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Tax Rates Around the World 2015
(Note: Only the underlined countries are currently ready)
(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
Tax Updates Archive
- 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 2016.
- 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.
- Malta V.A.T. on Electronic Books
The V.A.T. on electronic books was reduced from 18% to 5%, the same as on paper books. The new rate applies retroactively from January 1, 2015. April 2015.
- U.K. Corporate Income Tax
Starting April 1, 2015 the main corporate income tax rate is reduced from 21% to 20%. A new 25% diverted profits tax is imposed on profits shifted offshore. April 2015.
- U.S March Jobs
The U.S. labor department reported on April 3, 2015 that 126,000 new jobs were added to the American economy in March 2015. The March growth is the lowest since December 2013. April 2015.
- Malaysia GST
Starting April 1, 2015 a 6% goods and services tax, GST, applies in Malaysia. The GST replaces the sales tax, ranging 5%-10% and the 6% service tax. April 2015.
- Japan Corporate Income Tax Rate
Starting April 1, 2015 the new national corporate income tax rate in Japan is 23.9% compared to the previous 25.5% rate. April 2015.
- Greece Credit Rating Downgrade
Fitch credit rating Agency downgraded on March 27,2015 Greece's credit rating from B to CCC. The forecast for the 2015 growth was lowered from 1.5% to 0.5%. March 2015.
- India Croatia Tax Treaty
The 2014 double tax treaty, DTA, between the two countries entered into force on February 11, 2015. The DTA will apply in Croatia from January 1, 2016 and from April 1, 2016 in India. March 2015.
- Qatar Japan Tax Treaty
Qatar and Japan signed on February 20, 2015 a double tax treaty, DTA. The DTA includes reduced tax withholding rates for payments of dividends, interest and royalties. March 2015.
- Egypt Mauritius Tax Treaty
The 2012 tax treaty, DTA, between the two countries entered into force on March 10, 2015.The DTA applies in Egypt from January 1, 2015 and from July 1, 2015 in Mauritius. March 2015.
- U.S. Unemployment Rate
The U.S. labor department reported on March 3, 2015 that the unemployment rate fell in February 2015 to 5.5% compared to 5.7% in January. March 2015.
- Singapore 2015 Budget
According to the 2015 budget the top marginal personal income tax rate will rise in 2017 from 20% to 22%. March 2015.
- Norway Germany Tax Treaty
The 2013 double tax treaty, DTA, between the two countries entered into force on February 3, 2015 applying from January 1, 2015. March 2015.
- Singapore Uruguay Tax Treaty
Singapore and Uruguay signed on January 15, 2015 a double tax treaty, DTA. When in effect the DTA will include reduced tax withholding rates for payments between the two countries. February 2015.
- Israel Credit Rating
The credit rating agency S&P's kept on February 15, 2015 Israel's A+ credit rating unchanged with a stable outlook. The agency forecasts a growth of 3% in Israel. February 2015.
- France Singapore Tax Treaty
France and Singapore signed on January 15, 2015 a double tax treaty, DTA, replacing the existing 1974 tax treaty between the two countries. February 2015.
- Croatia U.K. Tax Treaty
Croatia and the U.K. signed on January 15, 2015 a new double tax treaty, DTA, replacing the previous 1981 tax treaty between the U.K. and the former Yugoslavia. February 2015.
- Estonia Income Tax Rate
Starting January 1, 2015 the corporate and personal income tax rate is reduced to 20%. January 2015.
- Iceland Reduced V.A.T. Rate
Starting January 1, 2015 the standard V.A.T. rate is reduced from 25.5% to 24%. January 2015.
- Denmark Corporate Income Tax Rate
Starting January 1, 2015 the Danish corporate income tax rate is reduced from 24.5% to 23.5%. January 2015.
- Luxembourg V.A.T. Update
Starting January 1, 2015 the new standard V.A.T rate is increased from 15% to 17%.The previous 12% rate is increased to 14% and the previous 6% rate is increased to 8%. January 2015
- Cyprus U.S. IGA Agreement
Cyprus and the U.S. signed on December 2, 2014 an IGA, inter government agreement ,applying the FATCA aimed to force financial institutes to report money owned by American citizens. January 2015.
- Russia Credit Rating Downgrade
The credit rating agency Fitch downgraded on January 10, 2015 Russia's credit rating from BBB to BBB- one step above junk level retaining the agency's negative outlook for Russia. January 2015.
- Lithuania Euro Introduction
Lithuania adopted on January 1, 2015 the Euro as its official currency. There is a fixed exchange rate of 1 Euro equals LT 3.4528. Lithuania is now the 19th member of the Euro zone. January 2015.
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...