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Tax Rates Around the World 2018

(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 29% 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 0 0      
Canada 15%(federal) 15-33%(Federal)     5%(gst)
China 25% 3-45% 30% 11% 6%/10%/16%
Croatia 18% 24%/36% 15.20% 20% 25%
Cyprus 12.5% 0-35% 11.5% 7.8% 19%
Czech Rep. 19% 22% 34% 11% 21%
Denmark 22% 38-65% 0 DKK 900 25%
Egypt 25% 10-25%     4%-20%
Estonia 20% 20% 33% 1.6% 20%
Finland 20% 6%-31.25% 19.47% 9.14% 24%
France 33.33% 14%-45% 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 29% 0-42% 28% 16.5% 24%
Hong kong 16.50% 2-17% 5% 5%  
Hungary 9% 15% 28.5% 18.5% 27%
India 25%-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 23% 10-47% 7.25% 12% 17%
Italy 24% 23%-43% 30% 10% 22%
Japan 23.2%/23.4% 5-50% 15.448% 14.643% 8%(consump)
Latvia 20% 23% 23.59% 10.50% 21%
Libya 20% 15% 11.25% 3.75%  
Lithuania 15% 15%/20% 32.6% 9% 21%
Luxemburg 18% 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 33.33 0%     19.60%
Morocco 31% 0-41.5%     20%
Montenegro 9% 9%/15% 10.3% 24% 19%
Netherlands 25% 5.85%-52%     21%
New Zealand 28% 0-39%     15%gst
Norway 23% 28-49% 14.1% 7.8% 25%
Pakistan 30% 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 21% 19%/25% 34.8% 13.4% 20%
Slovenia 19% 16%-50% 16.1% 22.1% 22%
South Africa 28% 0-40%     15%
Spain 25% 19%-45% 23.6% 6.35% 21%
Sweden 22% 0-57%     25%
Switzerland 8.5% 0-11.5% (federal) 25.08% 20.73% 2.5%/3.7%/7.7%
Thailand 20% 5-37% 5% 5% 7%
Tunisia 25% 15-35% 16.57 9.18 18%
Turkey 22% 15-35% 20.5% 14% 18%
U.K. 19% 0-45% 13.8% 12% 20%
Ukraine 18% 15/17% 49.7% 3.6% 17%
U.S.A. 21% 10%-37% 7.65% 5.65%  
Vietnam 20% 5-35% 21% 9% 10%
Zambia 35% 0-35%     16%
(Last partial update May 31, 2018)

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 2018

  • U.S. June Job Report
    The U.S. labor department reported on July 6,2018 that 213,000 new jobs were added to the American economy in June 2018 compared to a preliminary forecast of 195,000 new jobs. The unemployment rate rose to 4% compared to 3.8% in previous month. July 2018.
  • China U.S. Trade War
    China announced on July 6, 2018 its plan to impose tariffs on imports from the U.S. .The tariffs would reach $34 billion, the same amount as U.S.'s Tariffs on imports from China. July 2018.
  • U.S. Interest Rate Rise
    The U.S. federal reserve raised on June 13, 2018 its interest rate by 0,25%.The new updated rates are 1.75% to 2%. June 2018.
  • UAE New Foreign Ownership Rules
    At present the ownership of foreign investors in UAE companies is limited to 49%. The UAE cabinet announced on May 20 that these rules will be eased by the end of 2018. June 2018.
  • Malaysia GST Update
    Starting June 1, 2018 Malaysia's GST, goods and services tax, was reduced from 6% to zero. June 2018.
  • U.S. May Job Report
    The U.S. labor department reported on June 1, 2018 that 223,000 new jobs were added to the U.S. economy in May 2018 compared to a preliminary forecast of 190,000 new jobs. June 2018.
  • Turkey Interest Rise
    The Turkish central bank raised on May 23 the interest rate from 13.5% to 16.5% trying to stop the drop of the Turkish currency compared to other foreign currencies. May 2018.
  • U.S. April Job Report
    The U.S. labor department reported on May 22 that 164,000 new jobs were added to the U.S. economy in April 2018 compared to a preliminary forecast of 193,000 new jobs. May 2018.
  • Colombia Electronic Invoices
    Starting January 1, 2019 companies in Colombia will have to stop using paper invoices using only electronic invoices. Big V.A.T. payers must switch to electronic invoices starting September 1, 2018. May 2018.
  • South Africa V.A.T. Rise
    Starting April 1, 2018 the new standard V.A.T. rate in South Africa is 15% compared to the previous 14% rate. April 2018.
  • China V.A.T. Cut
    Starting May 1, 2018 there will be reductions in the Chinese V.A.T. rates. The previous 17% rate will be reduced to 16%. The previous 11% rate will be reduced to 10%. The 6% rate will remain unchanged. April 2018.
  • India Corporate Tax Cut
    Starting April 1, 2018 the corporate income tax rate for domestic companies with turnover below INR 2.5 billion is reduced from 30% to 25%. April 2018.
  • Mexico Saudi Arabia Tax Treaty
    The 2016 double tax agreement, DTA, between the two countries entered into force on Mach 1, 2018 applying from January 1, 2019 in both countries. The DTA includes reduced tax withholding rates for payments of dividends, interest and royalties. April 2018.
  • Netherlands Zambia Tax Treaty
    The 2015 double tax agreement, DTA, between the two countries entered into force on March 31,2018 applying from January 1,2019 in both countries. The DTA includes reduced tax withholding rates for payments of dividends, interest and royalties. April 2018.
  • Poland Ethiopia Tax Treaty
    The 2015 double tax agreement, DTA, between Poland and Ethiopia entered into force on February 14, 2018.The DTA includes a flat 10% tax withholding rate for payments of dividends, interest and royalties. March 2018.
  • U.S. China New Tariffs
    President Trump signed on March 22, 2018 an executive memo imposing new tariffs of up to $60 billion on 1,300 Chinese products in the technology sector. March 2018.
  • Austria Israel Tax Treaty
    The 2016 double tax agreement, DTA, between the two countries entered into force on March 1, 2018 applying from January 1, 2019 in both countries. The DTA includes reduced tax withholding rates for payments of dividends, interest and royalties. March 2018.
  • Qatar Spain Tax Treaty
    The 2015 double tax agreement, DTA, between the two countries entered into force on February 6, 2018 applying from the same date. The DTA includes reduced tax withholding rate for payment of dividends. March 2018.
  • Saudi Arabia Switzerland Tax Treaty
    The two countries signed on February 18, 2018 a double tax agreement, DTA. The DTA includes, when in effect, reduced tax withholding rates for payments of dividends, interest and royalties. March 2018.
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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