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Tax Rates Around the World 2017

(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) 15-33%(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%     4%-20%
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% 24%
Hong kong 16.50% 2-17% 5% 5%  
Hungary 9% 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 24% 10-50% 7.25% 12% 17%
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% 10.3% 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 15%/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% 17% 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 25% 19%-45% 23.6% 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% 20.5% 14% 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 January 2, 2017)

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 2017

  • Slovakia Corporate Tax
    Starting January 1, 2017 the new corporate income tax rate in Slovakia is 21% reduced from the 2016 rate of 22%.January 2017.
  • U.K. Corporate Tax
    The corporate income tax rate in the U.K. will be reduced to 19% compared to the current 20% rate starting April 1, 2017. January 2017.
  • Peru Corporate Tax
    Starting January 1, 2017 the new corporate income tax rate in Peru is increased to 29% compared to the current 28% rate. January 2017.
  • Israel Corporate Income Tax
    Starting January 1, 2017 the new corporate income tax rate in Israel is 24%, reduced from 25% in 2016. The corporate income tax rate will be further reduced to 23% in 2018. January 2017.
  • Poland Corporate Tax Rate
    Starting January 1, 2017 the corporate income tax rate will be reduced to 15% for new companies and companies having a turnover of less than EUR 1.2 million in the previous year. December 2016.
  • Hungary 2017 Tax Update
    Starting January 1, 2017 Hungary will have a flat 9% corporate income tax rate replacing the current 10% and 19% rates. December 2016.
  • U.S November Job Report
    The U.S. labor department reported that 178,000 new jobs were added to the U.S. economy in November compared to a prior forecast of 180,000. The unemployment rate in November was 4.6%, a nine year low. December 2016.
  • U.S. Interest Rate Rise
    The U.S. federal reserve raised on December 14, 2016 the interest rate by 0.25% to a range of 0.5%-0.75%, the second rise in a decade. December 2016.
  • Sweden Saudi Arabia Tax Treaty
    The double tax treaty, DTA, between the two countries entered into force on September 1,2016 applying from January 1, 2017.The DTA includes reduced tax withholding rates. October 2016.
  • U.S, September Job Report
    The U.S. labor department reported on October 9, 2016 that 156,000 new jobs were added to the American economy in September. The unemployment rate in September rose to 5%. October 2016.
  • Egypt New V.A.T. Law
    Starting September 8, 2016 there is a new V.A.T. regime replacing the previous sales tax. The standard V.A.T. rate is 13% in 2016 and up to June 30, 2017.October 2016.
  • Belgium Corporate Tax Rate Cut
    The finance minister announced his plan to reduce the corporate income tax rate, currently 33.99%, to 27% in 2017 and down to 20% in 2019. October 2016.
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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