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Tax Rates Around the World 2014
(Note: Only the underlined countries are currently ready)
(Last partial update February 9, 2014)
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 2014
Tax Updates Archive
- Slovakia Tax Update
The Slovakian corporate income tax rate was reduced starting 1.1.2014 from the previous 23% rate down to 22%. Tax losses are carried forward only for a four years period compared to the previous seven years period. February 2014.
- Albania U.K. Tax Treaty
The double tax treaty which was signed by the two countries in 2013 entered into force on December 30, 2013.The tax treaty applies in Albania starting 1.1.2014 and in the U.K. starting 1.4.2014. February 2014.
- Oman Japan Tax Treaty
Oman and Japan signed on January 9, 2014 a double tax treaty. The tax treaty includes reduced tax withholding rates for payments of dividend, interest and royalties. February 2014.
- India Algeria Tax Treaty
The double tax treaty, DTA, which was signed by both countries in 2013 entered into force on December 4, 2013 and applies in Algeria starting January 1, 2014. February 2014.
- Hong Kong Qatar Tax Treaty
The double tax treaty, DTA, which was signed in 2013 entered into force on December 5, 2013 applying in Qatar starting January 1, 2014. February 2014.
- China Belgium Tax Treaty
The double tax treaty which was signed by both countries in 2009 entered into force on January 4, 2014. February 2014.
- Ukraine Credit Rating Downgrade
The credit rating agency Moody's downgraded on January 31, 2014 Ukraine's government bond rating from Caa1 to Caa2 with a negative outlook. February 2014.
- France VAT Increase
Starting January 1, 2014 the new standard VAT rate in France is 20% compared to the previous 19.6% rate. The new reduced VAT rate is 10% compared to the previous 7% rate. February 2014.
- World 2014 Growth Forecast
According to the world bank estimate the world growth rate in 2014 will reach 3.2% compared to 2.4% in 2013. January 2014.
- Denmark Corporate Income Tax
Starting January 1, 2014 the new corporate income tax rate in Denmark is 24.5% compared to the previous 25% rate. January 2014.
- Ukraine Taxes 2014
Starting January 1, 2014 the corporate income tax rate is reduced from the previous 19% rate down to 18%. The new standard VAT rate is 17% compared to the previous 20% rate. January 2014.
- Vietnam Corporate Income Tax Rate
The corporate income tax rate in Vietnam was reduced on January 1, 2014 from the previous 25% rate to 22%. January 2014.
- France Unemployment Rate
The French unemployment rate rose 0.5% in November 2013 reaching 3,293,000 unemployed people. January 2014.
- Latvia Euro Adoption
Latvia adopted on January 1, 2014 the euro as its official currency. Latvia is now the 18th eurozone member. January 2014.
- US Deadline for Swiss Banks
The US department of justice reminds Swiss banks the violated the US tax laws that 31.12.13 is the deadline for submitting a letter of intent .December 2013.
- France 2014 Social Security Ceilings
The French government published the 2014 social security ceilings, The ceilings relate to monthly, weekly and daily salaries. December 2013.
- EU Credit Rating Downgrade
S&P downgraded on December 21, 2013 the EU credit rating from the previous perfect AAA to AA+. December 2013.
- UK Unemployment Rate
The unemployment rate in the UK fell to 7.4%, the lowest rate since 2009. December 2013.
- 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.
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...