World Tax Rates 2022

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 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% 0-40% Gip 32.97/week Gip 25.16/Week  
Greece 22% 9%-44% 24.81% 15.75% 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%/25.8% 37.07%/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 June 1, 2022)

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 2022

  • Brazil Colombia Tax Agreement
    Brazil and Colombia signed on August 5, 2022 a double tax agreement, DTA .When in force the DTA includes reduced tax withholding rates for payments of dividends, interest and royalties. September 2022.
  • Japan Colombia Tax Agreement
    The 2018 double tax agreement, DTA , between the two countries entered into force on September 4, 2022. The DTA includes reduced tax withholding rates for payments of dividends, interest and royalties. September 2022.
  • Poland VAT Update
    The Polish president extended the application of the temporary reduced VAT rate of 8% and the super reduced VAT rate of 5% by three months till October 30 ,2022. August 2022.
  • Greece VAT Update
    The Greek government extended on June 30, 2022 the application of the reduced 6% VAT rate and the super reduced 13% VAT rate by December 31, 2022. August 2022.
  • U.S July Job Report
    The U.S. labor department reported on August 5, 2022 that 528,000 new jobs were added in July 2022, compared to preliminary forecasts of only 258,000 new jobs. August 2022.
  • U.K. Inflation
    The British inflation in July 2022 rose to 10.1% compared to the previous year. The new inflation is the first double digits rise for four decades. August 2022.
  • Europe Interest Rate Rise
    The European Central Bank, ECB, raised on July 21, 2022 the interest rate by 0.5%, the first rise in the last eleven years. July 2022
  • China Inflation Rate
    The Chinese statistics office reported on July 9, 2022 that the inflation in June reached 2.5%, compared to 2.1% in May, the highest inflation rate in the last year. July 2022.
  • U.S. June Job Report
    The U.S. labor office reported on July 8, 2022 that 372,000 new jobs were added to the American economy in June 2022. Prior forecasts were an addition of only 272,700 new jobs. July 2022.
  • Saudi Arabia Tax Amnesty
    The Saudi tax authority announced on June 1, 2022 a tax amnesty. The amnesty relates to various tax debts, including VAT, income tax and real estate taxes. The amnesty applies between June 1, 2022 to November 30, 2022. June 2022.
  • Luxembourg U.K. Double Tax Treaty
    Luxembourg and U.K. signed on June 7, 2022 a new double tax agreement ,DTA, replacing the current DTA between the two countries. The new DTA includes certain changes regarding, inter alia, payments of dividends and royalties. June 2022.
  • U.S. Interest Rate Rise
    The U.S. federal reserve raised on June 15, 2022 the interest rate by 0.75%, the highest rise for the last 28 years since 1994. The interest rate is expected to reach 3.4% by the end of 2022. June 2022.
  • Malta Tax Update
    According to the Maltese ministry of finance deferred tax under the coronavirus relief program can be paid with no interest in the period from June 2022 till December 2024. May 2022.
  • Cyprus Tax Update
    The tax office announced that both, companies and self employed, get an extended date for filing their 2021 tax reports by July 31, 2022. May 2022.
  • 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
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