World Tax Rates 2024

Country Income Tax Social Security VAT
Corporate Individual Employer Employee
Albania 0-15% 0-23% 16.7% 11.2% 20%
Argentina 30% 9-35% 27% 17% 21%
Australia 30% 17-45%     10%GST
Austria 23% 25%-55% 21.83% 18.2% 20%
Barbados 9% 28.5%     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% 30% 15.20% 20% 25%
Cyprus 12.5% 0-35% 12.5% 8.8% 19%
Czech Rep. 21% 15%/23% 34% 11% 21%
Denmark 22% 0-56% 0 DKK 900 25%
Egypt 22.5% 10-25%     14%
Estonia 20% 20% 33% 1.6% 22%
Finland 20% 0-55% 19.47% 9.14% 24%
France 25% 11%-45% 50% 20% 20%
Georgia 15% 20% 2 2 18%
Germany 30-33%(effective) 14-45% 19.7% 20.6% 19%
Gibraltar 10% 0-41% Gip 32.97/week Gip 25.16/Week  
Greece 22% 9%-44% 24.81% 15.75% 24%
Hong kong 8.25%/16.50% 15% 5% 5%  
Hungary 9% 15% 13% 18.5% 27%
India 25%-40% 10-30% 12% 12% 18%
Indonesia 25% 0-35% 3.7% 2% 10%
Ireland 12.50% 20-40% 11.05% 4% 23%
Israel 23% 10-47% 7.25% 12% 17%
Italy 24% 23%-43% 30% 10% 22%
Japan 23.2%/23.4% 5-45% 15.448% 14.643% 8%(consump)
Latvia 20% 31% 23.59% 10.50% 21%
Libya 20% 13% 11.25% 3.75%  
Lithuania 15% 0-32% 32.6% 9% 21%
Luxemburg 18% 0-42% 14.69% 13.45% 17%
Malta 35% 15-35% 10% 10% 18%
Mexico 30% 0-35% 25% 5% 16%
Moldova 12% 12% 26.5% 9.5% 20%
Monaco 33.33 0%     19.60%
Morocco 31% 0-38%     20%
Montenegro 9% 9%/15% 8.3% 24% 21%
Netherlands 15%/25.8% 37.07%/49.5% 18% 27.6% 21%
New Zealand 28% 0-39%     15%gst
Norway 22% 22% 14.1% 7.8% 25%
Pakistan 29% 0-35%     17%
Panama 25% 15-25% 12% 9% 7%
Philippines 30% 0-35% PHP 1,090 PHP 500 12%
Poland 9%/19% 12%/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% 0-22% 17% 20% 9% (gst)
Slovakia 21% 19%/25% 34.8% 13.4% 20%
Slovenia 19% 16%-45% 16.1% 22.1% 22%
South Africa 28% 0-45%     15%
Spain 25% 0-47% 30.4% 6.45% 21%
Sweden 20.6% 0-25%     25%
Switzerland 8.5% 0-11.5% (federal) 25.08% 20.73% 2.6/3.8/8.1%
Thailand 20% 5-35% 5% 5% 7%
Tunisia 25% 15-35% 16.57 9.18 19%
Turkey 22% 15-40% 20.5% 14% 18%
U.A.E. 20%/55% 0% 12.5%/15% 5% 5%
U.K. 25% 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% 0-37.5%     16%
(Last partial update July 20, 2024)

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 2024

  • France Credit Rating Downgrade
    The credit rating agency S&P downgraded on May 31, 2024 France's credit rating from AA to AA- due to the expected high French budget deficit. June 2024.
  • U.S. May Job Report
    272,000 new jobs were added to the American economy in May 2024 , far above the forecasts of only 180,000 new jobs. The unemployment rate rose to 4%. June 2024.
  • U.K. Inflation
    According to May 2024 data the annual inflation in the U.K. dropped to 2% compared to 11% a year and a half ago. The annual rate is within the range of the central bank. June 2024.
  • Estonia Pakistan Tax Agreement
    The double tax agreement, DTA, between the two countries entered into force on April 30, 2024. The DTA includes reduced tax withholding rates for payments of dividends, interest and royalties. May 2024.
  • UAE Czech Republic Tax Agreement
    The updated 2023 double tax agreement, DTA, entered into force on May 13, 2024 applying from January 1, 2025 in both countries. May 2024.
  • Israel Credit Rating
    Moody's credit rating agency reconfirmed on May 10, 2024 Israel's A2 credit rating with a negative outlook due to the geopolitical risk in the area. May 2024.
  • Turkey Inflation
    The inflation in Turkey in April 2024 rose to 69.8% on annual basis, the highest inflation rate since the end of 2022. May 2024.
  • U.S. March Job Report
    The U.S. labor department reported on April 5, 2024 that 303,000 new jobs were added to the American economy in March 2024, higher than the preliminary forecasts of only 200,000 new jobs .April 2024.
  • Netherlands Bangladesh Tax Agreement
    The two countries signed on March 12, 2024 a double tax agreement, DTA, replacing the previous 1993 DTA between the two countries. April 2024.
  • France Moldova Tax Agreement
    The double tax agreement, DTA, between France and Moldova entered into force on April 23, 2024 applying from January 1, 2025. April 2024.
  • Romania Liechtenstein Tax Agreement
    The double tax agreement, DTA between Romania and Liechtenstein entered into force on February 29, 2024 applying from January 1, 2025. March 2024.
  • Albania Slovakia Tax Agreement
    The 2-23 double tax agreement, DTA, between Albania and Slovakia will enter into force on April 1, 2024 applying from January 1, 2024.
  • Montenegro Czech Republic Tax Agreement
    The updated double tax agreement, DTA, between the two countries was signed on February 20, 2024 including reduced tax withholding rates. March 2024.
  • Barbados Corporate Tax 2024
    Starting January 1, 2024 the corporate income tax rate in Barbados is increased to 9% for annual income exceeding BBD 2 million. February 2024.
  • Czech Republic Corporate Tax 2024
    Starting January 1, 2024 the corporate income tax rate in the Czech Republic is increased from previous 19% to 21%. February 2024.
  • U.S. January Job Report
    The U.S. labor department reported on February 5, 2024 that the U.S. economy added in January 2024 353,000 new jobs. The unemployment rate stayed unchanged at 3.7%. February 2024.
  • Israel Credit Rating Downgrade
    Moody's downgraded Israel's credit rating by one notch, from A1 to A2 with a negative outlook. February 2024.
  • U.S. December Job Report
    The U.S. labor department reported on January 5, 2024 that 216,000 new jobs were added to the American economy in December 2023, the 36th rise in a row, the longest so far. January 2024.
  • Switzerland Angola Tax Agreement
    The two countries signed on December 1, 2023 a double tax agreement, DTA. The DTA includes reduced tax withholding rates for dividends, interest and royalties. January 2024.
  • Israel Interest Rate Cut
    The Israeli central bank lowered on January 1, 2024 the basic interest rate from 4.75% to 4.5%, the first cut in nearly four years. January 2024.
  • Estonia VAT Rise
    Starting January 1, 2024 the standard VAT rate in Estonia is 22% compared to the previous 20% rate. The reduced and super reduced VAT rates will increase on January 1, 2025. January 2024.
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