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Corporate Tax Rate By Country

Corporate Tax Rate By Country

Navigating Corporate Tax Globally

In every corner of our globe, companies grapple with the complexities of corporate tax - a key economic lever that impacts both businesses and national economies. Established by jurisdictions worldwide, corporate tax refers to a tax imposed on the profits of corporations and businesses. With no global standard to govern these rates, they are determined by the local, federal, or national governments of each country, leading to stark variations in corporate tax rates globally. In 2021, 20 nations modified their statutory corporate income taxes, yielding a fascinating insight into global trends and regional nuances in business taxation.

Key Findings:

  • The African nation of Comoros has the highest corporate tax rate in the world at a staggering 50%. This rate is followed by Puerto Rico at 37% and Suriname at 36%. 
  • On the other end of the spectrum, nations like Barbados (5%), Uzbekistan (7%), and Turkmenistan (8%) offer some of the world's lowest corporate tax rates, excluding jurisdictions where the tax rate is zero.
  • In the whirlwind of 2021, 20 countries made significant changes to their statutory corporate income tax rates. Interestingly, while three countries chose to increase their rates, the lion's share of changes (17 countries) led to decreased rates.
  • Among countries that increased their rates, Bangladesh had a significant jump from 25% to 32.5%, followed by Argentina from 30% to 35%, and Gibraltar from 10% to 12.5%.
  • Among those that slashed rates, the reductions ranged from a modest dip of less than 1% in Sweden to a whopping fall of 15% in Chile.
  • A unique group of 15 countries, including popular tax havens such as Bermuda, the Cayman Islands, and the United Arab Emirates, have done away with general corporate income tax entirely.

Countries with Highest Taxes

When it comes to maximum corporate tax rates globally, the African nation of Comoros takes the lead, imposing a staggering rate of 50% on its corporations' profits. Hot on the heels of Comoros, we find Puerto Rico, a territory of the United States with a corporate tax rate of 37%. The South American nation of Suriname comes in third, with a notable corporate tax rate of 36%.

Further along the spectrum, the following seven nations reflect similar tax burdens, all imposing a corporate tax rate of 35%: Sudan, Argentina, Zambia, Chad, Guinea, Cuba, and Equatorial Guinea.

Here are the ten countries with the highest corporate taxes:

  1. Comoros - 50%
  2. Puerto Rico - 37%
  3. Suriname - 36%
  4. Sudan - 35%
  5. Argentina - 35%
  6. Zambia - 35%
  7. Chad - 35%
  8. Guinea - 35%
  9. Cuba - 35%
  10. Equatorial Guinea - 35%

Countries with Lowest Taxes

Barbados leads the pack with the lowest corporate tax rate of 5%. The country aims to attract businesses with its favorable taxation policy and serve as a regional hub for finance and corporate services. Following Barbados, is the Central Asian country of Uzbekistan, with a corporate tax rate slightly higher at 7%. 

Close behind, with an 8% corporate tax rate, Turkmenistan. Both Montenegro and Hungary have a corporate tax rate of 9% and focus on boosting domestic businesses and attracting foreign investment with their tax-friendly regimes.

Further, Andorra, Timor Leste, North Macedonia, and Qatar have set their corporate tax rates at 10%. Finally, Bosnia and Herzegovina also maintains a corporate tax rate of 10%.

Countries with the Lowest Corporate Tax:

  1. Barbados - 5%
  2. Uzbekistan - 7%
  3. Turkmenistan - 8%
  4. Montenegro - 9%
  5. Hungary - 9%
  6. Andorra - 10%
  7. Timor Leste - 10%
  8. North Macedonia - 10%
  9. Qatar - 10%
  10. Bosnia and Herzegovina - 10%

By Country

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