Personal income tax includes all applicable taxes, including all unvested social security contributions. Vested social security contributions are not included as they contribute to the personal wealth and will be paid back upon retirement or emigration, either as lump sum or as pension. Only social security contributions without a ceiling can be included in the highest marginal tax rate as only those are effectively a tax for general distribution among the population.
Some other taxes (for instance property tax, substantial in many countries, such as the United States) and income tax are not shown here. The table is not exhaustive in representing the true tax burden to either the corporation or the individual in the listed country. The tax rates displayed are marginal and do not account for deductions, exemptions or rebates. The effective rate is usually lower than the marginal rate. The tax rates given for federations (such as the United States and Canada) are averages and vary depending on the state or province. Territories that have different rates to their respective nation are in italics.
5.5% (on profits not over BBD$1 million) 3.0% (over BBD$1 million but not over BBD$20 million) 2.5% (over BBD$20 million but not over BBD$30 million) 1.0% (over BBD$30 million)[41]
0% (20% on distribution or 14% on distribution below the 3 previous years average)
6.9% (for minimum wage full-time work in 2024: includes 20% flat income tax, of which first 7848€ per year is tax exempt for low-income earners + 2% mandatory pension contribution + 1.6% unemployment insurance paid by employee); excluding social security taxes paid by the employer
23.6% (for employees earning more than 25,200€ per year in 2024: includes 20% flat income tax + 2% mandatory pension contribution + 1.6% unemployment insurance paid by employee); excluding social security taxes paid by the employer and taxes on dividends
30% approximately (15% Corporate tax (+ 5,5% solidarity surcharge) + 7% to 17% trade tax) [101]
33.6% (14% income tax + 19,6% social security contributions)
19,6% (0% income tax if earning under €11,604 in year)
45% income tax + 39,2% social security contributions up to €90,600 per year (Half paid by employer (14,6% health + 18,6% pension + 3,4% care + 2,6% unemployment)
24% (standard rate) 13% (food, health and tourism services) 6% (theater tickets, books and medicine) VAT is reduced by 30% for the islands of Leros, Lesvos, Kos, Samos, Chios (i.e., 17%, 9%, 4%).
16% (highest rate) 7.5% (lowest rate)[126] Rate of 15% typically applies except for regions under Saudi control where it's 7.5% tax, plus add a possible 1% tax for Zakat
19% (9% for small taxpayer, those with revenue in a given tax year not exceeding the equivalent of €1.2 million and that have "small taxpayer" status)[184]
25% CAS if earning more than 12 minimum wages in a year
10% CASS, taxable sum capped at 12 minimum wages per year, e.g. you pay a maximum of 2280 RON as CASS contribution in 2018 if you earn over RON 22,800 for the whole year)
59.7% 10.6% (mandatory social security contributions)[218] 11.5% (federal)[219] 28.025% (cantonal, Geneva)[220] 9.69% (communal, Avully and Chancy, both canton of Geneva)[220] 3.04%(church tax, roman catholic and protestant in Geneva)[220]
0% (free zone companies,[229] as well as mainland companies with less than 375,000 AED a year in profit,[230] may need to fill out a tax return)
9% (for mainland companies with a net profit over AED 375,000 annually, taxation paid to other countries credited towards UAE taxation, tax return required)[230]
53.25% (53.25% in 100k-125k band: 40% + 10% due to loss of tax free band until 125k + ~3% NI, excluding employer NI, back down to 45% + NI above 125k)
+ 2% Class I NI for over £4189 pm) 47% (over £125,140)[235]
20% (standard rate) 5% (home energy and renovations) 0% (life necessities: groceries, water, prescription medications, medical equipment and supplies; public transport; children's clothing; books and periodicals)[236]
28% for gains on residential property, 20% for other chargeable assets.[237]
↑ Businesses with annual turnover above A$2 million pay 30%, all other business pay the lower 26% rate.
↑ Excludes 2% Medicare levy.Excludes 1.5% Medicare Levy Surcharge Previously 50.5%, which included an additional 2% 'deficit levy' which expired in June 2017.
↑ While there is no sales tax or GST, the Cayman Islands impose various import duties on goods imported to the island nation.
Related Research Articles
The Big Four are the four largest professional services networks in the world: Deloitte, EY, KPMG, and PwC. They are the four largest global accounting networks as measured by revenue. The four are often grouped because they are comparable in size relative to the rest of the market, both in terms of revenue and workforce; they are considered equal in their ability to provide a wide scope of professional services to their clients; and, among those looking to start a career in professional services, particularly accounting, they are considered equally attractive networks to work in, because of the frequency with which these firms engage with Fortune 500 companies.
A dividend tax is a tax imposed by a jurisdiction on dividends paid by a corporation to its shareholders (stockholders). The primary tax liability is that of the shareholder, though a tax obligation may also be imposed on the corporation in the form of a withholding tax. In some cases the withholding tax may be the extent of the tax liability in relation to the dividend. A dividend tax is in addition to any tax imposed directly on the corporation on its profits. Some jurisdictions do not tax dividends.
FairTax is a fixed rate sales tax proposal introduced as bill H.R. 25 in the United States Congress every year since 2005. The Fair Tax Act calls for elimination of the Internal Revenue Service and repeal the 16th Amendment to the Constitution. H.R. 25 would eliminate all federal income taxes, payroll taxes, gift taxes, and estate taxes, replacing federal taxes with a single consumption tax levied on retail sales.
In Canada, taxation is a prerogative shared between the federal government and the various provincial and territorial legislatures.
A surtax is a tax levied upon another tax, also known as tax surcharge.
In addition to federal income tax collected by the United States, most individual U.S. states collect a state income tax. Some local governments also impose an income tax, often based on state income tax calculations. Forty-one states, the District of Columbia, and many localities in the United States impose an income tax on individuals. Eight states impose no state income tax, and a ninth, New Hampshire, imposes an individual income tax on dividends and interest income but not other forms of income. Forty-seven states and many localities impose a tax on the income of corporations.
International taxation is the study or determination of tax on a person or business subject to the tax laws of different countries, or the international aspects of an individual country's tax laws as the case may be. Governments usually limit the scope of their income taxation in some manner territorially or provide for offsets to taxation relating to extraterritorial income. The manner of limitation generally takes the form of a territorial, residence-based, or exclusionary system. Some governments have attempted to mitigate the differing limitations of each of these three broad systems by enacting a hybrid system with characteristics of two or more.
A gross receipts tax or gross excise tax is a tax on the total gross revenues of a company, regardless of their source. A gross receipts tax is often compared to a sales tax; the difference is that a gross receipts tax is levied upon the seller of goods or services, while a sales tax is nominally levied upon the buyer. This is compared to other taxes listed as separate line items on billings, are not directly included in the listed price of the item, and are not a factor in markup or profit on company sales. A gross receipts tax has a pyramid effect that increases the actual taxable percentage as it passes through the product or service lifecycle.
Taxation in Greece is based on the direct and indirect systems. The total tax revenue in 2017 was €47.56 billion from which €20.62 billion came from direct taxes and €26.94 billion from indirect taxes. The total tax revenue represented 39.4% of GDP in 2017. Taxes in Greece are collected by the Independent Authority for Public Revenue.
This is a list of the maximum potential tax rates around Europe for certain income brackets. It is focused on three types of taxes: corporate, individual, and value added taxes (VAT). It is not intended to represent the true tax burden to either the corporation or the individual in the listed country.
Taxes provide the most important revenue source for the Government of the People's Republic of China. Value-added tax (VAT) produces the largest share of tax revenue in China and corporate income tax producing the next largest share.
In Austria, taxes are levied by the state and the tax revenue in Austria was 42.7% of GDP in 2016 according to the World Bank The most important revenue source for the government is the income tax, corporate tax, social security contributions, value added tax and tax on goods and services. Another important taxes are municipal tax, real-estate tax, vehicle insurance tax, property tax, tobacco tax. There exists no property tax. The gift tax and inheritance tax were cancelled in 2008. Furthermore, self-employed persons can use a tax allowance of €3,900 per year. The tax period is set for a calendar year. However, there is a possibility of having an exception but a permission of the tax authority must be received. The Financial Secrecy Index ranks Austria as the 35th safest tax haven in the world.
Taxation in Bhutan is conducted by the national government and by its subsidiary local governments. All taxation is ultimately overseen by the Bhutan Ministry of Finance, Department of Revenue and Customs, which is part of the executive Lhengye Zhungtshog (cabinet). The modern legal basis for taxation in Bhutan derives from legislation. Several acts provide for taxation and enforcement only germane to their subject matter and at various levels of government, while a smaller number provide more comprehensive substantive tax law. As a result, the tax scheme of Bhutan is highly decentralized.
The Illinois Fair Tax was a proposed amendment to the Illinois state constitution that would have effectively changed the state income tax system from a flat tax to a graduated income tax. The proposal, formally titled the "Allow for Graduated Income Tax Amendment", appeared on the ballot in the November 3, 2020 election in Illinois as a legislatively referred constitutional amendment striking language from the Constitution of Illinois requiring a flat state income tax. Concurrent with the proposed constitutional amendment, the Illinois legislature passed legislation setting a new set of graduated income tax rates that would have taken effect had the amendment been approved by voters.
Taxes in Portugal are levied by both the national and regional governments of Portugal. Tax revenue in Portugal stood at 34.9% of GDP in 2018. The most important revenue sources include the income tax, social security contributions, corporate tax and the value added tax, which are all applied at the national level.
Taxes in Poland are levied by both the central and local governments. Tax revenue in Poland is 33.9% of the country's GDP in 2017. The most important revenue sources include the income tax, Social Security, corporate tax and the value added tax, which are all applied on the national level.
Taxation in Hungary is levied by both national and local governments. Tax revenue in Hungary stood at 38.4% of GDP in 2017. The most important revenue sources include the income tax, Social security, corporate tax and the value added tax, which are all applied at the national level. Among the total tax income the ratio of local taxes is solely 5% while the EU average is 30%.
Taxation in Bosnia and Herzegovina includes both federal and local taxes. Tax revenue in Bosnia and Herzegovina stood at 28.6% of GDP in 2013. Most important revenue sources include the income tax, Social Security contributions, corporate tax, and the value added tax, which are all applied on the federal level.
Taxation in Belgium consists of taxes that are collected on both state and local level. The most important taxes are collected on federal level, these taxes include an income tax, social security, corporate taxes and value added tax. At the local level, property taxes as well as communal taxes are collected. Tax revenue stood at 48% of GDP in 2012.
The global minimum corporate tax rate, or simply the global minimum tax, is a minimum rate of tax on corporate income internationally agreed upon and accepted by individual jurisdictions in the OECD/G20 Inclusive Framework. Each country would be eligible for a share of revenue generated by the tax. The aim is to reduce tax competition between countries and discourage multinational corporations (MNC) from profit shifting that avoids taxes.
↑ Governo Regional dos Açores (2019). "Despacho n.º 1056/2019". Diário da República. Archived from the original on February 5, 2020. Retrieved February 5, 2020.
1 2 3 Governo Regional da Madeira (2020). "Despachon.º 44/2020"(PDF). Jornal Oficial da Região Autónoma da Madeira. Archived(PDF) from the original on 2020-09-22. Retrieved February 5, 2020.
↑ "Servicio de Impuestos Internos" (in Spanish). Sii.cl. Archived from the original on 2018-12-26. Retrieved 2013-02-04.- For corporate tax: rate of 20% introduced by Law 20630 (27 September 2012), in force from 1 January 2013.
↑ "Paramètres sociaux – CCSS". Centre commun de la sécurité sociale. Archived from the original on 2013-04-02. Retrieved 2013-03-27. (50% maladie, 100% dépendance, 50% pension)
This page is based on this Wikipedia article Text is available under the CC BY-SA 4.0 license; additional terms may apply. Images, videos and audio are available under their respective licenses.
