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Tax Rates Around the World 2020
(Note: Only the underlined countries are currently ready)
(Last partial update July 15,2020)
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 2020
Tax Updates Archive
- Israel Purchase Tax
The Israeli parliament approved on July 28,2020 reducing the real estate purchase tax for investors from previous 8% to 5%.At present investors pay 8% up to a purchase price of IS 5.3 million. July 2020.
- Saudi Arabia Customs Duties
Saudi Arabia raised on June 10,2020 the customs duties on certain products at the rates of 5%-25%.The rise is aimed to face the corona virus crisis effects. July 2020.
- Czech Republic Tax Update
The Czech president approved an amendment which will allow Czech firms and individuals to carryback losses backwards to two years up to a ceiling of CZK 30 million. July 2020.
- Cyprus V.A.T. Cut
The government approved a reduction of the V.A.T. rate from 9% to 5% for certain services related to hotel accommodation ,restaurants etc. The reduction will apply from July 1,2020 to January 10, 2021. July 2020.
- Russia Interest Rate Cut
The Russian central bank cut on June 19, 2020 the interest rate by 1% to 4.5% the lowest rate since 1991. The present cut follows the previous cut of 0.5% in April. June 2020.
- World Bank Forecast
The world bank published on June 8.2020 its global forecast. According to the forecast the world economy will shrink by 5.2% in 2020, the sharpest shrink since 1945-1946, post second world war. June 2020.
- U.K. Economy Shrink
The British statistics office reported on June 12, 2020 that the British economy shrank by 20.4% in April 2020. Analysts prior forecast was a shrink of 18.4%. June 2020.
- Germany Economy Shrink
The German economy shrank in the first quarter of 2020 by 2.2%, the worst growth since 2009. In the last quarter of 2019 the economy shrank by 0.1%. May 2020.
- Saudi Arabia V.A.T. Rise
Starting July 1 2020 the Saudi V.A.T. rate which was first introduced only two years ago will rise from 5% to 15% trying to stable the economy facing the corona crisis. May 2020.
- Spain Economy Shrink
The Spanish economy shrank in the first quarter of 2020 by 5.2% due to the corona pandemic. In the last quarter of 2019 the economy grew by 0.4%. May 2020.
- Bulgaria Corona Update
Due to the corona pandemic all Bulgarian tax payers, companies and individuals can postpone filing their tax reports for 2019 and paying the tax due till June 30, 2020. April 2020.
- China Economy Shrink
The Chinese economy shrank in the first quarter of 2020 by 6.8%, the first shrink since 1992. In the fourth quarter of 2019 the economy grew by 6% . April 2020.
- Israel Interest Rate Cut
The Israeli central bank cut on April 6, 2020 the interest rate by 0.15%, from 0.25% to 0.1%, the first cut since March 2015. April 2020.
- Czech Republic Tax Update
The Czech ministry of finance decided on March 24,2020 that Czech taxpayers will be able to carry back their 2020 losses against reported income from the previous years 2018 and 2019. March 2020.
- Poland Tax Update
The Polish ministry of finance announced on March 25,2020 that Polish companies will have an extension to file their 2019 tax reports by May 31, 2020. March 2020.
- U.K. Interest Rate Cut
The bank of England, BOE, cut on Mach 19,2020 the interest rate from 0.25% to 0.1%, the lowest interest rate in 400 years. The new cut follows the interest cut eight days ago. March 2020.
- U.S. Interest Rate Cut
The federal reserve cut on March 3, 2020 the U.S. interest rate by 0.5% to a range of 1%, the deepest cut since 2008.The cut is aimed to counter the corona virus crisis. March 2020.
- China Growth 2020
The credit rating agency S&P estimated on February 8, 2020 that the Chinese economy will grow in 2020 by only 5% compared to the previous estimate of 5.7% before the corona virus outbreak. February 2020.
- Germany V.A.T. Update
Starting January 1, 2020 the V.A.T. on feminine products was reduced from previous 19% to 7%. February 2020.
- Ireland V.A.T. Update
Starting January 1, 2020 a new reduced V.A.T. rate of 13.5% was introduced in Ireland for certain food supplements. February 2020.
- Hungary V.A.T. Update
Starting January 1, 2020 the V.A.T. in Hungary on certain accommodation services was reduced from previous 18% rate to 5%. February 2020.
- U.S. December Job Report
The labor department said that 145,000 new jobs were added to the American economy in December 2019, compared to a preliminary forecast of 160,000 new jobs. January 2020.
- Slovenia V.A.T update 2020
Starting January 1, 2020 the V.A.T . rate for electronic newspapers and e-books was reduced from 22% to 5%. January 2020.
- Croatia Tax 2020
Starting January 1, 2020 the corporate income tax rate for companies having annual income of less than HRK 7.5 million is reduced to 12%.January 2020.
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...