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Tax Rates Around the World 2017

(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 33.99% 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          
Canada 15%(federal) 15-33%(Federal)     5%(gst)
China 25% 3-45% 30% 11% 17%
Croatia 20% 12-40% 15.20% 20% 25%
Cyprus 12.5%% 0-35% 8.5% 6.8% 19%
Czech Rep. 19% 22% 34% 11% 21%
Denmark 23.5% 38-65% 0 DKK 900 25%
Egypt 25% 10-25%     4%-20%
Estonia 20% 20% 33% 1.6% 20%
Finland 20% 6.5-31.75% 19.47% 9.14% 24%
France 33.33% 5.5-41% 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 26% 0-42% 28% 16.5% 24%
Hong kong 16.50% 2-17% 5% 5%  
Hungary 9% 16% 28.5% 18.5% 27%
India 30-40% 10-30% 12% 12% 5%-15%
Indonesia 25% 5-30% 3.7% 2% 10%
Ireland 12.50% 20-41% 10.75% 4% 23%
Israel 24% 10-50% 7.25% 12% 17%
Italy 24% 23%-43% 30% 10% 22%
Japan 25.50% 5-50% 15.448% 14.643% 8%(consump)
Latvia 15% 23% 23.59% 10.50% 21%
Libya 20% 15% 11.25% 3.75%  
Lithuania 15% 15%/20% 32.6% 9% 21%
Luxemburg 21% 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 30% 0%     19.60%
Morocco 30% 0-41.5%     20%
Montenegro 9% 9%/15% 10.3% 24% 19%
Netherlands 20-25% 5.85%-52%     21%
New Zealand 28% 0-39%     15%gst
Norway 24% 28-49% 14.1% 7.8% 25%
Pakistan 35% 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%     14%
Spain 25% 19%-45% 23.6% 6.35% 21%
Sweden 22% 0-57%     25%
Switzerland 12.5-24% 0-11.5% (federal) 25.08% 20.73% 8%
Thailand 20% 5-37% 5% 5% 7%
Tunisia 30% 15-35% 16.57 9.18 18%
Turkey 20% 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. 15-35% 0-39.6% 7.65% 5.65%  
Vietnam 20% 5-35% 21% 9% 10%
Zambia 35% 0-35%     16%
(Last partial update July 25, 2017)

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 2017

  • France Tax Reform
    According to the finance bill dated September 27, 2017 the French corporate income tax rate will be reduced to 25% from 2018 to 2022. The wealth tax will be abolished. October 2017.
  • U.S. September Job Report
    The U.S. labor department reported on October 6, 2017 that the number of new jobs in September decreased by 33,000 compared to a preliminary forecast of a growth of 80,000 to 90,000 jobs. The decrease is the lowest in the last seven years. October 2017.
  • U.S. Tax Reform
    President Trump presented on September 27, 2017 his U.S. tax reform. The reforms includes reducing of the corporate income tax rate from 35% to 20%. Personal income tax rates will now have only three bands, 12%, 25% and 35%, compared to the current seven bands. September 2017.
  • Thailand Reduced V.A.T. Rate
    The Thai tax office announced that the current reduced 7% V.A.T. rate, compared to the standard 10% rate, will be extended to another year, till September 31, 2018. September 2017.
  • Saudi Arabia Jordan Tax Treaty
    The double tax treaty, DTA, between Saudi Arabia and Jordan entered into force on September 1, 2017 applying from January 1, 2018. September 2017.
  • UAE VAT Law
    Starting January 1, 2018 V.A.T will apply in the UAE. The standard rate of 5% will be imposed on goods and services. September 2017.
  • Malaysia Tourism Tax
    Starting September 1, 2017 a new tourism tax is imposed in Malaysia. The tax rate is MYR 10 per day per room. September 2017.
  • Nigeria Singapore Tax Treaty
    Nigeria and Singapore signed on August 2, 2017 a double tax treaty, DTA. According to the DTA a flat 7.5% tax withholding rate will apply to dividends, interest and royalties. August 2017.
  • Switzerland Belgium Tax Treaty
    The 2014 double tax treaty, DTA, between the two countries entered into force on July 19, 2017 applying from January 1, 2018. August 2017.
  • Argentina Mexico Tax Treaty
    The 2015 double tax treaty, DTA, between the two countries will enter into force on August 23, 2017 applying from January 1, 2018.The DTA includes reduced tax withholding rates for payments of dividends, interest and royalties. August 2017.
  • Japan Latvia Tax Treaty
    The double tax treaty, DTA, between the two countries entered into force on July 5, 2017 applying from January 1, 2018. July 2017.
  • India Mauritius Tax Treaty
    The 2016 double tax treaty, DTA, between the two countries applies in Mauritius from July 1, 2017. The DTA includes reduced tax withholding rates for payments of dividends, interest, royalties and technical fees. July 2017.
  • Lithuania Japan Tax Treaty
    The two countries signed on July 13, 2017 a double tax treaty, DTA. According to the DTA there are reduced tax withholding rates for payments of dividends and interest. July 2017.
  • China GDP Growth
    The Chinese economy expanded in the second quarter of 2017 at an annual 6.9% rate ,same growth as in the first quarter. The preliminary forecast was a growth of 6.8%.July 2017.
  • Sweden Armenia Tax Treaty
    The 2016 double tax treaty, DTA, entered into force on June 1, 2017 applying from January 1, 2018. The DTA includes reduced tax withholding rates for payments of dividends and royalties. July 2017.
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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