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 29% 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 28% 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 28% 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 21.4% 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.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%

Tax and Business News 2020

  • U.S. August Job Report
    According to a report by the U.S. labor department dated September 4, 2020 1.37 million new jobs were added to the American economy in August 2020 compared to a preliminary forecast of 1.3 million new jobs. September 2020.
  • Turkey Economy
    According to a report by the Turkish statistics office the Turkish economy shrank in the second quarter of 2020 by 9.9% compared to the same quarter in 2019 and by 11% compared to the first quarter of 2020. September 2020.
  • 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.
  • U.S. August Job Report
    According to a report by the U.S. labor department dated September 4, 2020 1.37 million new jobs were added to the American economy in August 2020 compared to a preliminary forecast of 1.3 million new jobs. September 2020.
  • Turkey Economy
    According to a report by the Turkish statistics office the Turkish economy shrank in the second quarter of 2020 by 9.9% compared to the same quarter in 2019 and by 11% compared to the first quarter of 2020. September 2020.
  • 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.

Tax and Business Articles