countries .October 2013.
- U.K. Minimum Wage Rates
Starting October 1, 2013 there are new increased minimum wage rates for employees aged under 18, aged 18-20 and those aged 21 or more .The names of employers failing to pay the minimum wage may go public. October 2013.
- Bahamas to Introduce V.A.T.
Bahamas will introduce a V.A.T. regime starting July 1, 2014.
The standard V.A.T. rate will be 15% with a reduced 10% rate for hotel services. The threshold for V.A.T. registration will be an annual turnover of BDS 50,000 or more. September 2013.
- Cyprus Portugal Tax Treaty
The double tax treaty between Cyprus and Portugal entered into force on August 16, 2013 applying from January 1, 2014. September 2013.
- Slovakia Poland Tax Treaty
Slovakia and Poland signed on August 1, 2013 a double tax treaty. The tax treaty includes reduced tax withholding rates for payments of dividend and interest. September 2013.
- Vietnam New Zealand Tax Treaty
Vietnam and New Zealand signed on August 5, 2013 a new double tax treaty. The tax treaty includes reduced tax withholding rates for payments of dividends, interest and royalties. September 2013.
- Luxembourg Poland Tax Treaty
The double tax treaty of 2012 between Luxembourg and Poland entered into force on July 25 , 2013. August 2013.
- Poland Malaysia Double Tax Treaty
Poland and Malaysia signed on July 8, 2013 a new double tax treaty replacing the existing 1977 treaty.
The new treaty includes reduced tax withholding rates for payments of dividend, interest and royalties. August 2013.
- Jersey Hong Kong Double Tax Treaty
The 2012 double tax treaty between Jersey and Hong Kong entered into force on July 3, 2013.
The treaty includes zero tax withholding on payments of dividends and interest and 4% withholding on royalties. August 2013.
- Portugal Japan Double Tax Treaty
The 2011 double tax treaty between Portugal and Japan entered into force on July 28, 2013.
The tax treaty includes reduced tax withholding rates for payments of dividends, interest and royalties. August 2013.
- Colombia Mexico Double Tax Treaty
The 2009 double tax treaty between Colombia and Mexico entered into force on July 11, 2013 .August 2013.
- Gibraltar Border Tax
The tension between Spain and Gibraltar grew after exposing a Spanish plan to impose a new EUR 50 border crossing tax on people crossing each side of the Spain Gibraltar border. August 2013.
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...