World Tax Rates 2023

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 25% 25%-55% 21.83% 18.2% 20%
Barbados 5.1-1% 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% 8.3% 19%
Czech Rep. 19% 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% 20%
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% 7% (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% 2.5%/3.7%/7.7%
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 16, 2023)

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 2023

  • U.s. October Job Report
    The U.S. labor department reported that 150,000 new jobs were added in October 2023, compared to a forecast of 170,000 new jobs. November 2023.
  • Ukraine UAE Tax Agreement
    The protocol to the double tax agreement, DTA, between the two countries entered into for on October 19, 2023 applying from January 1, 2024 .November 2023.
  • Croatia Cyprus Tax Agreement
    The two countries signed on October 17, 2023 a new double tax agreement replacing the previous 1985 DTA. November 2023.
  • Turkey Interest Rate Rise
    Turkey increased on November 23, 2023 the interest rate from 35% to 40%, the second rise within one month. November 2023.
  • New Zealand Austria Tax Agreement
    The two countries signed on September 12, 2023 a protocol to the existing 2006 double tax agreement, DTA. The protocol includes reduced tax withholding rates for payments of dividends. October 2023.
  • Moldova Netherlands Tax Agreement
    The two countries signed on September 4, 2023 a protocol to the existing 2000 double tax treaty, DTA. The protocol includes reduced tax withholding rates for payments of dividends. October 2023.
  • Austria China Tax Agreement
    The two countries signed on September 14 , 2023 a protocol to the existing double tax agreement, DTA. The protocol includes reduced tax withholding rates for payments of dividends. October 2023.
  • U.S. September Job Report
    360,000 new jobs were added to the U.S. economy in September 2023, compared to preliminary estimates of 170,000 new jobs. October 2023.
  • Switzerland Ethiopia Ta Agreement
    The 2021 double tax agreement, DTA, between the two countries entered into force on August 10, 2023. The DTA includes reduced tax withholding rates for payment of dividends, interest and royalties. September 2023.
  • Turkey Interest Rate Rise
    The Turkish central bank raised on September 21, 2023 the interest rate from 25% to 30%, the highest rate in the last 20 years. September 2023.
  • U.S. August Job Report
    The U.S. labor department reported that 187,000 new jobs were added in August. The unemployment rate rose from previous 3.5% to 3.8%. September 2023.
  • Germany Mexico Tax Agreement
    The updated 2008 double tax agreement, DTA, between Germany and Mexico entered into force on August 6, 2023 applying from January 1, 2024. September 2023.
  • Japan Azerbaijan Tax Agreement
    The 2022 double tax agreement, DTA, between the Japan and Azerbaijan entered into force on August 4, 2023 applying from January 1, 2024 in both countries. August 2023.
  • Brazil Uruguay Tax Agreement
    The double tax agreement, DTA, between Brazil and Uruguay entered into force on July 21, 2023 applying from January 1, 2024 in both countries. August 2023.
  • U.S.A. Credit Rating Downgrade
    Fitch credit rating agency downgraded on August 2 , 2023 the U.S.A. credit rating from AAA to +AA .The second downgrade since 2011. August 2023.
  • Italy New Bank Tax
    The Italian cabinet confirmed a new one time 40% banks tax for excess bank's income in 2013. August 2023.
  • Hong Kong Mauritius Tax Treaty
    The previous 2022 double tax agreement ,DTA, between the two countries entered into force on June 23, 2023. The DTA includes reduced tax withholding rates for payments of dividends, interest and royalties. July 2023.
  • Netherlands Belgium Tax Treaty
    The two countries signed on June 21, 2023 a new double tax agreement, DTA, replacing the previous 2001 DTA. July 2023.
  • U.K. GDP
    According to the U.K. ONS, office for national statistics, the GDP in May 2023 fell by 0.1%, with an annual forecast of 0.4% decline. July 2023.
  • U.S.A. Inflation
    The US.A. inflation grew by 0.2% in June, 3% on annual basis compared to 9.1% in June 2022. July 2023.
  • UAE Czech Republic Tax Treaty
    The two countries signed on May 24, 2023 a double tax treaty, DTA, which includes reduced tax withholding rates. June 2023.
  • Europe Interest Rate Rise
    The European Central Bank raised on 15.6.23 the interest rate on deposits from 3.25% to 3.50%. The interest on euro rose from 3.75% to 4% .June 2023.
  • U.K. Interest Rate Rise
    The Bank of England, BOE, raised on 22.6.23 the interest rate by 0.5% to 5%, the highest rate in the last fifteen years. June 2023.
  • Turkey Interest Rate Rise
    The Turkish central bank raised on 22.6.23 the interest rate from 8.5% to 15%, the first rise since March 2021 .Last month the inflation in Turkey reached 39.5%. June 2023.
  • Finland France Double Tax Agreement
    The two countries signed a double tax agreement, DTA, on April 4, 2023. The DTA includes reduced tax withholding rates for payments of dividends. May 2023.
  • Georgia Poland Tax Agreement
    The double tax agreement, DTA, between the two countries entered into force on April 1, 2023 applying from January 1, 2024 .May 2023.
  • France Credit Rating Downgrade
    Fitch credit rating agency downgraded France credit rating from AA to AA- with a stable forecast for the future. May 2023.
  • U.K. Interest Rate Rise
    The bank of England raised the basic deposit interest rate from 4.25% to 4.5%, the highest interest rate since October 2008. May 2023.
  • Belgium 2022 Tax Reports
    The tax office announced new deadlines for individuals filing their 2022 tax reports. There are different deadlines for paper, electronic or complex annual reports. April 2023.
  • U.S Inflation 2023
    The March 2023 inflation rose by 0.1%, 5% on annual basis, the lowest inflation in almost two years and the ninth month with decreasing inflation. April 2023.
  • U.K. Corporate tax 2023
    Following the U.K. spring budget 2023 starting April 1, 2023 companies with income exceeding GBP 250,000 will pay 25% corporate tax compared to the previous 19% tax. April 2023.
  • Israel Interest Rate Rise
    The bank of Israel raised on April 3, 2023 the interest rate by 0.25% to 4.5%, the highest rate in the last 16 Years. April 2023.
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