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Tax Rates Around the World 2019
(Note: Only the underlined countries are currently ready)
(Last partial update March 9,2019)
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 2019
Tax Updates Archive
- Israel Economic Forecast
The OECD published on November 21, 2019 its forecast for the second half of 2019. According to the forecast the Israeli economy will grow by 2.9% in the years 2020 and 2021 compared to an annual growth of 3.8% in the last decade. November 2019.
- U.K. 3% Real Estate Tax
The conservative party reported its plan to impose 3% tax on foreigners buying real estate in the U.K. The tax will be imposed only in England and not in other parts of the U.K. November 2019.
- Czech V.A.T. Cut
The standard 21% V.A.T. rate in the Czech Republic will be reduced till around April 1,2020. The reduced V.A.T. rate will be reduced from 15% to 10%. October 2019.
- Berlin Rents Freeze
The Berlin coalition approved on October 18, 2019 freezing of the rents for five years period. The decision is a blow to the landlords in Berlin. October 2019.
- Turkey Interest Rate Cut
The Turkish central bank cut on October 24,2019 the interest rate by 2.5%, from 16.5% to 14%,deeper than the expected cut to only 15.5%. October 2019.
- U.S. Interest Rate Cut
The U.S. federal reserve cut on September 18, 2019 from 25%-2.25% to a range of 1.75%-2%. The new cut is the second in 2019. September 2019.
- India Corporate Rate Cut
The finance minister announced that corporate tax for domestic companies will be cut from 30% to 22% subject to certain terms. The tax rate for industrial companies will be cut from 25% to 15%, subject to terms. September 2019.
- Europe Interest Rate Cut
The central bank, ECB, decided on September 12, 2019 to cut the deposit interest rate from -0.4% to -0.5%, the first cut since 2016.The interest rate on the euro remains unchanged at 0%. September 2019.
- Israel GDP Growth
According to an estimate by the statistics office the Israeli GDP rose by only 1% in the second quarter of 2019, compared to 4.7% in the first quarter and 4.2% in the 4th quarter of 2018. August 2019.
- U.K. GDP Drop
The British GDP contracted in the second quarter of 2019 by 0.2%, the first GDP drop since 2012. In the first quarter of 2019 the GDP rose by 0.5%.August 2019.
- China Currency Devaluation
China devaluated the yuan currency on August 5, 2019 by 1.4% dropping the exchange rate below 7 yuan per dollar. The devaluation is the first in more than a decade aiming as a counter action in the developing U.S. China trade war. August 2019.
- U.S. Interest Rate Cut
The federal reserve cut on July 31, 2019 the interest rate by 0.25%, the first cut since 2008. The cut is in line with the market forecasts. August 2019.
- U.S. June Job Report
The U.S. economy added 224,000 new jobs in June, much higher than the prior estimates of 170,000 new jobs. July 2019
- France to Tax Technology firms
The French parliament approve a new 3% tax on giant technology U.S. firms such as Google,Facebook, Apple and Amazon. The tax will, be imposed on services provided in France. July 2019.
- South Korea Japan Trade War
Following Japan's decision to impose new restrictions on sale of certain vital chemicals to Korean giant technology firms Korea reacts back. Services to Japanese cars and services in Korea are now very limited. July 2019
- China GDP Growth
The Chinese economy grew by 6.2% in the second quarter of 2019, the lowest growth in the last 27 years. The preliminary estimate predicted A growth of 6.3%. July 2019.
- U.S May Job Report
The labor department issued a disappointing report for May. Only 75,000new jobs were added to the U.S. economy compared to a forecast of 185,000 new jobs. June 2019.
- Turkey Credit Rating Downgrade
The credit rating agency Moody's downgraded Turkey's credit rating from Ba3 to B1. The previous downgrade was in last August. June 2019.
- U.S. April Job Report
263,000 new jobs were added to the U.S. economy in April 2019 compared to prior estimates of 212,000 new jobs. The unemployment rate in April fell from 3.8% to 3.6%. May 2019.
- Israel's Budget Deficit
The Israeli ministry of finance reported on May 6 that the budget deficit in the 12 months till April 2019 rose to 3.8% of the GDP ,mounting to IS 14.1 billion. May 2019.
- U.S.A. China Mobile Ban
The US FCC, federal communications committee, decided on May 5, 2019 to ban the Chinese company China Mobile from offering communications services in the U.S.A. The U.S.A. believes that the Chinese company which is owned by the government may be a security risk. May 2019.
- U.S. March Job Report
196,000 new jobs were added to the U.S. economy in March 2019 compared to a lower preliminary estimate. The job report for February was updated from previous 20,000 to 33,ooo new jobs. April 2019.
- Euro 500 notes
The central banks of Germany and Austria, the two countries having the highest number of Euro 500 notes in use joined on April 26, 2019 the former 2016 decision of the ECB to stop issuing new Euro 500 notes. The notes already in use will remain a legal tender with no time limit. April 2019.
- China GDP Growth
The Chinese statistical office reported on April 17, 2019 that the GDP growth in the first quarter of 2019 was 6.4% on a year on year basis, the lowest growth in the last twenty years. April 2019.
- Ukraine Space Industry Exemptions
The cabinet extended on February 13, 2019 the current exemptions of VAT and customs duty for the space industry till January 1, 2013. March 2019.
- Greece Tax 2019
In 2019 the new corporate income tax rate in Greece is 28% reduced from previous 29% rate. The personal income tax rates for 2019 range from 22% to 45%. March 2019.
- OECD 2019 World Forecast
The OECD published on March 6, 2019 its interim forecast for 2019 and 2020. The OECD cuts, compared to its November report, the growth for 2019 from 3.5% to 3.3%. The growth for 2020 is expected to fall from 3.5% to 3.4%. March 2019.
- Greece Credit Rating
The credit rating agency Moody's raised on March 1, 2019 the credit rating for Greece by two notches, from B3 to B1 with a stable outlook. March 2019.
- Israel New Cash Law
Starting January 1, 2019 a new cash law is in effect in Israel, aiming to restrict the use of black money. February 2019.
- U.K. Growth Forecast
The bank of England, the central bank, warned on February 7, 2019 that the U.K. will face in 2019 the lowest economic growth for a decade. February 2019.
- Israel Credit Rating
The credit rating agency S&P's changed on February 4, 2019 Israel's already high –AA credit rating from temporary to constant. The new rating will enable Israel to get loans in the global market in a low interest rate. February 2019.
- U.K. November Job Report
The office for national statistics reported on January 22, 2019 that 32.53 million people were employed in November 2018, a rise of 328,000 compared to a year earlier. January 2019.
- U.S. December Job Report
The U.S. labor department reported on January 4, 2019 that 312,000 new jobs were added in December 2018, compared to a preliminary estimate of 184,000 new jobs. January 2019.
- Bahrain V.A.T. Regime
Starting January 1, 2019 a 5% V.A.T rate will be imposed in Bahrain. From that date the regime will apply only for businesses with a turnover exceeding BD 5 million. Two other stages for smaller businesses will apply later in 2019. December 2018.
- U.S. Interest Rate Rise
The U.S. federal reserve raised on December 19, 2018the interest rate by 0.25% to 2.5%. The present rise is the fourth rise in 2018, Two additional rises are expected in 2019. December 2018.
- Israel Share Warrants Taxation
According to a new circular by the Israeli tax office regarding taxation of share warrants in case of exit or public offering will rise from current 25% to a rate similar to labor taxation, about 50% for senior employees. December 2018.
- Switzerland Pakistan Tax Treaty
The 2017 double tax treaty, DTA, between the two countries entered into force on November 29, 2018. According to the DTA the tax withholding rates will be 10%/20% for payments of dividends, 10% for payments of royalties and interest. December 2018.
- U.S. October Job Report
The U.S. labor department reported on November 2, 2018 that 250,000 new jobs were added to the U.S. economy in October, compared to a preliminary forecast of 200,000 new jobs. November 2018.
- Israel Interest Rate Rise
The Israeli central bank raised on November 26, 2018 the interest rate from 0.1% to 0.25%, the first rise for the last seven years. November 2018.
- U.K. 2018 Budget
According to the 2018 budget the corporate income tax rate will be reduced from 19% to 17% starting April 1, 2010.A new 2%digital serve tax will be imposed from the same date. November 2018.
- U.S. September Job Report
The U.S. labor department reported on October 5,2018 that 134,000 new jobs were added to the American economy in September, compared to a forecast of 185,000 new jobs. October 2018.
- Italy Credit Rating Downgrade
Moody's credit rating agency downgraded on October 19, 2018 Italy's credit rating from Baa2 to Baa3.The agency changed Italy's outlook from negative to stable. October 2018.
- Turkey September Inflation
According to the Turkish statistical office the consumer price index in September 2018 rose by 24.52% compared to September 2017, the highest rise since August 2003. October 2018.
- Russia V.A.T. Rise
Starting January 1, 2019 the standard V.A.T. rate will rise from the current 18% rate to 20%. The reduced 10% rate will remain unchanged. October 2018.
History of Taxation
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