World Tax Rates 2021

Country Income Tax Social Security VAT
Corporate Individual Employer Employee
Argentina 30% 9-35% 27% 17% 21%
Australia 30% 17-45%     10%GST
Austria 25% 25%-55% 21.83% 18.2% 20%
Barbados 5.1-1% 20/35%     17.50%
Belarus 18% 12% 34% 1% 20%
Belgium 25% 25-50% 40.58% 13.07% 21%
Brazil 34% 7.5-27.5% 37.3% 11% 10-15%
Bulgaria 10% 10% 18,92%-19.62% 13.78% 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 22.5% 10-25%     14%
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 24% 22%-45% 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% 18%
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% 21%
Netherlands 25% 5.85%-52%     21%
New Zealand 28% 0-39%     15%gst
Norway 22% 28-49% 14.1% 7.8% 25%
Pakistan 29% 0-25%     17%
Panama 25% 15-25% 12% 9% 7%
Philippines 30% 5-32% PHP 1,090 PHP 500 12%
Poland 9%/19% 18%/32% 22.14% 13.7% 23%
Portugal 21% 14.5-48% 23.75% 11% 23%
Romania 16% 10% 10.25% 35% 19%
Russia 20% 13% 30% 0 20%
Saudi Arabia 20% 20%     5%
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 20.6% 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 19%
Turkey 22% 15-35% 20.5% 14% 18%
U.A.E. 20%/55% 0% 12.5%/15% 5% 5%
U.K. 19% 0-45% 13.8% 12% 20%
Ukraine 18% 18% 22% 3.6% 20%
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 March 22,2021)

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 2021

  • UAE Israel Tax Treaty
    The UAE and Israel signed on May 31, 2021 a double tax treaty expected to enter into force on January 1, 2022. June 2021.
  • Global 15% Corporate Tax
    The G7 summit held in London on June 5, 2021 decided that the minimum corporate income tax rate for big technology companies will be 15%. June 2021.
  • U.S. May Job Report
    The U.S. labor department reported on June 4, 2021 that 559,000 new jobs were added to the American economy in May 2021. June 2021.
  • Japan Spain Tax Treaty
    The 2018 double tax agreement ,DTA, between Japan and Spain entered into force on May 1. 2021 applying from January 1. 2022. The tax withholding rates for payments of dividends are 0%/5%/10%. For payment of interest the tax withholding rate is 0%/10%. May 2021.
  • Switzerland V.A.T. Refund
    According to the Swiss tax office starting April 7, 2021 the refund period for V.A.T payers with a credit balance is shortened to 30 days, compared to the previous 60 days refund period. May 2021.
  • U.S. April Job Report
    The U.S. labor department reported on May 7, 2021 that only 266,000 new jobs were added to the American economy in April 2021, far lower than the prior forecasts. The unemployment rate in April was 6.1% compared to 6% in the previous month. May 2021.
  • Belarus Spain Tax Treaty
    The updated double tax agreement, DTA , between Belarus and Spain will enter into for on May 9, 2021. April 2021.
  • Russia Luxembourg Tax Treaty
    The updated double tax agreement, DTA ,between Russia and Luxembourg entered into force on March 5, 2021 applying from January 1, 2022. April 2021.
  • Germany Rent's Freeze
    The German high court ruled on April 15, 2021 that the previous Berlin's federal court regarding rents freeze in Berlin is invalid. April 2021.
  • Spain U.K. Tax Treaty
    The tax treaty between Spain and the U.K. regarding Gibraltar entered into force.
    The tax agreement contains various issues including exchange of tax information and double tax. March 2021.
  • U.K. Corporate Tax Rise
    The British chancellor Mr. Rishi Sunak announced in his budget speech that the corporate income tax rate will rise from the present 19% rate to 25% in 2023. March 2021.
  • U.A.E Tax Shelter
    According to Reuters, based on a report by TJN the U.A.E is now the 10th most popular tax shelters by foreign investors. The first three most popular tax shelters in the list are Virgin Islands, followed by Cayman Islands and Bermuda. March 2021.
  • Poland Retail Sales Tax
    Starting January 1, 2021 a new retails sales tax was imposed on firms with monthly sales exceeding PLN 17 million.
    The tax rate is 0.8% on sales below PLN 170 million and 1.4% for sales above PLN 170 million. February 2021.
  • Luxembourg Tax Filing Extension
    Individuals can file their 2019 report to March 31, 2021 while for 2020 report both individuals and corporate can file their annual reports to June 30, 2021. February 2021 .
  • U.K. Economy 2020
    The British economy slumped by 9.9% in 2020 due to the coronavirus, the worst slump in 300 years since the "great frost" in 1709. February 2021.
  • Sweden New Corporate Tax Rate 2021
    Starting January 1, 2021 the corporate income tax rate in Sweden was reduced from 21.4% in 2020 to 20.6% in 2021. February 2021.
  • China Economy Growth 2020
    The Chinese economy grew in 2020 by 2.3%, the only big economy with a positive growth. The economy grew in the last quarter of 2020 by 6.5% compared to the same quarter in 2019 and by 4.9% compared to the Q3 2020. January 2021.
  • Hungary Tax Exemption
    The Hungarian prime minister Mr. Viktor Orban announced that Hungarian taxpayers aged under 25 years will be exempt from paying income tax for income up to the average salary in Hungary. The exemption will enter in force before January 1, 2020. January 2021.
  • Israel Credit Rating
    The credit rating agency Fitch retained on January 13, 2021 the +A credit rating of Israel with a stable outlook. The rating came in spite of the coronavirus crisis and the unexpected new elections in Israel due in March 2021. January 2021.
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