Africa’s average top marginal corporate income tax rate of 28.53 percent is the highest among all regions. Regional Variation in Corporate Tax RatesĬorporate tax rates vary significantly among worldwide regions (Table 4). Countries without General Corporate Income Taxes Country Bahrain has no general corporate income tax, but has a targeted corporate income tax on oil companies. Four of the countries are islands known for having no corporate income tax: the Bahamas, the Cayman Islands, the British Virgin Islands, and Bermuda. Most countries without corporate income taxes are small, island nations. Of the 188 countries surveyed, there are currently 14 without a corporate income tax (Table 3). Twenty Lowest Top Marginal Corporate Tax Rates in the World (Excluding Countries Without a Corporate Income Tax) Country The only major industrialized nation among the bottom 20 countries is Ireland, which is known for its low 12.5 percent rate. Nine countries have top rates of 10 percent, most of them small nations in Europe (Bosnia and Herzegovina, Macedonia, Gibraltar, Andorra, Bulgaria). Twenty Highest Top Marginal Corporate Tax Rates in the World CountryĪmong countries with corporate income taxes, Turkmenistan and Uzbekistan have the lowest top marginal rate at 8 percent and 7.5 percent respectively (Table 2). Other large nations in the top twenty besides the United States are France (34.4 percent), Brazil (34 percent), and India (34.6 percent). The eight remaining countries are in South and North America. Six of the top twenty countries are in Africa, two of the top twenty countries are in Asia, and four are in Europe. Įvery region in the world except for Oceania is represented in the top twenty countries.
In contrast, the average across all 188 countries is 22.5 percent, or 29.5 percent weighted by gross domestic product (GDP).
TURBOTAX FOR S CORP 2016 PLUS
The United States, with a combined top marginal tax rate of 38.9 percent (consisting of the federal tax rate of 35 percent plus the average tax rate among the states), has the third highest corporate income tax rate in the world, slightly behind Puerto Rico. The top marginal corporate tax rate among the 188 countries surveyed was the United Arab Emirates, which has a top rate of 55 percent (Table 1). The United States Has the Third Highest Corporate Tax Rate among 188 Nations Over the past ten years, the average worldwide tax rate has been declining, pushing the United States farther from the norm. tax rate is 16.4 percentage points higher than the worldwide average of 22.5 percent and a little more than 9 percentage points higher than the worldwide GDP-weighted average of 29.5 percent. Expanding the sample of countries and tax jurisdictions to 188, the U.S.’s corporate tax rate of almost 39 percent is the third highest in the world, lower only than the United Arab Emirates’ rate of 55 percent and Puerto Rico’s rate of 39 percent. However, it is less well known how the United States stacks up against countries throughout the entire world. It is well known that the United States has the highest corporate income tax rate among the 35 industrialized nations of the Organisation for Economic Co-operation and Development (OECD).
The G7 has the highest simple average, at 30.21 percent.
Due to the recent reduction in Chad’s corporate tax rate, the U.S.
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