Headline Tax Rates Around the World

The table of tax rates below provides a comparative view of taxation across the globe. Aspects that are considered include:

  • Income Tax

The income of individuals is often taxed at different rates to the profits of corporations. The nature of taxation can also vary between territorial or residential systems, with territorial systems affecting locally earned incomes, and residential systems affecting the local and foreign incomes of residents.

  • Social Security

Social security contributions are taxes collected from employers and employees, in order to fund social insurance benefits such as state pensions and unemployment benefits.

  • VAT

Value added taxes (or equivalent consumption taxes) are often added to the purchase of goods and services. More than 140 countries collect value added taxes, with the general trend being for this system to replace conventional sales taxes. Approximately 20% of worldwide tax revenue is as a result of VAT.

  • Withholding

Withholding taxes are a form of up-front taxation, taken in advance of the due date for payment of final tax liability. These can often affect dividends, interest, and royalties.

Jurisdiction Income Tax Social Security* VAT Withholding
  Corporate Individual Employer Employee   Dividend Interest Royalties
Algeria 19%-25% 20%-35% 26% 9% 20% 15% 10% 24%
Andorra 10% 10% 0% 0% 4.5% 0% 0% 0%
Anguilla 0% 0% 5% 5% 0% 0% 0% 0%
Argentina 35% 9%-35% 23%-27% 17% 21% 0%-35% 15%-35% 12%-35%
Armenia 10%-20% 24.4%-36% 3% (Regressive) 20% 10% 10% 10%
Aruba 28% 7%-55.85% 26.55% 9.6% 3% 0%-10% 0% 0%
Australia 30% 29%-45% 0% 0% 10% 30% 10% 30%
Austria 25% 20.44%-50% 21.83% 18.2% 20% 25% 0% 20%
Azerbaijan 20% 14%-25% 22% 3% 18% 10% 10% 14%
Bahamas 0% 0% 5.9% 3.9% 0% 0% 0% 0%
Bahrain 0% 0% 12% 11% 0% 0% 0% 0%
Bangladesh 20% 14%-25% 0% 0% 18% 20% 10% 10%
Barbados 15% 20-35% 11.25% 10.1% 0% 0%-15% 0%-15% 0%-15%
Belgium 24.25%-33% 25%-50% 35% 13.07% 21% 21%-25% 21% 15%
Belize 25% 25% 5.35% 3.18% 12.5% 15% 15% 0%
Bermuda 0% 0% BMD 1667.64 per year BMD 1667.64 per year 0% 0% 0% 0%
Bolivia 25% 12.5%-13% 18.71% 12.21% 13% 12.5% 12.5% 12.5%
Bosnia 10% 10% 10.5% 31% 17% 0%-5% 10% 10%
Botswana 22% (branches 30%) 5%-25% 0% 0% 12% 7.5% 15% 15%
Brazil 15% 7.5%-27.5% 37.3% 11% 7%-25% 0% 15%-25% 15%-25%
British Virgin Islands 0% 0% 3.25% 3.25% 0% 0% 0% 0%
Brunei 22% 0% 8.5% 8.5% 0% 0% 15% 10%
Bulgaria 10% 10% 18.5% 12.9% 20% 5% 10% 10%
Canada 15% (local income tax 1%-16%) (branches 25%) 29% (provincial tax 10%-21%) (non-resident tax 7.2%-13.92%) 11.7% 6.73% 5% 25% 0%-25% 0%-25%
Cayman Islands 0% 0% 0% 0% 0% 0% 0% 0%
Chile 20% 4%-40% 8.62% 20% 19% 35% 35% 15%-30%
China 25% 3%-45% 30% 11% 17% 10% 10% 10%
Colombia 34% 19%-33% 4%-6% 12% 16% 0%-33% 14%-33% 33%
Cook Islands 20% 20%-30% 17% 15% 15% 15%
Costa Rica 10%-30% 0%-15% 26.17% 9.17% 13% 0%-5% 0%-15% 25%
Croatia 20% 12-40% 15.20% 20% 25% 12%-20% 15%-20% 15%-20%
Curacao 34.5% 13%-49.4% 15.3% 9.35% 5% 0% 35% 0%
Cyprus 10% 20-35% 8.5% 6.8% 18% 0% 0% 5%-10%
Czech Republic 19% 15% 34% 11% 20% 15%-35% 15%-35% 15%-35%
Denmark 25% 14.86% 0% 8% 25% 15%-27% 0%-25% 0%-25%
Dominica 30% 15%-35% 7% 4.75% 15% 15% 25% 25%
Dubai 0% 0% 12.5% (UAE Citizens Only) 5% (UAE Citizens Only) 0% 0% 0% 0%
Ecuador 22% 5%-35% 11.15% 9.45% 12% 0%-10% 0%-22% 22%
Egypt 25%/40.55% 10%-25% 16%-17% 9.5% 0% 0% 20% 20%
El Salvador 25%-30% 10%-30% 9.5% 4% 13% 5%/25% 20%/25% 20%/25%
Equatorial Guinea 35% 10%-35% (non-residents 10%) 21.5% 4.5% 15% 35% (non-residents 25%) 35% (non-residents 25%) 10%
Estonia 21% 21% 33% 2% 20% 0% 0%-21% 0%-10%
Ethiopia 30% 10%-35% 11% 7% 15% 10% 5% 5%
Faroe Islands 18% 35% 1.87% 1.87% 25% 18% 0% 0%
Finland 20% 6.5%-31.75% 23%-25% 0% 24% 20% 0%/24.5% 20%
France 33.33% 5.5%-45% 50% 20% 20% 30% 0% 33.3%
Georgia 15% 20% 0% 0% 18% 5% 5% 10%
Germany 29.875% 14%-45% 19.7% 20.6% 19% 25% 0%-25% 15%
Gibraltar 10% (energy and utility companies 20%) 5%-28% (gross income-based); 17%-40% (allowance-based) 20% 10% 0% 0% 0%-10% 0%
Greece 26% 22-42% 28% 16.5% 23% 0% 33% 25%
Grenada 30% 30% 5% 4% 15% 15% 15% 15%
Guam 15%-35% 10%-35% 7.65% 7.65% 4% 30% 30% 30%
Guatemala 28% 5%-7% 12.67% 4.83% 12% 5% 10% 15%
Guernsey 0/10% 20% 6.5% 6% 0% 0% 0% 0%
Hong Kong 16.5% 15% 5% 5% 0% 0% 0% 5%-16.5%
Hungary 10%-19% 16%-20.32% 28.5% 18.5% 27% 0% 0% 0%
India 30% (plus surcharge 5% and cess 3%) 10%-30% (educational cess 3% of tax) 12% 12% 12.5% (service tax 12.36%) 0% 20% 10%
Indonesia 25% 5%-30% 0% 0% 10% 20% 20% 20%
Iraq 15% 15% 12%/25% 5% 0% 0% 15% 0%
Ireland 25% (trading income 12.5%) 20%-41% 10.75% 4% 23% 0%-20% 20% 0%-20%
Isle of Man 0% (banks 10%) 20% 12.8% 13% 20% 0% 0% 0%
Israel 25% 10%-48% 6.5% 12% 17% 25%-30% 15%-25% 25%
Italy 27.5% 23%-43% 30%-34% 9%-10% 22% 1.375%-20% 12.5%-20% 22.5%
Japan 15%-25.5% 5.105%-40.84% 0% 0% 8% 15.315%-20.315% 15.315%-20.42% 20.42%
Jersey 0/10% 20% 6.5% 6% 5% 0% 0% 20%
Kazakhstan 20% 10%-20% 26% 0% 12% 15%/20% 15%/20% 15%/20%
Kuwait 15% 0% 11.5% 8% 0% 0%/15% 0% 0%
Labuan 25% (offshore trading company 3%; non-trading 0%) 26% 12.5% 11.5% 0% 0% 0% 0%
Latvia 15% 25% 24.09% 11% 21% 0% 5%-10% 5%-15%
Liberia 25% 0%-25% 3% 3% 7% 15% 15% 15%
Liechtenstein 12.5% 21% 11.55% 10.55% 8% 0% 0% 0%
Lithuania 15% 15% 32.6% 9% 21% 15% 10% 10%
Luxembourg 20%-29.2% 15%-42.8% 16.11% 13.85% 15% 15% 0% 0%
Madeira 5% 11.5%-46.5% 23.75% 11% 22% 20% 20% 15%
Malaysia 20%-25% 2%-26% 12.5% 11.5% 0% 0% 15% 10%
Malta 35% 20-35% 10% 10% 18% 0% 0% 0%
Marshall Islands 11.5% 8%-12% 7% 7% 2%-4% 0% 0% 0%
Mauritius 15% (offshore trading company 3%) 15% 6% 3% 15% 0% 15% 0%-15%
Mexico 30% 1.92%-35% 17.7% 5.25% 16% 10% 4.9%-40% 5%-40%
Monaco 33.3% 0% 6.15% 6.15% 19.6% 0% 0% 0%
Montenegro 9% 9%-15% 9.8% 24% 19% 9% 9% 9%
Morocco 10%-37% 0%-38% 6% 3% 20% 15% 10% 10%
Netherlands 20%-25% 1.95%-52% 5.7% 19% 19% 15% 0% 0%
New Zealand 28% 10.5%-33% 1.15% 1.7% 15% 0%-30% 15% 15%
Nigeria 30% 7%-24% 7.5% 1% 5% 10% 10% 10%
Panama 25% (energy, telecommunications, insurance, financial, mining and banking companies 27.5%) (offshore income 0%) 15%-25% 13.5% 10.25% 7% 5%-20% 12.5% 12.5%
Poland 19% 18/32% 22.14% 13.7% 23% 19% 20% 20%
Portugal 25% 11.5%-46.5% 23.75% 11% 23% 25%-30% 25%-30% 15%-30%
Puerto Rico 20% 7%-33% 7.65% 7.65% 7% 10% 29% 29%
Qatar 10%/35% 0% 10% 5% 0% 0% 7% 5%
Ras Al Khaimah 0% 0% 12.5% (UAE Citizens Only) 5% (UAE Citizens Only) 0% 0% 0% 0%
Romania 16% 16% 28.45% 16.5% 24% 16% 16% 16%
Russia 20% 13% 30% 0% 18% 15% 20% 20%
Saint Kitts and Nevis 0% (resident companies 35%) 0% 5% 5% 0% 10% 0% 10%
Saint Vincent and the Grenadines 10%-32.5% 10%-32.5% 4.5% 3.5% 15% 0% 20% 20%
Seychelles 25-33% (sole traders and partnerships 18.75%-33%) 0% 1.5% 1.5% 15% 15% 0%-33% 15%
Singapore 17% 2%-20% 16% 20% 7% 0% 15% 10%
Slovakia 23% 19% 34.8% 13.4% 20% 0% 19% 19%
Slovenia 17% 16%-50% 16.1% 22.1% 20% 15% 15% 15%
South Africa 12%/33% 18-40% 0% 0% 14% 15% 0% 15%
Spain 20-30% 24%/45% 29.9% 6.35% 21% 21% 21% 25%
Sweden 22% 0%-25% 31.42% 15.49% 25% 30% 0% 0%
Switzerland 8.5% (partnership and sole proprietor 0%-11.5%) (cantonal and municipal taxes 6%-24%) 0%-11.5% 5.15% 5.15% 8% 0%-35% 0% 0%
Turks and Caicos Islands 0% 0% 3% 3% 0% 0% 0% 0%
United Kingdom 20-25% 20-50% 13.8% 12% 20% 0% 20% 20%
United States – Delaware 15%-39% (qualified personal service corporation 35%) 10%-35% 7.65% 5.65% 0% 30% 30% 30%
United States – Nevada 15%-39% (qualified personal service corporation 35%) 10%-35% 7.65% 5.65% 0% 30% 30% 30%
Vanuatu 0% 0% 4% 4% 12.5% 0% 0% 0%
Virgin Islands 35% 10%-35% 12.4% 12.4% 5% 10% 10% 10%

*The social security rates quoted in the table are the highest rates in each jurisdiction.

 

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