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% 29% 11% 3%-13%
Croatia 18% 24%/36% 15.20% 20% 25%
Cyprus 12.5% 0-35% 12% 8.3% 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% 2 2 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 8.25%/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% 11.05% 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% 25% 5% 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% 8.3% 24% 21%
Netherlands 15%/25% 37.1%/49.5% 18% 27.6% 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% 9.5%-24.5% 29.9% 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 October 18,2021)

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

  • Serbia Japan Tax Agreement
    The double tax agreement, DTA, between the two countries will enter into force on December 5, 2021 applying from January 1, 2022, The DTA includes reduced tax withholding rates. November 2021.
  • Israel Purchase Tax Rise
    Starting November 28, 2021 investors in the Israeli flats market will have to pay higher purchase tax rates, compared to the previous rates. The new tax rates are 8% and 10%. November 2021.
  • Mexico Germany Tax Agreement
    The protocol to the 2008 tax agreement, DTA, between the two countries was signed on October 8, 2021 with reduced tax withholding rates for payments of dividends. November 2021.
  • Italy Colombia Tax Agreement
    The two countries ratified the double tax agreement, DTA. The DTA includes reduced tax withholding rates for payments of dividends, interest and royalties. October 2021
  • Austria Tax Reform
    The Austrian government presented its plans for a tax reform. The reform will include tax reductions for companies and self employed in the years 2022-2024. October 2021.
  • Hungary Andorra Tax Agreement
    The two countries signed on October 8, 2021 a double tax agreement, DTA, aimed to avoid double taxation and boost bilateral cooperation. October 2021.
  • Cyprus Tax Filing Extension
    According to a decree dated September 24, 2021 all taxpayers can extend their 2019 reports filing till November 30, 2021 without fines. October 2021.
  • Turkey Interest Rate Cut
    The Turkish central bank cut on September 23 , 2021 the short term interest from 19%, the interest rate in force since March , to 18%. September 2021.
  • Singapore Serbia Double Tax Agreement
    The double tax agreement ,DTA ,between Singapore and Serbia entered into force on August 16, 2021.
  • Georgia Hong Kong Tax Agreement
    The double tax agreement, DTA, which was signed by the two countries in 2020 entered into force on July 1, 2021. There is a flat 5% tax withholding for payments of dividends, interest and royalties. September 2021.
  • U.S. August Job Report
    Only 234,000 new jobs were added to the American economy in August, compared to 1.1 million new jobs in July. The unemployment rate in August was 5.2% compared to 5.4% in the previous month. September 2021.
  • U.S. July Job Report
    943,000 new jobs were added to the American economy in July, the highest rise for eleven months. The unemployment rate was 5.4% compared to 5.9% in the previous month. August 2021.
  • Portugal V.A.T. Update
    Starting July 1, 2021 the standard V.A.T. rate in the Azores Islands is reduced to 16% compared tp the previous rate of 18%. August 2021.
  • Israel Credit Rating
    The credit rating Fitch reconfirmed its previous credit rating of +A with a stable outlook. The agency forecasts that the Israeli economy will grow by 5.1% in 2021 and by 5.7% in 2022 .August 2021.
  • Hungary V.A.T. Refund
    On June 8,2021 the summer tax package was enacted in Hungary. The package relates to different time periods allowed for claiming V.A.T. refund for bad debts .The filing period depends on the date when debts became bad debts. July 2021.
  • China Economy Growth
    The Chinese economy grew in the second quarter of 2021 by 7.9% on annual basis. In the first half of 2021 the Chinese economy grew by 12.7% compared to the same period in 2020. July 2021.
  • U.S Inflation Rate
    The U.S. inflation in June 2021 grew by 5.4% compared to previous year, the highest rise in nearly 13 years. July 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.
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