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

  • Turkey Inflation Rate
    The inflation rate in April reached 69.97% on annual basis, the highest inflation rate since 2002 and the 11th consecutive monthly rise. May 2022.
  • U.K Interest Rate Rise
    The bank of England, BOE, raised on May 5, 2022 the interest rate by 0.25% from 0.75% to 1%, the highest interest rate since 2009. May 2022
  • Israel Interest Rate Rise
    The bank of Israel raised on April 11, 2022 the interest rate by 0.25% to 0.35%, the first interest rise since 2018. April 2022.
  • UAE Israel Free Trade Agreement
    The UAE and Israel signed on April 1 ,2022 a free trade agreement. The trade in 2021 between the countries reached 900 million dollar.
    The new agreement is expected to further boost the trade between the countries. April 2022.
  • Singapore GST Update
    According to Singapore's 2022 budget starting January 1, 2023the GST rate will rise from current 7% to 8%. March 2022.
  • U.S. Interest Rate Rise
    The federal reserve raised on March 16, 2022 the interest rate by 0.25%, the first rise since 2018. The rise is aimed to face the rising inflation of around 8%, the highest in the last 40 years. March 2022.
  • Belgium V.A.T. on Electricity
    The V.A.T. for consumption of electricity for residential use is reduced from 21% to 6% in the period between March 1, 2022 to June 30, 2022. March 2022.
  • OECD Stops Russia's Admission
    The OECD, organization for economic cooperation, decided on February 25, 2022 to stop the process of Russia's admission to the OECD. February 2022.
  • Denmark France Tax Agreement
    Denmark and France signed on February 4, 2022 a double tax agreement, DTA. The DTA includes reduced tax withholding rates of 0%/15% for payments of dividends. February 2022.
  • UAE Corporate Tax
    The UAE will impose a 9% corporate income tax on corporate profits for the financial years starting June 1, 2023 onwards. February 2022.
  • Turkey V.A.T Reduction
    The V.A.T rate on certain food products in Turkey was reduced for six months, from February 1, 2022 to July 31, 2022. February 2022.
  • Bahrain V.A.T. Rate Increase
    Starting January 1 , 2022 the V.A.T. rate in Bahrain increased from 5% to 10%. January 2022
  • France Colombia Tax Agreement
    The double tax agreement, DTA, between the two countries will enter into force on January 1, 2023. The DTA includes reduced tax withholding rates. January 2022.
  • Cyprus Jordan Tax Agreement
    The double tax agreement, DTA, between the two countries was ratified on December 31, 2021.The DTA includes, when in force, reduced tax withholding rates. January 2022.
  • Netherlands Corporate Income Tax Rate
    The standard Dutch corporate income tax rate rose, starting January 1, 2022, from 25% to 25.8%. January 2022.
  • Saudi Arabia Taiwan Tax Agreement
    The double tax agreement, DTA, between the two countries entered into force on November 1, 2021 applying from January 1, 2022. December 2021.
  • U.K. Interest Rate Rise
    The bank of England, BOE ,raised on December 16, 2021 the interest rate from 0.1% to 0.25%. December 2021.
  • U.S. Top Inflation Rate
    The U.S. labor department reported on December 10, 2021 that the inflation rate in November was 6.8% on annual basis, the highest rate for the last 39 years. December 2021.
  • Cyprus 2022 Budget
    According to budget presented on December 18, 2021 ,the corporate income tax rate for big firms will rise from 12.5% to 15%. There will also be a reduction/abolish of the special defense contribution for certain dividends and interest income. December 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.
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