Tax Law

Income Tax Law still collected, plus a revived ushr and zakat

The 2009 Income Tax Law remains the basis for corporate and salary tax, and the Ministry of Finance continues to collect. Islamic levies — ushr on agricultural output and zakat — have been reintroduced alongside it.

Corporate income tax is 20 percent and business receipts tax applies to turnover. Collection has in some respects improved at customs posts, but sanctions compliance makes routine cross-border payment of Afghan tax liabilities difficult for foreign entities.

Progressive personal income tax with tiered corporate rates

Albania taxes personal income progressively and applies a reduced corporate rate to smaller businesses. A 2023 income tax act consolidated the rules, including the treatment of self-employed professionals.

The 2023 act brought many self-employed professionals into full taxation after a transition period, changing freelancer planning significantly.

Corporate tax by sector, from 19 to 26 per cent, plus a tax on professional activity

The Code des Impôts Directs sets corporate rates by activity — lower for production, higher for services — with VAT at 19 per cent and a separate turnover-based tax on professional activity.

Algeria taxes corporate income at differentiated rates by activity — around 19 per cent for goods production, 23 per cent for construction and tourism, and 26 per cent for trade and services — so classifying the activity correctly is the first and most consequential compliance step, and mixed-activity companies must apportion. The Taxe sur l'Activité Professionnelle is levied on turnover rather than profit, which means loss-making entities still pay it, a point routinely missed in projections. Hydrocarbons are taxed under a separate regime in the hydrocarbons law rather than the general code. The treaty network is moderate, withholding on services rendered by non-residents is significant, and exchange-control approval interacts with tax clearance on remittance.

A young low-rate tax system with IRPF, IS and IGI

Andorra had almost no direct taxation until a reform completed in 2015 introduced personal income tax. Corporate tax and the indirect general tax remain among the lowest rates in Europe.

Andorra now exchanges financial account information automatically, so the old assumption of banking secrecy no longer holds.

Imposto Industrial at 25 per cent with VAT since 2019 and a petroleum regime

The Imposto Industrial (corporate income tax) is charged at 25 per cent, with banking and insurance at 35 per cent. IVA (VAT) was introduced in 2019 at 14 per cent, replacing the consumption tax. Petroleum operations are taxed under a separate regime with substantially higher rates.

The 2019 introduction of IVA was the most significant Angolan fiscal reform in decades, part of a deliberate move to broaden the base away from oil; the separate petroleum tax regime, however, still supplies the majority of government revenue.

No personal income tax, with ABST at 17 percent

Antigua and Barbuda abolished personal income tax in 2016, so individuals pay no tax on employment or investment income, though corporation tax remains at 25 percent. The Antigua and Barbuda Sales Tax, a value added tax in substance, is charged at 17 percent, one of the higher rates in the region. Property tax is levied annually on the assessed value, and there is no capital gains or inheritance tax.

The repeal of personal income tax makes Antigua and Barbuda attractive for individuals but does not remove the corporate charge, so the choice between operating personally and through a company has an unusually large tax consequence here. The relatively high sales tax rate is the trade-off, and it applies broadly to goods and services including tourism supplies.

AFIP administers income tax, VAT at 21 percent and the monotributo

The Administración Federal de Ingresos Públicos (AFIP) collects federal taxes. Corporate income tax is graduated in brackets up to 35 percent, and VAT (IVA) has a general rate of 21 percent with a reduced 10.5 percent rate. Small taxpayers can elect the monotributo, a single simplified payment replacing income tax, VAT and social security contributions.

Provinces levy their own turnover tax (ingresos brutos) on gross receipts, and municipalities add further levies, so the effective burden on a business is federal plus provincial plus municipal. The monotributo is a significant feature of the Argentine economy, covering a large share of independent workers and small traders with a single monthly payment tied to a revenue category.

A flat personal income tax and a unified Tax Code

The Tax Code of 2016, in force from 2018, consolidated Armenian tax law. Personal income tax is a flat 20 percent, corporate profit tax is 18 percent, and VAT is 20 percent with a registration threshold.

The Tax Code brought income tax, profit tax, VAT, excise and turnover tax into a single instrument with common procedural rules. Personal income tax was moved to a flat 20 percent rate, completing a phase-down from an earlier progressive scale. A simplified turnover tax is available to smaller businesses below a revenue threshold, and a micro-enterprise regime exempts the smallest operators. Armenia has an extensive treaty network and applies transfer pricing rules to related-party transactions. Tax disputes go first through administrative appeal to the State Revenue Committee and then to the Administrative Court.

Residence-based income tax and 10% GST, with no inheritance tax

Federal income tax and GST administered by the ATO, with a residence-based system, no inheritance tax, and capital gains taxed as ordinary income with a 50% discount for assets held over 12 months.

The tax year ends on 30 June, not 31 December. Residents are taxed on worldwide income at progressive rates plus the Medicare levy; non-residents pay a higher starting rate and no tax-free threshold. GST is 10% with registration compulsory above $75,000 of turnover ($150,000 for non-profits). Australia has no estate, inheritance or gift tax, but the capital gains tax rules apply on death to assets passing outside the concessional rollover. Superannuation is compulsory: employers must pay the superannuation guarantee on top of wages, and underpayment is enforced by the ATO rather than as a wage claim.

Progressive income tax to 55%, corporate tax at 23% and 20% VAT

Personal income tax is progressive with a top marginal rate of 55% on very high incomes, applied through banded brackets that are indexed for inflation. Corporate income tax is 23%, standard VAT is 20% (with reduced rates of 10% and 13%), and a minimum corporate tax applies even to loss-making companies.

Bracket creep has been curbed by annual inflation indexation of the income-tax bands. Employees are generally taxed at source through payroll withholding, with an optional annual assessment to reclaim over-withheld tax.

The Tax Code with flat corporate tax and hydrocarbon-specific regimes

The Tax Code of 2000 sets corporate profit tax at 20 percent, VAT at 18 percent, and progressive personal income tax. Oil and gas contractors operate under production sharing agreements with their own tax terms that override the general Code.

Corporate profit tax is 20 percent and VAT is 18 percent with a registration threshold. Personal income tax operates on a two-band scale, and since 2019 private sector employees below a monthly threshold have benefited from a seven-year exemption designed to formalise employment. The most important structural feature is that petroleum operations conducted under ratified production sharing agreements are taxed according to the terms of those agreements, which prevail over the Tax Code — so the general Code is not a reliable guide to the taxation of the country's largest industry. Tax disputes are heard by the administrative-economic courts after internal appeal.

VAT at ten per cent, with no corporate or personal income tax

Bahrain has no general corporate income tax and no personal income tax. VAT was introduced in 2019 and doubled to ten per cent in 2022.

Only oil and gas companies pay income tax, at forty-six per cent, so the general absence of corporate tax is real rather than a nominal-rate artefact. The doubling of VAT from five to ten per cent in 2022 makes dated advice unreliable on rate, the same trap as Saudi Arabia's 2020 increase. The domestic minimum top-up tax enacted in 2024 implements the OECD fifteen per cent floor for large multinational groups from 2025, which is the first corporate income tax of general application in Bahrain's history and is easily missed because it sits outside the main tax statutes.

Income Tax Act 2023 replaced the 1984 Ordinance

The Income Tax Act 2023 consolidated direct taxation. Corporate rates sit around 27.5 percent for non-listed companies, with reductions conditional on receipts passing through banking channels.

Standard VAT is 15 percent with reduced rates for specified supplies. Withholding obligations are extensive and unremitted withholding is recoverable from the payer. Bangladesh has a reasonable treaty network, but claiming relief requires a residence certificate and NBR clearance before remittance. Transfer pricing documentation applies above statutory thresholds.

Income Tax Act with converged corporate rates and VAT at 17.5 per cent

Income and corporation tax are charged under the Income Tax Act, Cap. 73, administered by the Barbados Revenue Authority. Since the 2019 convergence, corporate rates run on a sliding scale that applies to domestic and internationally focused companies alike, replacing the old offshore preferences. VAT under the Value Added Tax Act is charged at a standard rate of 17.5 per cent, with a higher rate for certain accommodation.

Barbados legislated a domestic top-up tax to align with the OECD global minimum tax for large multinational groups, which means the headline sliding-scale rate is no longer the end of the analysis for an in-scope group. Economic substance returns are a separate annual obligation and are enforced independently of the income tax filing.

A 13% income tax with a punitive 25% rate on undeclared income

Personal income tax is 13%, corporate tax rose to 20% in 2024, and standard VAT is 20%. A 25% rate applies to income that the tax authority establishes as undeclared, and High-Tech Park residents enjoy substantial exemptions.

The single tax for individual entrepreneurs has been progressively abolished since 2023, pushing most into the simplified or general regimes, which changed the calculus for freelancers sharply.

Four progressive income tax brackets topping out at 50%, plus municipal surcharges

Personal income tax under the Income Tax Code 1992 is levied on four brackets rising to 50%, reached at a comparatively low income level, and municipalities add a surcharge on top of the federal liability. Companies pay 25%, with a reduced 20% rate on the first EUR 100,000 of profit for qualifying small companies. Standard VAT is 21%.

Because the 50% band starts at a relatively modest income, employer-provided benefits and the treatment of company cars matter disproportionately in Belgian tax planning. Returns are filed through MyMinfin, and an assessment notice (aanslagbiljet) follows; objections must be lodged with the regional director within the statutory time limit.

Business tax on turnover, with no capital gains tax

Belize taxes businesses primarily on gross receipts rather than profit, under the Income and Business Tax Act. General sales tax is 12.5%, and there is no capital gains tax and no inheritance tax, which is central to Belize's use in cross-border structuring.

Taxing gross receipts means loss-making businesses still owe business tax, which is the single most common surprise for new entrants. Former IBCs are now within the domestic tax net and must obtain a TIN and file, even where the effective liability is nil.

Code général des impôts with 18% VAT and a 30% corporate rate

VAT is 18%, the standard WAEMU rate. Corporate income tax is 30%, reduced to 25% for industrial companies. Benin taxes residents on worldwide income and applies the WAEMU common external tariff on imports.

Benin's tax base is dominated by trade with Nigeria, much of it informal, which is why re-export and transit taxation matters more here than the headline rates suggest. WAEMU directives constrain Benin's freedom to set VAT and excise, harmonising them across the eight-member monetary union.

Income Tax Act 2001 with a 2022 GST Act awaiting full commencement

Corporate income tax is 25 percent under the Income Tax Act 2001, with personal tax on a progressive scale. The Goods and Services Tax Act 2022 was enacted to replace sales tax but its commencement has been deferred.

Business income tax at 30 percent applies to unincorporated businesses, while incorporated companies pay corporate income tax at 25 percent. Bhutan's treaty network is small — the India treaty matters most, given trade concentration. Because GST commencement has slipped more than once, any advice on indirect tax should be confirmed against current DRC notifications rather than the 2022 Act alone.

IUE at 25 percent and IVA at 13 percent administered by SIN

The Servicio de Impuestos Nacionales administers taxation. The impuesto sobre las utilidades de las empresas (IUE) is 25 percent, and IVA is 13 percent calculated on a tax-inclusive base. There is also a 3 percent transactions tax (IT) on gross receipts, and financial-sector surcharges. Individuals pay the RC-IVA complementary regime rather than a conventional income tax.

Bolivia is unusual in setting different statutory financial year ends by economic sector — industrial, agricultural, mining and commercial activities each close on different dates — which determines filing deadlines. The RC-IVA works by allowing employees to offset VAT on personal purchases against the tax due on salary, so collecting invoices has direct personal tax value.

State-level indirect taxes with entity-level income taxes

Indirect taxation is unified at state level: a single VAT and customs regime administered by the Indirect Taxation Authority. Direct taxes on income and profits, by contrast, are set and collected by each entity.

The split means one VAT return but two possible direct-tax regimes, so establishment location has a material tax effect.

Source-based income tax with a 22 per cent company rate and BURS administration

Botswana taxes on a source basis rather than on worldwide residence income, which is the single most important structural feature. The general company rate is 22 per cent, with manufacturing and IFSC-approved companies at 15 per cent. VAT is charged at 14 per cent and administered, with income tax, by the Botswana Unified Revenue Service.

Source taxation combined with the IFSC regime is why Botswana appears in regional holding structures: foreign-source income of a Botswana company can fall outside the charge entirely, which is a different planning proposition from a residence-based system such as South Africa's.

Receita Federal, Simples Nacional and the 2023 consumption-tax reform

The Receita Federal administers federal taxes including corporate income tax (IRPJ) at 15 percent plus a 10 percent surcharge and the CSLL social contribution. Indirect taxation has historically been split between federal IPI, state ICMS and municipal ISS. Constitutional Amendment 132/2023 began replacing these with a dual value-added system (CBS and IBS) phased in across a transition period.

The three-level split of indirect taxation, with 27 separate state ICMS regimes, is the origin of Brazil's reputation for tax complexity, and the 2023 reform is the first serious structural attempt to consolidate it into a VAT-style system. Simples Nacional lets small and medium enterprises pay federal, state and municipal taxes through one monthly instalment calculated on gross revenue.

No personal income tax, and revenue dominated by hydrocarbons

Brunei levies no personal income tax and no VAT or GST. Corporate income tax is charged at 18.5%, with a far higher effective burden on petroleum operations under the Income Tax (Petroleum) Act. The absence of personal and consumption taxes makes hydrocarbon revenue the fiscal foundation, and the petroleum regime is where the substantive tax law lies.

There is no personal income tax on employment income. Corporate income tax is 18.5% on Brunei-source profits, with partial exemptions for lower profit bands. Petroleum operations are taxed separately at 55% under the Income Tax (Petroleum) Act. There is no VAT, GST, capital gains tax or estate duty. The commonly cited 'no tax' description is accurate for individuals but wrong for corporates and badly wrong for petroleum. Withholding tax applies to certain payments to non-residents, including interest, royalties and technical fees.

A 10% flat tax with a 15% domestic minimum top-up

Bulgaria charges a 10% flat rate on personal and corporate income, the lowest headline pair in the EU, with 20% standard VAT. Since 2024 large groups within scope of the EU minimum tax directive face a 15% qualified domestic top-up tax.

The flat rate is only half the picture: social and health contributions on a capped income base often exceed the income tax itself for employed and self-employed people alike.

Code général des impôts 2017 with 18% VAT and mining-sector regimes

VAT is 18% under the WAEMU harmonised regime and corporate tax is 27.5%. Mining conventions provide distinct fiscal terms, and a specific tax on gold production is a major revenue line.

Gold dominates Burkinabè public revenue, so the fiscal chapter of the 2015 Mining Code — royalty rates on a sliding scale with the gold price, and the stabilisation clauses in individual mining conventions — matters more than the general Code for the largest taxpayers. Renegotiation of those conventions has been a recurring political demand.

Corporate tax at 30% with VAT since 2009

Burundi introduced VAT at 18% in 2009, replacing a transaction tax. Corporate income tax is 30%, and the Office Burundais des Recettes, created in 2009, unified collection that had previously been split across ministries.

The creation of a semi-autonomous revenue authority in 2009 and the introduction of VAT the same year were the two structural reforms of Burundian tax law, substantially raising collections from a very low base. Revenue remains heavily dependent on coffee and tea export duties and on customs.

A 2023 Law on Taxation consolidating a self-assessment regime

The Law on Taxation was substantially reissued in 2023, consolidating amendments and confirming the shift of all taxpayers to the self-assessment regime. Corporate tax is 20% generally, with 30% for oil, gas and certain mining. VAT is 10%. The General Department of Taxation has expanded e-filing and audit activity considerably.

Corporate income tax is 20%, or 30% for petroleum and specified mineral operations. VAT is 10% on taxable supplies, with registration mandatory above turnover thresholds. Withholding tax applies to resident and non-resident payments at varying rates, 14% for most non-resident payments. Monthly prepayment of income tax at 1% of turnover applies to self-assessment taxpayers. The 1% monthly turnover prepayment is a cash-flow issue for low-margin businesses and is creditable, not additional. Cambodia's treaty network is small but growing; check for a treaty before assuming the 14% withholding rate.

An annually amended General Tax Code inside the CEMAC VAT framework

The Code Général des Impôts is amended each year by the finance law. Corporate income tax is 33% including surcharge, VAT is 19.25% including the council surtax, and CEMAC directives set the outer limits of the indirect tax regime.

Because the tax code is rewritten annually by finance law, the operative rule for any Cameroonian tax question is the current year's loi de finances rather than the consolidated code — a point that catches practitioners relying on a printed edition.

Federal and provincial income tax collected together, GST or HST on consumption

The Income Tax Act imposes federal tax on residents on worldwide income, and each province levies its own rate on top. Except in Quebec, the Canada Revenue Agency collects both under collection agreements, so a taxpayer files a single return. Consumption is taxed by the federal GST at 5 per cent, harmonised with provincial sales tax into a single HST in Ontario and the Atlantic provinces.

Residence rather than citizenship drives liability, and there is no exit tax as such but a deemed disposition of most property on ceasing residence, which can crystallise a large capital gain on departure. Quebec's separate administration means a Quebec taxpayer files two returns, and a business operating there registers for QST with Revenu Québec rather than relying on its federal GST registration.

VAT at 15% with an international business centre and tourism-focused incentives

VAT is 15% and corporate tax is 22%, reduced substantially for qualifying International Business Centre activities. Cabo Verde uses the escudo pegged to the euro and is outside WAEMU, so it sets its own rates.

The escudo's fixed peg to the euro, backed by a Portuguese credit facility, gives Cabo Verde monetary stability without WAEMU membership, and its tax system is correspondingly independent. The International Business Centre's reduced rates for industrial, commercial and service exporters are the main incentive instrument, and tourism VAT treatment is the largest single policy question.

A General Tax Code amended annually within CEMAC VAT rules

The Code Général des Impôts is amended by annual finance law, with corporate income tax at 30% and VAT at 19% under the CEMAC directive. Collection capacity is limited and much activity is informal.

CAR has one of the lowest tax-to-GDP ratios in the world, so the practical questions in Central African tax law concern customs, mining royalties and the taxation of the small formal sector in Bangui rather than the general income tax.

A General Tax Code amended annually within CEMAC VAT rules

The Code Général des Impôts is amended by annual finance law. Corporate income tax is 35%, among the higher rates in the region, and VAT is 18% under the CEMAC directive.

Oil revenue dominates Chadian public finance, and the fiscal terms in the individual petroleum conventions — rather than the general code — determine the bulk of collections, which is why the 2006 dispute with the World Bank over revenue allocation was so consequential.

SII administers 27 percent corporate tax and 19 percent VAT

The Servicio de Impuestos Internos administers the tax system. First-category corporate tax is 27 percent under the semi-integrated regime, with a reduced 25 percent rate for qualifying small and medium enterprises under the Pro Pyme regime. VAT (IVA) is 19 percent on goods and services. Resident individuals pay progressive global complementary tax.

Chile's integration system credits corporate tax against the shareholder's personal tax, so the headline 27 percent is not simply additive to dividend taxation, though the semi-integrated regime restricts the credit for some non-treaty foreign shareholders. Tax disputes go to specialised Tribunales Tributarios y Aduaneros, which are independent of the SII.

The 183-day rule and a six-year grace period for foreign-sourced income

Individual income tax runs on progressive rates to 45 per cent. Residence turns on 183 days in a calendar year, and a six-year rule limits when a foreign resident's worldwide income becomes taxable.

A foreign national who is resident for six consecutive years, without leaving for more than 30 continuous days in any of them, becomes taxable on worldwide income; a single absence of more than 30 days resets the count. Standard enterprise income tax is 25 per cent, reduced to 15 per cent for qualifying high-technology enterprises. VAT applies at 13, 9 and 6 per cent by category. China operates an extensive treaty network, but treaty relief must be claimed with supporting residence certification.

DIAN administers 35 percent corporate tax and 19 percent VAT

The Dirección de Impuestos y Aduanas Nacionales (DIAN) administers national taxes. The corporate rate is 35 percent, with a surcharge for financial institutions, and VAT is 19 percent with reduced and exempt categories. Ley 2277/2022 introduced significant reforms including a minimum effective tax rate and taxes on ultra-processed foods and sugary drinks.

The tasa mínima de tributación introduced in 2022 sets a floor on effective corporate tax, limiting the benefit of accumulated deductions and exemptions, and is calculated by a formula in the Estatuto Tributario. Municipalities levy the industry and commerce tax (ICA) on gross revenue, which is separate from national income tax and varies by municipality and activity.

A general tax code with heavy reliance on customs duty

The Comorian tax system relies substantially on import duty and consumption taxes, with corporate income tax and a general turnover or value added tax applied at modest rates. Administrative capacity is limited.

Because the economy is small, import-dependent and remittance-financed, customs revenue rather than income taxation carries Comorian public finance, and the investment code's exemptions are the provisions most often invoked by foreign investors.

13% VAT and territorial income taxation

The 2018 fiscal reform (Ley 9635) replaced the old sales tax with a full value-added tax at 13% and modernised income tax. Costa Rica taxes on a territorial basis: only Costa Rican-source income is taxable, a feature that has drawn EU attention and produced targeted amendments on passive foreign income.

Registration through ATV and a digital signature are prerequisites for filing. Inactive companies must still file the informative D-195 return, a duty many foreign owners of holding entities overlook.

Local-authority income tax rates, corporate profit tax and a real-estate transfer tax

Personal income tax is charged at two rates whose levels each municipality now sets within statutory bands. Corporate profit tax has a reduced rate for smaller companies, and property transfers attract a transfer tax.

Because rates now vary by municipality, the employee's place of residence affects net pay and payroll configuration.

Ley 113/2012 tax system, applied progressively as the private sector grew

Ley 113/2012 del Sistema Tributario is the framework statute, providing for profits tax, personal income tax, sales and services taxes, a labour-force use tax and social security contributions, administered by the Oficina Nacional de Administración Tributaria. Many taxes were phased in gradually, and annual budget laws suspend or adjust particular charges, so the operative rate often differs from the rate in the code. MIPYMES benefit from an initial exemption from profits tax in their first year.

Reading Ley 113/2012 alone gives a misleading picture, because the annual budget law routinely suspends or reduces specific taxes, and the applicable charge for a given year must be traced through those instruments and ONAT resolutions. The tax on the use of the labour force is a distinctive Cuban charge levied on the employer by reference to the wage bill, and it materially affects the cost of employing staff.

A 12.5 percent corporate rate with notional interest and IP regimes

Corporate income tax is 12.5 percent under the Income Tax Law 118(I)/2002, among the lowest in the European Union. Cyprus applies no withholding tax on outbound dividends to non-residents, exempts most dividend income received, and offers a notional interest deduction on new equity.

The headline 12.5 percent rate is combined with several features that make Cyprus a common holding jurisdiction: participation exemption for most dividends received, no withholding on dividends and interest paid to non-residents, an exemption for gains on disposal of securities, and a notional interest deduction of up to 80 percent of taxable profit on qualifying new equity. The intellectual property regime was rewritten in 2016 to comply with the OECD modified nexus approach. The non-domiciled regime exempts qualifying individuals from the Special Defence Contribution on dividends and interest for 17 years. Substance requirements and the EU anti-tax-avoidance directives now constrain aggressive use of these features.

Progressive income tax at 15% and 23% with 21% corporate tax

Personal income tax is 15%, rising to 23% above an annual threshold linked to average wages. Corporate tax rose to 21% in 2024, VAT was consolidated to 21% standard and 12% reduced, and filing runs through the MOJE daně portal.

Electronic filing extends the deadline from 1 April to 1 May, and to 1 July where a tax adviser files on your behalf.

VAT since 2012, with a separate mining fiscal regime

DR Congo replaced its turnover tax with a 16% VAT in 2012. Corporate income tax is 30%, and the 2018 Mining Code substantially raised royalties and introduced a windfall levy, making mining taxation a distinct regime.

The 2018 Mining Code revision is the central fact of Congolese tax law: it raised cobalt and copper royalties, introduced a 50% windfall profits tax and removed the ten-year stability guarantee from the 2002 code, prompting arbitration threats from major operators.

Worldwide income, high progressive rates and 25% VAT

Residents are taxed on worldwide income through combined state and municipal taxes at some of the world's highest rates, administered by the Danish Tax Agency. VAT (moms) is a flat 25%.

The researcher/expat scheme is a key planning point for inbound skilled workers, offering a flat rate for up to seven years.

Territorial taxation with a 25 per cent company rate and heavy reliance on trade taxes

The Code Général des Impôts imposes corporate tax at 25 per cent and a consumption tax on goods and services. Free-zone entities receive extensive exemptions, and customs revenue is disproportionately important to the budget.

Djibouti's revenue base is unusual in that transit trade, port operations and payments associated with foreign military presence carry weight that domestic income taxation does not. Corporate income tax sits at 25 per cent on territorial-source profits, with a minimum tax based on turnover for loss-making or low-margin businesses, which is the provision that most often surprises new entrants. Free-zone status confers long exemptions from corporate tax, customs duties and several indirect taxes, and because the zones are central to the national strategy the exemptions are broad rather than marginal — meaning the effective tax position of a logistics business depends almost entirely on whether it sits inside or outside a zone. A conventional VAT has been discussed repeatedly; the operative indirect tax remains a consumption levy rather than a full credit-invoice VAT.

Income Tax Act with a 15 percent VAT

The Income Tax Act taxes residents on worldwide income and non-residents on income arising in Dominica, with corporation tax at 25 percent. Value added tax is charged at 15 percent under the Value Added Tax Act, with a reduced rate for hotel accommodation. The Inland Revenue Division administers both, and Dominica has committed to the OECD common reporting standard for exchange of financial account information.

There is no capital gains tax and no inheritance tax, which is a significant part of Dominica's attraction for private clients, but the absence of capital gains tax does not exempt a trading profit on land dealt with as stock. The transparency reforms that accompanied the common reporting standard mean the older international business company structures no longer deliver confidentiality, and several have been wound up.

Código Tributario with ITBIS at 18 per cent

Ley 11-92, the Código Tributario, governs income tax, the ITBIS value-added tax at a standard rate of 18 per cent, and the asset tax, all administered by the Dirección General de Impuestos Internos. Companies pay corporate income tax at 27 per cent, and residents are taxed on Dominican-source income with limited taxation of foreign investment income. A minimum tax on assets operates as a floor where declared profits are low.

The asset tax acts as an alternative minimum charge, so a company reporting persistent losses will still face a liability based on its balance sheet, which is a frequent surprise for capital-intensive start-ups. CONFOTUR incentives for qualifying tourism projects can exempt transfer tax and income tax for a period, and are a standard part of structuring resort development.

SRI administers 25 percent corporate tax and 15 percent VAT

The Servicio de Rentas Internas administers taxation in this dollarised economy. Corporate income tax is 25 percent, rising to 28 percent where shareholders in tax havens are involved. VAT was raised from 12 to 15 percent in 2024 to fund security spending. There is also an outflow tax (ISD) on transfers of currency abroad.

Ecuador uses the US dollar as its currency, so there is no exchange-rate dimension to tax planning, but the impuesto a la salida de divisas on outbound transfers functions as a significant friction on cross-border payments. The 2024 VAT increase to 15 percent was expressly tied to financing the response to internal armed conflict, and is a recent change that older summaries will state incorrectly.

Income tax under Law 91/2005 and VAT under Law 67/2016

Corporate income tax is levied at 22.5 per cent with higher rates for oil and gas, personal income tax is progressive, and VAT at 14 per cent replaced the older general sales tax in 2016.

Law 206/2020 is the practical entry point for compliance work because it consolidated filing, assessment, objection and appeal procedures that were previously scattered across each tax's own statute, and it mandated e-invoicing, which has changed enforcement more than any rate change. Objections go first to internal committees and then to appeal committees before reaching the courts, and skipping a stage is fatal to the appeal. Withholding obligations on payments to non-residents are broad and are a common source of unexpected liability for foreign suppliers, subject to Egypt's substantial treaty network. Oil and gas operations are taxed at a materially higher rate under separate provisions.

Territorial income tax, 13% VAT and a digital-asset exemption

Income tax under the Ley de Impuesto sobre la Renta is territorial in principle, with specific rules capturing certain foreign-source passive income. VAT is 13%. Bitcoin and other digital assets were exempted from income tax to support the 2021 legal-tender policy.

Electronic invoicing is being phased in by taxpayer size through the Ministry of Finance. The digital-asset exemption applies to the asset gain, not to underlying business income received in bitcoin, which remains taxable at its dollar value.

A tax code inside CEMAC VAT rules, dominated by petroleum terms

Corporate income tax is 35% and VAT is 15% under the CEMAC framework. Hydrocarbon taxation operates through production-sharing contracts under the 2006 law and supplies the great majority of revenue.

As in Gabon and Congo, the operative fiscal instrument for the dominant sector is the production-sharing contract rather than the tax code, and the state's mandatory participation through GEPetrol structures the economics more than the headline rates do.

Domestic income tax plus a two per cent diaspora levy on citizens abroad

Domestic taxation runs on income and sales taxes under proclamations of the 1990s. Distinctively, Eritrea levies a two per cent tax on the income of citizens living abroad, tied to access to consular services and property rights.

The diaspora tax is the internationally notable feature and it is genuinely unusual: Eritrea taxes non-resident citizens at two per cent of income, and payment is in practice a condition of obtaining passports, consular documents, business licences and property transactions in Eritrea. UN Security Council Resolution 2023 (2011) criticised the collection methods used abroad, and several states have investigated or restricted collection on their territory as a matter of coercion and sovereignty. Domestic taxation comprises business profit tax, personal income tax withheld at source, and sales and excise taxes rather than a VAT. Mining agreements carry negotiated fiscal terms that are not public. Published rate schedules and administrative practice are difficult to verify from open sources, so the entry is research.

A near-flat income tax and tax on distributed profits only

Estonia is known for its simple near-flat income tax and its corporate tax that falls only on distributed profits, leaving reinvested earnings untaxed. Standard VAT rose to 22% in 2024.

The distributed-profit model is Estonia's signature tax feature, strongly favouring companies that reinvest rather than pay dividends.

Income Tax Order with a 25 per cent company rate and 15 per cent VAT

The Income Tax Order 21 of 1975 charges income tax on a source basis, with the company rate reduced to 25 per cent. VAT is 15 per cent under the Value Added Tax Act 12 of 2011. The Eswatini Revenue Service administers both, and SACU receipts form a large share of national revenue.

Like Lesotho, Eswatini's fiscal position is dominated by the SACU revenue pool, which makes the domestic tax base less determinative of government revenue than the headline rates suggest and exposes the budget to South African trade performance.

Schedular income tax, VAT at 15 per cent, and a federal-regional revenue split

The Federal Income Tax Proclamation 979/2016 taxes income on a schedular basis (employment, rental, business, other). VAT runs at 15 per cent under Proclamation 285/2002 as amended, and excise was overhauled in 2020.

The schedular structure means income is not aggregated into a single taxable total the way it is in most common-law systems: each schedule has its own rates and its own rules, and a taxpayer with employment and rental income is taxed separately on each. Corporate income tax is 30 per cent. The constitutional division of taxing power between the federation and the regions is genuinely operative rather than nominal, and disputes over the base — particularly on business profit tax from enterprises operating across regions — are a recurring feature. Ethiopia's tax-to-GDP ratio is low by regional standards, and the 2016 administration proclamation was aimed at collection and enforcement powers rather than at rates. Excise was substantially restructured in 2020, raising rates on vehicles, alcohol and tobacco.

Income Tax Act 2015 with VAT at 15% and no inheritance tax

Residence-based income tax under the Income Tax Act 2015, administered by the Fiji Revenue and Customs Service, with VAT charged at 15%. There is no inheritance or estate tax and no general capital gains tax on a main residence.

Residence turns principally on presence in Fiji for more than 183 days in a tax year. Residents are taxed on worldwide income, non-residents on Fiji-sourced income, with withholding on dividends, interest and royalties. VAT was raised to 15% in 2023 after a period at 9%, so older guidance circulating online understates it. Capital gains tax applies at a flat rate but exempts the disposal of a principal place of residence and certain shares. There is no inheritance tax, which makes the estate planning position simpler than in most jurisdictions, though stamp duty and TLTB consent still bite on land transfers.

Worldwide income, progressive state and municipal tax, and 25.5% VAT

Residents are taxed on worldwide income through progressive state tax and flat municipal tax, administered by the Tax Administration (Vero). Standard VAT rose to 25.5% in 2024.

Finland separates earned income from capital income, so investment returns are taxed on a distinct flat schedule rather than the progressive scale.

Worldwide taxation of residents, 20% VAT and withholding at source

Residents are taxed on worldwide income on a progressive scale, with tax now withheld at source (prélèvement à la source) since 2019. Standard VAT is 20%, and a wealth tax on real estate (IFI) replaced the former ISF in 2018.

France taxes households by family quotient, so tax depends on household composition, not just individual income.

A General Tax Code amended annually, inside CEMAC VAT rules

The Code Général des Impôts is revised by each year's finance law. Corporate income tax is 30% generally and higher for oil and mining, and VAT is 18% under the CEMAC directive.

Gabonese corporate taxation is effectively two regimes: the general code, and the production-sharing and royalty terms negotiated under the Petroleum Code, which dominate government revenue.

Income and Value Added Tax Act 2012 with VAT at 15% and a 27% company rate

The Income and Value Added Tax Act 2012 consolidated income taxation and introduced VAT at 15%, replacing the sales tax. The Gambia Revenue Authority administers collection, and the corporate rate is 27% with a turnover-based alternative minimum tax.

The Income and Value Added Tax Act 2012 is the consolidating instrument, replacing the Income and Sales Tax Act and introducing a credit-invoice VAT at 15% with a registration threshold, exemptions for basic foodstuffs, health, education and financial services, and zero-rating for exports. The corporate rate is 27%, and a distinctive feature is the alternative minimum tax computed on turnover, so a loss-making company still bears tax — a common source of dispute and a significant burden in low-margin sectors. Withholding taxes apply to dividends, interest, rent, royalties and contract payments. Annual Finance Acts adjust rates and thresholds, so the current year's Finance Act must be read with the principal Act. The treaty network is small, comprising a handful of agreements including with the United Kingdom, Sweden, Norway, Switzerland and Taiwan, so unilateral relief is the usual route.

The Estonian model of corporate tax on distributed profit only

The Tax Code of 2010 imposes corporate income tax at 15 percent, but since 2017 Georgia has applied the Estonian model: profit is taxed only when distributed, so retained and reinvested earnings are untaxed. Personal income tax is a flat 20 percent and VAT is 18 percent.

The Estonian model is the defining feature: corporate income tax at 15 percent falls only on distributed profit and on defined deemed distributions such as non-business expenses, so a company that reinvests pays nothing. Reporting is monthly rather than annual as a result. Banks, insurers and microfinance organisations were moved onto this basis later than other companies. Small business status offers a 1 percent turnover tax below a revenue threshold, which is heavily used by individual entrepreneurs. Georgia also offers virtual zone status for IT companies exporting services, effectively exempting that income. Disputes go through the Revenue Service dispute board and then the courts.

Worldwide taxation, 19% VAT and a solidarity surcharge

Residents are taxed on worldwide income under the Einkommensteuergesetz on a progressive scale, collected via the Finanzamt. Standard VAT is 19% (7% reduced), and corporations pay corporate tax plus trade tax.

Trade tax varies by municipality through a local multiplier (Hebesatz), so effective corporate rates differ noticeably between cities.

Income Tax Act 2015 and Revenue Administration Act 2016, with VAT at 15% plus levies

The Income Tax Act 2015 (Act 896) governs corporate and personal income tax, with the standard company rate at 25%. The Revenue Administration Act 2016 unified procedure. VAT is 15% under Act 870, with the NHIL, GETFund and COVID-19 levies charged separately on the same base.

The standard corporate rate is 25%, with concessionary rates for agro-processing, free zone enterprises after their holiday, and higher rates for extractives and banking. The Revenue Administration Act 2016 consolidated assessment, objection, appeal, collection and penalty rules that had been duplicated across each tax statute, and the Independent Tax Appeals Board established under a 2020 amendment created a specialist appellate tier before the High Court. A practical complication distinctive to Ghana is the levy structure: the National Health Insurance Levy, the GETFund Levy and the COVID-19 Health Recovery Levy are charged on the VAT base but are not themselves VAT, so they are not recoverable as input tax, which raises the effective indirect tax burden above the headline 15%. Transfer pricing regulations require documentation and annual returns for related-party transactions, and Ghana operates a limited treaty network.

Progressive income tax, corporate tax and the ENFIA property levy

Residents are taxed on worldwide income at progressive rates, with a separate solidarity history and a schedule for rental and business income. Companies pay corporate income tax, and real estate is taxed annually through ENFIA.

Alternative regimes offer flat taxation for foreign pensioners, high-net-worth investors and returning professionals; each requires timely application.

Income Tax Act with VAT at 15 percent

The Income Tax Act charges corporation tax at 28 percent and taxes individuals on a progressive scale above a generous threshold, with the Inland Revenue Division administering assessment. Value added tax is 15 percent under the Value Added Tax Act, with a reduced rate for hotel accommodation and a range of exemptions. Grenada has no capital gains tax, no inheritance tax and no wealth tax.

Property transfer tax is charged at a materially higher rate on non-national vendors and purchasers, so the tax cost of a foreign purchase is not just the alien landholding licence fee and should be modelled before committing. The absence of capital gains tax does not shelter profits that amount to trading income, and developers holding land as stock are taxed on the ordinary basis.

Territorial income tax with two regimes for business profit

The Ley de Actualización Tributaria (Decreto 10-2012) governs income tax on a territorial basis: only Guatemalan-source income is taxed. Businesses elect between a simplified turnover regime and a profit-based regime, and the choice is difficult to reverse.

Electronic invoicing through FEL is now mandatory for essentially all taxpayers, and a missing FEL document blocks deduction. The régimen election is made on registration and changing it requires waiting for the next fiscal year, so model both before choosing.

Code général des impôts with 18% VAT and mining fiscal conventions

VAT is 18% and corporate tax is 25%, but the largest taxpayers operate under mining conventions with negotiated rates, exemptions and stabilisation clauses. Guinea is outside WAEMU and keeps its own currency, the Guinean franc.

Guinea is not a WAEMU member, so unlike its francophone neighbours it sets VAT and monetary policy independently and is not bound by the union's harmonisation directives. The revenue picture is dominated by bauxite and by the Simandou project, whose fiscal terms were renegotiated after the 2021 coup — a reminder that stabilisation clauses constrain but do not eliminate renegotiation risk.

WAEMU-harmonised taxation with cashew export levies as the main revenue source

Guinea-Bissau uses the CFA franc and follows WAEMU harmonisation, with VAT introduced to replace the earlier general sales tax. Cashew export taxation dominates revenue, and collection capacity is weak.

The single most consequential fiscal instrument is the reference price and export levy set for each cashew campaign, which determines both state revenue and smallholder income for the year. WAEMU membership constrains monetary and VAT policy, giving Guinea-Bissau the unusual profile of a lusophone legal system operating inside a francophone monetary and tax-harmonisation union.

GRA administers 25 percent corporate tax and 14 percent VAT

The Guyana Revenue Authority administers taxation. Corporation tax is 25 percent for non-commercial companies and 40 percent for commercial companies, VAT is 14 percent, and personal income tax is charged at 25 and 35 percent above a threshold. Petroleum operations are taxed under their production-sharing agreements and the Petroleum Activities Act rather than ordinary rates.

The split between 25 percent for non-commercial and 40 percent for commercial companies turns on whether at least 75 percent of gross income derives from trading in goods not manufactured by the company, telecommunications or banking, and misclassification is a common dispute. Petroleum revenues flow into the Natural Resource Fund under Act No. 20 of 2021, which sets withdrawal rules designed to insulate the budget from price volatility.

Income tax and TCA administered by the Direction Générale des Impôts

The principal taxes are the impôt sur le revenu on individuals and companies and the taxe sur le chiffre d'affaires, a turnover tax that functions as Haiti's main indirect tax at a standard rate of 10 per cent. The Direction Générale des Impôts administers collection, and customs duties collected by the Administration Générale des Douanes are a major revenue source. The tax base is narrow and a large informal sector sits outside the system.

Haiti's fiscal year ends on 30 September rather than 31 December, which shifts every filing deadline relative to neighbouring jurisdictions and is a routine source of error for foreign-owned businesses. The annual loi de finances adjusts rates and reliefs, so the operative figures must be checked against the current budget law rather than taken from the base statutes.

No income tax, no VAT, and treaty-based exemptions in Italy

Vatican City State levies no income tax or VAT. It is financed by donations, museum revenue and investment income, while the Lateran Treaty exempts designated Holy See property in Italy from Italian taxation.

The tax exemption applies to designated Holy See property used for its purposes, not to every Church-owned building in Italy, which is a recurring source of confusion.

Territorial income tax with a solidarity surcharge

Income tax is territorial, administered by the Servicio de Administración de Rentas under the 2016 Código Tributario. Corporate profit bears 25% plus a 5% aportación solidaria on income above a threshold, and there is an alternative minimum tax on gross revenue.

The minimum tax on gross income can exceed profit-based liability for low-margin businesses, so model both. Electronic invoicing obligations are expanding by taxpayer category, and the SAR issues the authorisation ranges.

A 15% flat income tax, 9% corporate tax and 27% VAT

Personal income tax is a single 15% rate with substantial family credits. Corporate tax is 9%, the lowest in the EU, while the standard VAT rate of 27% is the highest, and local business tax adds up to 2% of adjusted turnover.

NAV pre-fills the annual return by 15 March and it becomes final on 20 May if untouched, which silently forfeits family and first-marriage credits you never claimed.

Worldwide income, combined state and municipal tax, and 24% VAT

Residents are taxed on worldwide income through a state and municipal system administered by Iceland Revenue and Customs. Standard VAT is 24%, with a reduced 11% rate for some goods and services.

Iceland levies a separate financial-activity tax on the banking sector, a legacy of reforms after the 2008 financial collapse.

New Income-tax Act 2025 replaces the 1961 Act from April 2026

GST has applied to most indirect taxation since 2017. On the direct side the Income-tax Act 2025 received assent in August 2025 and takes effect from 1 April 2026, replacing the 1961 Act.

Corporate tax is 22 percent effective for domestic companies electing the concessional regime, 15 percent for new manufacturing. GST operates as CGST plus SGST on intra-state supplies and IGST on inter-state, with rates in slabs and a September 2025 rationalisation collapsing several. Equalisation levy on digital services was withdrawn. Because the 2025 Act renumbers sections wholesale, citations will need translating for years — check which Act applies to the assessment year in question.

A 2021 harmonisation law, with VAT rising in steps

Law No. 7 of 2021 on Harmonisation of Tax Regulations reset much of Indonesian tax law, raising VAT from 10% to 11% in 2022 with a further increase legislated, adding a top personal rate of 35%, and running a voluntary disclosure programme. Corporate tax settled at 22% after a planned further reduction was cancelled.

Corporate income tax is 22%, with a 3% reduction for qualifying listed companies. Personal income tax is progressive to 35% on income above IDR 5 billion. VAT is 11%, with a legislated path to 12%. Withholding tax of 20% applies to most non-resident payments, reduced by treaty. Indonesia has a broad treaty network; a certificate of domicile (DGT form) is mandatory to claim treaty rates and is strictly enforced. Transfer pricing documentation thresholds are low by regional standards and penalties are real.

Direct Taxes Act, VAT, and a large exempt religious-endowment sector

The Direct Taxes Act governs income and corporate tax, with a 25 per cent corporate rate. VAT applies under the 2008 Act as amended in 2021. Religious levies are collected outside the tax system.

Corporate income tax is a flat 25 per cent on assessed profit; individual income tax is progressive. The 2015 amendments moved assessment toward audited accounts and away from the negotiated presumptive assessments that characterised earlier practice. VAT applies at a standard rate with a broad list of exemptions. Two features matter for comparison: substantial statutory exemptions for religious endowments and certain state-linked foundations remove a large part of economic activity from the corporate tax base, and Iran's treaty network is limited, so double taxation relief often depends on domestic credit rules.

A 15 per cent general corporate rate, 35 per cent for oil and gas, and no VAT

Corporate income tax is 15 per cent generally and 35 per cent for oil and gas contractors. Iraq has no VAT; a limited sales tax applies to specified goods and services.

The absence of VAT is the most distinctive feature and separates Iraq from most of the region. Revenue is overwhelmingly oil-derived, so the non-oil tax base is small and administration is correspondingly underdeveloped. Withholding obligations on payments to non-residents are the practical trap for foreign contractors, as is the deemed-profit basis on which the General Commission for Taxes often assesses service contracts rather than accepting filed accounts. The Kurdistan Region collects tax under federal law but through its own administration, and reconciliation between the two has been a recurring point of dispute.

PAYE income tax, a 12.5% trading corporate rate and 23% VAT

Income tax is collected largely through PAYE on a two-band progressive scale, administered by the Revenue Commissioners. The headline 12.5% corporation-tax rate on trading income is central to Ireland's economy.

The OECD global minimum tax means the very largest multinationals now face an effective 15% rate, though 12.5% still applies to most companies.

Residence-based taxation with a 23 percent corporate rate

The Income Tax Ordinance taxes residents on worldwide income and non-residents on Israeli-source income. Corporate tax is 23 percent, personal income tax is progressive to 47 percent with a surtax on high income, and VAT is 17 percent.

Israel moved to residence-based worldwide taxation in the 2003 reform, replacing a territorial system. Corporate tax is 23 percent, and the Law for the Encouragement of Capital Investments provides substantially reduced rates for preferred enterprises and preferred technological enterprises, which is central to the taxation of the technology sector. Individuals face progressive rates to 47 percent plus a 3 percent surtax above a threshold. Real estate disposals attract land appreciation tax rather than ordinary capital gains tax, with purchase tax on acquisition. New immigrants and returning residents receive a ten-year exemption on foreign income and gains, which is a significant planning feature.

Progressive IRPF-style IRPEF, corporate IRES and regional IRAP

Residents pay progressive personal income tax (IRPEF) with regional and municipal surcharges. Companies pay IRES plus the regional production tax IRAP, and a flat-rate regime is available to small businesses and professionals.

Electronic invoicing through the Sistema di Interscambio is mandatory for domestic supplies and is enforced strictly.

Code général des impôts with 18% VAT and a 25% corporate rate

VAT is 18% under WAEMU harmonisation; corporate tax is 25%. Côte d'Ivoire operates investment-code incentives and taxes cocoa exports through a stabilisation mechanism managed by the Conseil du Café-Cacao.

Cocoa export levies and the farmgate price stabilisation system are the fiscally distinctive feature: the Conseil du Café-Cacao sets a guaranteed producer price and captures part of the export value, which functions economically as a tax on the sector. Abidjan's role as the WAEMU commercial hub also makes transfer pricing and regional headquarters taxation unusually prominent.

Income Tax Act with GCT as the main indirect tax

Income tax on individuals and companies is charged under the Income Tax Act, administered by Tax Administration Jamaica, and residents are taxed on worldwide income. The main indirect tax is General Consumption Tax under the General Consumption Tax Act, a value-added tax with a registration threshold. Employers operate PAYE and remit statutory deductions monthly.

The quarterly estimated-tax regime is what catches new businesses: a declaration of estimated income is required and instalments are payable during the year, so a company that waits for the March filing date will face interest even if the final liability is correct. Assessments are challenged first through the Revenue Appeals Division before reaching the Revenue Court.

Residence tiers that limit foreign-source taxation for five years

Income tax is progressive to 45 per cent plus 10 per cent local inhabitant tax. A non-permanent resident is taxed on foreign-source income only to the extent remitted, for the first five of any ten years.

The non-permanent resident category applies to a foreign national resident for five years or less within the preceding ten, and confines foreign-source taxation to remitted amounts, which is a significant planning point on arrival. Corporate tax with local levies produces an effective rate near 30 per cent. Consumption tax is 10 per cent, with 8 per cent on food and certain items, and the qualified invoice system introduced in 2023 changed input-credit practice substantially. Inheritance tax reaches 55 per cent and can extend to a foreign resident's worldwide estate depending on visa category and length of stay.

A 20 per cent general corporate rate, sector-specific higher rates, and 16 per cent sales tax

Corporate income tax is 20 per cent generally, with higher rates for banks, telecommunications, insurance and mining. General sales tax, functioning as a VAT, is levied at a standard 16 per cent.

The 2018 amendments raised sector rates — banks pay 35 per cent, telecommunications and insurance 24 per cent — and broadened the base as part of an IMF programme. General sales tax operates on invoice-credit mechanics like a VAT despite the name. Jordan has a reasonable treaty network and transfer pricing regulations introduced in 2021, which brought documentation requirements into line with OECD practice. The zones are the main planning consideration: Aqaba's 5 per cent rate and development zone rates well below the national level make location a first-order tax question.

A flat ten per cent personal rate and AIFC exemptions to 2066

Personal income tax is a flat 10 per cent on employment income and corporate income tax is 20 per cent. AIFC participants enjoy statutory tax exemptions running to 2066.

VAT is 12 per cent with a registration threshold, and export of goods is zero-rated. Subsoil users face a separate regime of royalties, excess-profit tax and historical-cost payments, which dominates the fiscal picture. AIFC participants are exempt from corporate income tax on qualifying financial services and their foreign employees from personal income tax on AIFC income, both until 2066. A universal declaration regime is being phased in across the population, and Kazakhstan participates in CRS exchange.

The Income Tax Act and VAT Act 2013, with a specialised Tax Appeals Tribunal

Corporate income tax is 30% for residents, VAT is 16% under the VAT Act 2013, and the Tax Procedures Act 2015 unified assessment, objection and penalty rules across taxes. Digital service tax and the significant economic presence rules extend the base to non-residents.

The Tax Procedures Act 2015 is the instrument that matters procedurally: before it, each tax statute had its own objection and appeal machinery. It also introduced the rule that the Commissioner's failure to decide an objection within 60 days means the objection is allowed — a deadline that has generated significant litigation.

Income Tax Act with VAT at 12.5% and the sovereign RERF

Income tax under the Income Tax Act administered by the Taxation Division, with value added tax at 12.5% since the 2014 reforms. Fishing revenue and the Revenue Equalisation Reserve Fund dominate the budget.

The 2013–14 tax reforms introduced VAT at 12.5% and excise taxes, replacing an older hotel and sales tax structure, and simplified income tax rates. The fiscal picture is nonetheless dominated by two non-tax items. Fishing access fees under the vessel day scheme can exceed all domestic tax revenue combined and fluctuate with tuna migration and El Niño cycles. The Revenue Equalisation Reserve Fund, established in 1956 from Banaban phosphate royalties, is one of the world's oldest sovereign wealth funds and buffers that volatility; its real value per capita has declined over decades, which is a live public-finance concern rather than a historical footnote.

Tax on foreign corporate profit only, with no VAT

Corporate income tax at fifteen per cent applies only to foreign-owned corporate profit. There is no personal income tax and no VAT.

Only the foreign corporate share of profit is taxed, so a wholly Kuwaiti-owned company pays no income tax and instead faces zakat at one per cent and, if listed, the labour support tax. The contract retention rule is the practical trap for foreign contractors: counterparties must withhold five per cent of payments until a tax clearance certificate is produced, which affects cash flow on every project. Kuwait signed the GCC VAT framework but has not implemented VAT and repeatedly deferred it, so it remains one of the two GCC states without it.

Ten per cent flat rates for both individuals and companies

Personal income tax and corporate profit tax are both charged at a flat 10 per cent, among the lowest headline rates in the region, with VAT at 12 per cent.

The 2022 Tax Code recodified the system, extended electronic invoicing and cash-register requirements, and simplified regimes for small business including a patent system for micro-traders. VAT is 12 per cent with a registration threshold and zero-rating for exports. Mining is subject to separate royalty and revenue-based taxes. EAEU membership determines indirect-tax treatment of trade with member states, using a destination-principle mechanism rather than customs VAT at the border.

A 2019 tax reform package with VAT since raised to 10%

The Income Tax Law and Tax Administration Law of 2019 restructured Lao taxation, setting profit tax at 20% with concessions for promoted activities. VAT was cut to 7% in 2022 as an inflation measure and restored to 10% in 2024. The frequency of these changes means any rate cited without a date is unreliable.

Profit tax is 20% generally, with reduced rates for promoted sectors and higher for tobacco. Personal income tax is progressive to 25%. VAT is 10% following the 2024 restoration from the temporary 7% rate. Withholding applies to dividends, interest and royalties, typically at 10%. The VAT rate moved twice in three years — always cite the rate with its effective date. Tax incentives under the Investment Promotion Law are granted by promotion zone and activity, not automatically.

Progressive income tax, tax on distributed profits and 21% VAT

Personal income is taxed on a progressive scale, and since 2018 corporate tax — like Estonia's — falls only on distributed profits. Standard VAT is 21%, administered by the State Revenue Service.

Latvia adopted the Estonian-style distributed-profit corporate model in 2018, so retained earnings are untaxed until paid out.

Schedular income tax, 17 per cent corporate rate, and 11 per cent VAT

Income tax is schedular, taxing categories of income separately rather than aggregating them. Corporate profits are taxed at 17 per cent, and VAT is 11 per cent.

The schedular structure is a genuine difference from most modern systems: business profits, salaries and investment income are assessed under separate chapters with separate rates and no general aggregation, which limits loss relief across categories. The corporate rate rose to 17 per cent in 2017. The dominant practical issue since 2019 is currency: obligations, thresholds and assessments framed in Lebanese pounds have been distorted by devaluation of well over 90 per cent, and successive budget laws have adjusted rates and introduced multiple exchange rates for customs and tax purposes. Anything written about Lebanese tax burdens before 2019 requires re-verification.

Income Tax Order with a 25 per cent company rate and 15 per cent VAT

The Income Tax Order 9 of 1993 charges income tax, with the standard company rate at 25 per cent and manufacturing income taxed at 10 per cent to support the garment sector. VAT is 15 per cent. The Revenue Services Lesotho administers both.

The 10 per cent manufacturing rate is explicit industrial policy for the textile sector, and because Lesotho is in the Southern African Customs Union, a large share of government revenue comes from the SACU common pool rather than from domestic tax at all.

The Liberia Revenue Code with a 25% company rate and Goods and Services Tax

The Liberia Revenue Code of 2000, substantially amended in 2011, governs income tax, goods and services tax and customs. The standard corporate rate is 25%, with concession agreements historically setting sector-specific terms for mining, rubber and forestry, administered by the Liberia Revenue Authority.

The Revenue Code consolidated income tax, indirect tax and customs into a single instrument, and the 2011 Consolidated Tax Amendments Act reworked rates and the treatment of concessions. The standard corporate rate is 25%, and Liberia levies a Goods and Services Tax rather than a full credit-invoice VAT, with a planned transition to VAT repeatedly announced in budget documents. The historically dominant feature was the concession agreement: large mining, rubber, oil palm and forestry investors negotiated bespoke fiscal terms ratified by the Legislature, producing an effective tax code of its own and prompting the 2013 review of concessions after the Moore Stephens audit found widespread non-compliance with award procedures. The Liberia Revenue Authority was created in 2013 as a semi-autonomous body to replace the Bureau of Revenue within the Ministry of Finance. Liberia's non-resident corporate registry income is treated separately and is not subject to domestic income tax.

Income tax under Law 7/2010, with collection heavily dependent on oil revenue

Law 7/2010 governs income tax with a corporate rate of 20 per cent plus a jihad tax surcharge. The state finances itself overwhelmingly from hydrocarbon revenue rather than from general taxation.

Libya has no VAT, which distinguishes it from every North African neighbour, and the corporate rate under Law 7/2010 is 20 per cent with an additional jihad tax levied at small percentages on income. The practical significance of general taxation is limited because hydrocarbon revenue collected through the National Oil Corporation and channelled via the Central Bank dominates public finance, and the political contest over that channel matters far more than the income tax code. Upstream petroleum operations are governed by concession and production-sharing terms rather than by the general tax law. Administration is fragmented, and obtaining a reliable tax clearance can depend on which administration issues it.

A flat 12.5% corporate tax, Swiss VAT, and wealth taxed as a notional return

Liechtenstein levies a flat 12.5% corporate income tax on worldwide income, with a minimum tax, and a progressive personal income tax reaching about 22.4% including municipal surcharges. Because it is in a customs union with Switzerland, it applies Swiss VAT at 8.1%, and wealth is taxed by adding a 4% notional return to taxable income.

The notional-return approach to wealth means there is no standalone wealth-tax rate; instead an imputed yield feeds into income tax. The low flat corporate rate is central to Liechtenstein's position as a financial centre.

Income tax at 20/32%, 15% corporate tax and 21% VAT

Personal income is taxed mainly at 20%, with a 32% band on higher earnings, administered by the State Tax Inspectorate. Corporate tax is generally 15%, and standard VAT is 21%.

Small companies with few employees and modest income can qualify for a reduced or even 0% corporate rate in their first year.

The EU's lowest standard VAT, at 17%, alongside progressive income tax

Personal income tax is progressive across many bands and depends on a tax-class system reflecting family situation. Corporate profits face corporate income tax plus a municipal business tax, and standard VAT is 17% — the lowest headline rate in the European Union.

The tax-class system means marital status materially changes an individual's liability, and cross-border workers have specific rules. The low VAT rate is a long-standing feature of the Luxembourg economy.

Impôt sur les revenus at 20 per cent with 20 per cent VAT and free-zone incentives

The Code général des impôts charges the impôt sur les revenus at 20 per cent for companies, with a minimum levy based on turnover. TVA is 20 per cent. Free-zone enterprises benefit from reduced rates and exemptions, and mining is subject to a dedicated regime under the Code minier.

The 20 per cent headline rate is low for the region, but the minimum turnover-based levy means loss-making companies still pay, which is often the operative charge for early-stage investment.

Taxation Act with a 30 per cent company rate and 16.5 per cent VAT

The Taxation Act (Cap 41:01) charges income tax on a source basis, with the standard company rate at 30 per cent and 35 per cent for branches of foreign companies. VAT is 16.5 per cent under the Value Added Tax Act. The Malawi Revenue Authority administers both.

The higher 35 per cent rate on foreign branches, against 30 per cent for locally incorporated subsidiaries, is a deliberate incentive to incorporate locally and is the first structural question in any Malawian inbound investment.

Territorial taxation, with foreign-source income partly brought into charge

Malaysia taxes on a territorial basis under the Income Tax Act 1967, but from 2022 foreign-source income received by companies became taxable, with exemptions available on conditions. Corporate tax is 24%, with 15% and 17% tiers for smaller resident companies. Sales and Service Tax replaced GST in 2018, and a capital gains tax on unlisted shares began in 2024.

Corporate income tax is 24%, with reduced rates on the first chargeable income band for qualifying SMEs. Foreign-source income received in Malaysia by companies is taxable from 2022, subject to exemption conditions. Sales Tax and Service Tax apply instead of GST; service tax was raised to 8% for most services in 2024. Capital gains tax on disposal of unlisted Malaysian shares applies from 2024. The territorial description is now materially incomplete — foreign-source income and the new CGT both cut against it. Real Property Gains Tax is separate from the new share-disposal CGT; both can be relevant to a group reorganisation.

Income tax only since 2020, GST split between tourism and general goods

The Income Tax Act 2019 introduced personal and business income tax from 2020 — the Maldives had no general income tax before. GST is charged at a higher rate on tourism supplies than on general goods.

Business profits above the threshold are taxed at 15 percent, with progressive personal rates. Tourism GST was raised to 16 percent from January 2023 and general GST to 8 percent, so older secondary sources understate both. Withholding applies to specified payments to non-residents. There is also a green tax per tourist bed-night. The treaty network is minimal, so relief usually depends on domestic provisions rather than treaties.

Code général des impôts with 18% VAT and gold mining fiscal terms

VAT is 18% under WAEMU harmonisation and corporate tax is 30%. Gold mining conventions provide negotiated terms, and the 2019 Mining Code narrowed exemptions available to new entrants.

Mali's 2019 Mining Code reduced the generous exemption periods of its predecessor and increased state free-carried interest, part of a wider Sahelian move to recapture resource rent. The transitional government has also pressed renegotiation of existing conventions, testing the stabilisation clauses that operators had relied on.

Progressive income tax with a full-imputation company system and tax refunds

Individuals pay progressive income tax with computations varying by marital and parental status. Companies pay a flat rate, but Malta's full-imputation system allows shareholders to claim refunds of part of the tax on distributed profits.

Refund entitlements depend on correct allocation of profits to the statutory tax accounts, which must be tracked from the outset.

Gross revenue and wages taxes, no corporate income or capital gains tax

Businesses pay a gross revenue tax rather than tax on profit, and wages are taxed at low flat rates. There is no corporate income tax, no capital gains tax and no VAT.

The system taxes turnover and wages rather than profit. Businesses pay gross revenue tax on receipts, which means loss-making enterprises still pay, and there is no deduction structure of the kind an income tax would require. Wages and salaries tax is withheld at flat rates with a low threshold. Import duties are a major revenue source given near-total reliance on imported goods. There is no value added tax, no capital gains tax, no inheritance tax and no corporate income tax, and proposals to replace the gross revenue tax with a consumption tax have been debated repeatedly without enactment. Non-resident domestic entities registered under the Associations Law pay annual fees rather than tax, which is the historical basis of the jurisdiction's use in international structuring and the reason economic-substance rules now apply.

Code général des impôts 2019 with 16% VAT and iron ore and fisheries revenue

VAT is 16% and corporate tax is 25%. Mauritania is outside WAEMU and uses the ouguiya, so it sets rates independently. Iron ore through SNIM, fisheries licensing and the offshore Grand Tortue gas project dominate revenue.

Fisheries access agreements, principally with the European Union, are a distinctive and substantial revenue line, paid partly as licence fees for access to one of the world's richest fishing grounds. The Grand Tortue Ahmeyim gas field, shared with Senegal, is governed by an inter-state cooperation agreement that allocates revenue between the two states — an unusual cross-border unitisation arrangement.

15 per cent corporate tax with partial exemption and an extensive treaty network

The Income Tax Act 1995 charges corporate tax at 15 per cent, with an 80 per cent partial exemption available on certain foreign-source income for global business companies, subject to substance conditions. VAT is 15 per cent. The double-tax treaty network, historically including the India treaty, is the jurisdiction's principal asset.

The 2016 India Protocol ended the capital-gains exemption that had made Mauritius the dominant route into India, and the deemed-foreign-tax-credit regime was replaced by the partial-exemption system in 2018 after EU and OECD pressure. Substance requirements are now the operative test for treaty access.

SAT administration, 30% corporate rate and 16% VAT

The Servicio de Administración Tributaria administers federal taxes. Corporate income tax is a flat 30%, individuals are taxed progressively to 35%, and VAT is 16% with a reduced 8% band in the northern and southern border zones. Electronic invoicing through CFDI is compulsory for essentially every transaction.

An e.firma and a Buzón Tributario mailbox are prerequisites for almost all filings; SAT notifications delivered to the mailbox are legally effective. Blacklisting under Article 69-B for simulated operations is a serious practical risk for suppliers.

National gross revenue and wages taxes, plus separate state taxes

The national government taxes gross revenue and wages rather than profit, and each state levies its own taxes as well. There is no VAT and no capital gains tax.

Taxation is on turnover and wages, not profit: businesses pay gross revenue tax on receipts, so a loss-making business still pays, and there is no deduction regime. Wages and salaries tax is withheld at flat rates. Import duties are significant given import dependence. States levy their own taxes on top, which produces genuine double layering and differing effective burdens between states. There is no value added tax, no capital gains tax and no inheritance tax. A long-running reform programme to introduce a value added tax and a unified revenue authority has been debated and repeatedly not enacted, so advisers should be careful with secondary sources that describe the reform as though it were in force. Compact funding remains a substantial share of public revenue, which is why the 2023 renewal mattered fiscally as much as diplomatically.

A 12% income tax with a 7% IT Park turnover option

Personal income tax is 12% and corporate tax 12%, with standard VAT at 20%. Accredited Moldova IT Park residents instead pay a single 7% tax on turnover that substitutes income tax, social contributions and local taxes.

The single 7% tax is guaranteed by law until 2035, which is the practical anchor for structuring software work in Moldova rather than the headline income tax rate.

No personal income tax for residents — except French nationals — and 20% VAT

Monaco famously levies no personal income tax on its residents, a policy dating from 1869, with one major exception: French nationals remain taxable in France under the 1963 bilateral convention. Companies earning most turnover outside Monaco face a profits tax, VAT is 20% under the customs union with France, and inheritance in the direct line is untaxed.

The absence of personal income tax is central to Monaco's appeal, but French nationals cannot escape French tax by moving there. The VAT and customs union with France means indirect taxation mirrors the French system.

Ten to twenty-five per cent corporate tax and a flat personal rate

Corporate income tax is 10 per cent on the first tranche of taxable income and 25 per cent above it. Personal income tax is broadly flat at 10 per cent, with higher bands for very high salary income.

The 2019 reform package modernised administration, introduced advance rulings and codified transfer-pricing documentation. VAT is 10 per cent, with a zero rate for exports and a VAT-refund incentive for consumers who report receipts. Mining royalties are charged on a sliding scale linked to commodity prices and are the largest single revenue source, which makes fiscal terms in the sector politically volatile. Mongolia has a modest double-tax treaty network, having terminated several treaties considered unfavourable.

Progressive corporate and personal rates with euro-denominated administration

Montenegro moved from flat taxation to progressive bands for both personal and corporate income, while remaining among the lower-tax jurisdictions in Europe. VAT applies at a standard and reduced rate, all in euro.

The Europe Now programme abolished mandatory health contributions and raised the untaxed wage threshold, changing payroll materially.

A unified General Tax Code converging on a 20 per cent corporate rate

The Code Général des Impôts consolidates corporate tax, income tax and VAT. The 2023 finance law began a phased convergence of corporate rates toward 20 per cent, with 35 per cent for large profits.

Morocco's rate structure was deliberately restructured from 2023 onward, moving from a progressive corporate scale toward a target of 20 per cent for most companies and 35 per cent for the largest, phased over several years, so the applicable rate depends on the year in question and citing a single figure without the year is misleading. Standard VAT is 20 per cent with reduced rates, and the recent reforms have been narrowing exemptions. Disputes run through a local commission and then the national commission before the courts, and that administrative sequence is mandatory. Transfer pricing documentation obligations were formalised recently and now apply to a wide set of related-party dealings.

IRPC at 32 per cent with 16 per cent IVA and dedicated extractive regimes

Corporate income tax (IRPC) is charged at 32 per cent, one of the higher rates in the region, with IVA at 16 per cent. Mining and petroleum operations pay production taxes and are subject to a separate fiscal regime, including capital-gains rules that were tested in the high-value LNG participation transfers.

Capital gains on indirect transfers of extractive interests are the defining Mozambican tax issue: the state has assessed very large sums on offshore share transfers affecting Rovuma-basin rights, and the statutory basis for taxing those indirect disposals is the point on which such assessments turn.

22 percent corporate rate and a commercial tax rather than a full VAT

The Income Tax Law taxes companies at 22 percent following the 2023 reduction from 25 percent. Myanmar has no value added tax; commercial tax at 5 percent applies to goods and services, with higher special goods rates.

Because commercial tax is not a credit-invoice VAT, it cascades through supply chains and is an absolute cost rather than a recoverable input, which distorts pricing for multi-stage production. Residents are taxed on worldwide income and non-residents on Myanmar-source income; personal rates are progressive to 25 percent. Capital gains are taxed separately at 10 percent, and at up to 40 to 50 percent for oil and gas. Investment incentives include income tax exemptions of three, five or seven years depending on the development zone of the project. Withholding taxes apply to interest, royalties and certain payments to non-residents. Banking restrictions since 2021 complicate payment of tax from abroad.

Source-based income tax, 30 per cent company rate and 15 per cent VAT

Namibia taxes on a source basis. The general company rate has been reduced in stages toward 30 per cent, with mining and diamond mining taxed at higher dedicated rates. VAT is 15 per cent. There is no capital gains tax as such, though certain disposals — notably mineral and petroleum licences — are brought into income.

The absence of a general CGT combined with source taxation is the defining planning feature, and the reason mineral-licence disposals were specifically legislated into the income charge — otherwise the largest gains in the economy would have escaped entirely.

Employment and business taxes introduced in 2014; no VAT

Nauru had almost no direct taxation until 2014, when employment and services tax and business profits tax were introduced. There is still no value added tax; import duties do the indirect work.

For most of its independent history Nauru levied essentially no income tax, funded first by phosphate royalties and later by hosting arrangements — so historical statements that Nauru is a no-tax jurisdiction were once accurate and are now out of date. The 2014 and 2016 reforms introduced employment and services tax withheld at source and a business profits tax, administered under a new revenue administration framework. There is no VAT or GST; consumption is taxed through customs and excise duties, which matters because nearly all goods are imported. There is no capital gains tax and no inheritance tax, and land cannot be sold in any event.

Income Tax Act 2058 with rates set annually by the Finance Act

The Income Tax Act 2058 (2002) governs direct tax; the standard corporate rate is 25 percent with higher rates for banks, insurers and tobacco. VAT is 13 percent under the VAT Act 2052.

Nepal's fiscal year runs mid-July to mid-July on the Bikram Sambat calendar, and the annual Finance Act can change rates each year, so any rate cited should be checked against the current year's Act. Permanent Account Number registration is mandatory for business. Withholding rates on dividends, interest and service fees are significant for foreign investors, and treaty relief requires prior approval before remittance.

A box system for personal income, with three Box 1 brackets to 49.5%

Personal income tax under the Income Tax Act 2001 is split into three boxes: employment and home income (Box 1), substantial shareholdings (Box 2) and savings and investment (Box 3). Box 1 has three brackets rising to 49.5%, corporate tax is 19% then 25.8%, and standard VAT is 21%.

Box 3 is the most contested area: the Supreme Court has held the deemed-return method incompatible with property rights in some years, prompting a phased move toward taxing actual returns. Returns are filed digitally through Mijn Belastingdienst.

Broad-base low-rate system with 15% GST and no capital gains tax

A deliberately broad-base, low-rate system: GST at 15% on almost everything with very few exemptions, no general capital gains tax, no payroll tax and no inheritance tax.

The tax year ends on 31 March. GST is the cleanest broad-base consumption tax in the OECD: a single 15% rate with almost no exemptions — no zero-rating for food or domestic fuel — which is why it raises so much at a comparatively modest rate. New Zealand has no comprehensive capital gains tax; instead specific regimes catch particular gains, chiefly the bright-line test on residential land, the financial arrangements rules and the foreign investment fund rules. There is no stamp duty, no payroll tax and no estate duty. Employers deduct PAYE, and KiwiSaver contributions are deducted from wages unless the employee opts out.

Law 822 income tax with a minimum definitive payment

The Ley de Concertación Tributaria (Ley 822) governs income tax, VAT and excise. Corporate tax is 30%, but taxpayers pay the higher of that or a pago mínimo definitivo on gross income, which makes the minimum tax decisive for low-margin businesses.

The 2019 reform raised the minimum payment tiers and cut several exemptions, materially increasing effective rates. Free-zone entities retain preferential treatment but must maintain separate accounting to keep it.

Code général des impôts with 19% VAT and uranium and oil fiscal regimes

VAT is 19%, at the top of the WAEMU band, and corporate tax is 30%. Uranium and petroleum operations are governed by sector codes and individual conventions, and the Niger-Benin export pipeline introduced transit fiscal arrangements.

Uranium royalties were historically set under agreements with the French operator that Niger long argued undervalued the resource, and successive renegotiations increased the state's share. The 2024 crude export pipeline to Benin added a transit dimension, and the political dispute over the border with Benin after the coup showed how quickly fiscal flows can be interrupted by non-tax events.

The Nigeria Tax Act 2025 consolidated the federal tax statutes and replaced CITA and PITA

Nigeria's 2025 tax reform package replaced the Companies Income Tax Act, Personal Income Tax Act, VAT Act and others with the Nigeria Tax Act, and created the Nigeria Revenue Service in place of FIRS. Company tax is 30% for large companies with a 0% rate for small companies, and VAT is 7.5%.

The four 2025 Acts are the largest restructuring of Nigerian tax law in decades and any pre-2025 description of CITA or PITA as the operative statute is now out of date. Company income tax is 30% for large companies, with small companies below the turnover threshold taxed at 0%, and the development levy consolidates the former education tax, IT levy and NASENI levy. VAT remains 7.5% with an expanded list of zero-rated basic items, and input VAT recovery was broadened, which was one of the principal complaints under the old VAT Act. Personal income tax is progressive with a rent relief replacing the old consolidated relief allowance. The federal/state division still matters: personal income tax of residents is administered by state internal revenue services, and the constitutional allocation of VAT has been litigated between Rivers State, Lagos State and the federation. Objections go to the Tax Appeal Tribunal and then the Federal High Court.

Direct taxation formally abolished; revenue raised by state levies

The DPRK abolished direct taxation on citizens in 1974 and presents itself as a tax-free country. Revenue is raised through state enterprise transfers and, for foreign ventures, a separate foreign-investment tax law.

Published rates for foreign-invested enterprises include a headline enterprise income tax with reductions in preferential zones, plus turnover and local taxes. In practice, the abolition of citizen taxation coexists with extensive non-tax extraction: mandatory contributions, quota deliveries and unpaid mobilised labour are widely reported. No budget of the kind that could be audited is published, so figures cannot be verified. Sanctions restrictions make the foreign-investment provisions largely academic for most investors.

Low flat personal and corporate rates with VAT

North Macedonia maintains a low flat personal income tax and a low corporate income tax, historically a core element of its investment promotion. VAT applies at a standard and reduced rate.

An attempt to introduce progressive personal rates was suspended and then repealed, so the flat rate remains in force.

Worldwide income, a wealth tax and 25% VAT

Residents are taxed on worldwide income through a flat base rate plus a progressive bracket tax, administered by the Tax Administration. Norway also levies a net wealth tax, and standard VAT is 25%.

The wealth tax on unrealised business assets is politically contentious and has prompted some high-net-worth residents to relocate.

Fifteen per cent corporate tax, five per cent VAT, no income tax yet

Corporate income tax is fifteen per cent and VAT five per cent. Oman has legislated a personal income tax to begin in 2028, the first in the Gulf.

Oman's enactment of a personal income tax to take effect in 2028 is a genuine regional first and breaks the Gulf's defining fiscal characteristic, so it should not be described as a proposal. It is legislated, at five per cent on high earners above a substantial threshold. Corporate tax at fifteen per cent applies to Omani and foreign companies alike, unlike the ownership-based split in Saudi Arabia and Kuwait, with a reduced rate for small enterprises. VAT remains at five per cent, half the Saudi and Bahraini rate.

Income Tax Ordinance 2001 federally, sales tax on services provincially

The Income Tax Ordinance 2001 governs direct tax with a 29 percent corporate rate. Sales tax on goods is federal at 18 percent, while sales tax on services is levied by each province separately.

The split between federal goods tax and provincial services tax creates genuine double-taxation disputes where a supply could be characterised either way, and the Supreme Court has heard several. Withholding tax is extensive and functions as much of the collection system. Non-filers face higher withholding rates and restrictions on some transactions. Treaty relief requires a certificate and is claimed through the annual return.

10% Palau Goods and Services Tax from 2023 replacing gross revenue tax

Palau introduced a 10% goods and services tax in January 2023, replacing the gross revenue tax for most businesses, alongside net income tax on businesses and a wages tax.

Palau's 2023 reform is the most substantial recent tax change in the region: the Palau Goods and Services Tax Act introduced a 10% consumption tax with registration thresholds and input credits, replacing the gross revenue tax for most businesses and moving Palau from taxing turnover to taxing value added and profit. Businesses became subject to net income tax on profit, which required deduction and accounting rules the previous system did not need, so pre-2023 secondary sources describing a simple gross revenue regime are now wrong. Wages and salaries tax continues to be withheld at graduated rates. There is no capital gains tax and no inheritance tax. Tourism-specific charges matter fiscally, notably the environmental impact fee collected from departing visitors and funding conservation, which reflects the same policy logic as the marine sanctuary.

A 15 per cent corporate rate, VAT tied to Israel's by treaty, and clearance revenue dependence

Corporate income tax is 15 per cent, with a reduced rate for some sectors. VAT is set within a band tied to the Israeli rate under the 1994 Paris Protocol, and most revenue is collected by Israel and transferred.

The Paris Protocol constrains fiscal autonomy in an unusual way: the Palestinian VAT rate must stay within two percentage points of Israel's, and import duties and VAT on goods entering through Israeli ports are collected by Israel and remitted as clearance revenue, which is the largest single component of Palestinian public revenue. Periodic Israeli withholding of clearance transfers has produced repeated fiscal crises, a dependency with no analogue in ordinary tax systems. Domestic corporate tax at 15 per cent, with 20 per cent on telecommunications and some monopolies, is administered by the Ministry of Finance.

Territorial taxation with 7% ITBMS

Panama taxes only Panamanian-source income, which is the foundation of its offshore sector. Corporate income tax is 25%, ITBMS (VAT) is 7%, and there is an alternative minimum calculation (CAIR) for larger companies. Dividends from foreign-source income are not taxed.

Even a company with no Panamanian income usually has filing obligations and must pay the annual franchise tax. Economic-substance reporting applies to entities benefiting from preferential regimes.

Income Tax Act 1959 with GST at 10% and resource project regimes

Income tax under a much-amended Income Tax Act 1959 administered by the Internal Revenue Commission, GST at 10%, and separate fiscal regimes for mining and petroleum projects.

Residents are taxed on worldwide income; residence for individuals turns largely on domicile and presence. The salary and wages tax is collected at source and is the main interaction most employees have with the system. The features that distinguish PNG are project-specific: mining and petroleum operations are taxed under dedicated regimes with their own rates, ring-fencing of losses per project, and additional profits tax mechanics, often stabilised in a project agreement. Anyone advising on a resource project should read the project agreement alongside the Act, because the agreement may lock in fiscal terms that differ from the general law.

The 10-10-10 model: 10 percent corporate, VAT and personal tax

Paraguay is known for the simplicity and low level of its taxes. Ley 6380/2019 consolidated the system: corporate income tax (IRE) at 10 percent, VAT (IVA) at 10 percent with a reduced 5 percent rate, and personal income tax (IRP) at 8 to 10 percent. Dividends attract a separate distribution tax. Taxation is territorial in principle.

The flat 10 percent structure across the main taxes, combined with largely territorial taxation of income, is Paraguay's principal investment-attraction argument and is genuinely simple compared with Brazilian or Argentine complexity. Ley 6380 also introduced transfer-pricing rules, which had previously been absent, so cross-border related-party pricing now requires documentation.

SUNAT administers 29.5 percent corporate tax and 18 percent IGV

SUNAT administers national taxation. Corporate income tax is 29.5 percent, and the IGV (VAT) is 18 percent including the 2 percent municipal promotion tax. Smaller businesses may use simplified regimes — the RUS, the special regime and the MYPE Tributario — with reduced rates and lighter filing. Withholding and detraction systems support VAT collection.

The detracciones system requires buyers of specified goods and services to deposit part of the price into the supplier's dedicated SUNAT account for tax use, an anti-evasion mechanism that has significant cash-flow consequences for suppliers. Tax disputes go first to SUNAT then to the Tribunal Fiscal, an administrative appellate body, before reaching the courts.

CREATE Act corporate rate of 25 percent and 12 percent VAT

The National Internal Revenue Code as amended by TRAIN and CREATE sets corporate income tax at 25 percent, or 20 percent for small domestic corporations, personal rates to 35 percent, and VAT at 12 percent.

Domestic corporations are taxed on worldwide income, resident foreign corporations on Philippine-source income, and a minimum corporate income tax on gross income applies from the fourth year. TRAIN raised the personal exemption threshold so that annual income up to 250,000 pesos is untaxed, while raising excise on fuel, sugary drinks and vehicles. CREATE also cut the percentage tax and rationalised incentives, with income tax holidays followed by a special corporate rate or enhanced deductions, and it made incentives subject to performance and time limits. Local business tax and real property tax are separate obligations often overlooked by foreign entrants, and the Court of Tax Appeals hears assessment disputes.

PIT, CIT and VAT with mandatory national e-invoicing

Personal income tax is charged at 12% and 32% above the threshold, with flat-rate and lump-sum regimes for business. Corporate tax is 19%, or 9% for small taxpayers, and the KSeF national e-invoicing system is being made compulsory.

Twój e-PIT pre-fills most individual returns, but the annual deadline of 30 April still bites for anyone with foreign income or business activity.

Progressive IRS, corporate IRC and reduced rates in the autonomous regions

Residents pay progressive personal income tax (IRS) on worldwide income, while companies pay IRC with municipal and state surcharges. Madeira and the Azores apply reduced rates, and the former non-habitual resident regime has been replaced by a narrower incentive.

The old non-habitual resident scheme closed to new entrants; check whether a client qualifies under transitional rules or the replacement research-and-innovation incentive.

Ten per cent corporate tax, no personal income tax, no VAT yet

Corporate income tax is ten per cent on foreign-owned profit. There is no personal income tax, and VAT has been legislated for in the GCC framework but not yet implemented.

Wholly Qatari and GCC-owned entities are generally exempt from corporate tax, so the ten per cent rate falls in practice on the foreign-owned share of profit, making ownership structure the primary determinant of liability. QFC entities are taxed under the QFC's own regime at ten per cent on local source profits with its own rules. Withholding tax of five per cent applies to a range of payments to non-residents and is a routine compliance gap. Qatar remains one of the last GCC states without VAT despite having signed the framework agreement, so any statement that GCC VAT applies uniformly is wrong.

A General Tax Code amended annually within CEMAC limits

The Code Général des Impôts is amended by each finance law. Corporate income tax is 28% for most sectors and VAT is 18% under the CEMAC directive, with separate petroleum fiscal terms.

As in Gabon, the general code coexists with negotiated petroleum terms that dominate revenue, so a corporate tax answer depends first on whether the taxpayer is inside or outside the hydrocarbon regime.

A 10% income tax with a contested micro-enterprise regime

Personal income tax is a flat 10%, corporate tax 16%, and standard VAT rose to 21% in August 2025. The micro-enterprise regime taxes turnover instead of profit and has been progressively narrowed by turnover ceilings and activity exclusions.

RO e-Factura is now mandatory for business-to-business invoicing, and an invoice not reported through the system can be denied deduction entirely rather than merely fined.

A progressive income tax from 2025 and 25% corporate tax

The flat 13% income tax was replaced from 1 January 2025 by a five-band scale running from 13% to 22%. Corporate profit tax rose to 25% in the same reform, standard VAT is 20%, and a self-employed regime taxes turnover at 4% or 6%.

Tax residence turns on 183 days in a calendar year, and the 2024 rules changed withholding for remote workers abroad, so emigrants working for Russian employers are now taxed at domestic rates rather than 30%.

Corporate tax at 28% with a modernised administration

Income tax is governed by the 2022 law, with the corporate rate reduced to 28% from 30%, and VAT is 18%. Filing and payment are almost entirely electronic, and the tax procedure law provides for objection to the Commissioner General followed by appeal.

Rwanda's tax administration is unusually digitised for the region — electronic billing machines are mandatory for VAT-registered traders and returns are filed online — and the 2022 rate reduction was part of a deliberate competitiveness strategy within the EAC, where 30% is the regional norm.

No personal income tax, with VAT at 17 percent

Saint Kitts and Nevis levies no personal income tax, no capital gains tax on most disposals and no inheritance tax, which together with the citizenship programme defines its fiscal profile. Corporation tax is charged at 33 percent on company profits, and value added tax is 17 percent under the Value Added Tax Act. The Inland Revenue Department administers federal taxes, while Nevis retains competence over certain local levies.

The absence of personal income tax sits alongside a comparatively high corporation tax rate, so the entity through which income is earned matters a great deal. A capital gains charge does apply to gains on assets disposed of within one year in certain circumstances, so the common statement that there is no capital gains tax at all is an oversimplification that has caught out short-term property traders.

Income Tax Act with VAT at 12.5 percent

The Income Tax Act taxes residents on worldwide income and charges corporation tax at 30 percent, with reliefs for approved enterprises. Value added tax is charged at 12.5 percent under the Value Added Tax Act, reduced from 15 percent, with a lower rate for hotel accommodation. The Inland Revenue Department administers direct tax and VAT, and Saint Lucia participates in automatic exchange of financial account information.

There is no capital gains tax and no estate duty, but the Income Tax Act catches gains that form part of a trade, so developers cannot assume that a profit on land is outside the charge. Saint Lucia's removal from EU and OECD monitoring lists depended on repealing the ring-fenced international business company benefits, and legacy structures should be reviewed rather than assumed still effective.

Income Tax Act with VAT at 16 percent

The Income Tax Act taxes residents on worldwide income with corporation tax at 30 percent, administered by the Inland Revenue Department. Value added tax is charged at 16 percent under the Value Added Tax Act, with a reduced rate for hotel accommodation and a range of exempt supplies. There is no capital gains tax and no inheritance tax, and property tax is levied annually on assessed value.

The Tax Administration and Procedures Act consolidated assessment, objection and appeal across the different taxes, so procedural points are found there rather than in each substantive act, which is a frequent source of missed deadlines for advisers working from the Income Tax Act alone. There is no capital gains tax, but trading profits on land are ordinary income and taxed accordingly.

Income Tax Act 2012 with VAGST at 15%

Income tax under the Income Tax Act 2012 administered by the Ministry for Revenue, with consumption taxed through the Value Added Goods and Services Tax at 15%. No capital gains or inheritance tax.

Residence for individuals turns on presence and permanent place of abode, with residents taxed on worldwide income. The consumption tax is called VAGST rather than VAT or GST, which is a frequent source of confusion in comparative tables, and it operates as a conventional invoice-credit value added tax at 15%. There is no capital gains tax and no inheritance or estate duty. Remittances from the Samoan diaspora are economically central but are not themselves taxable income, a point worth stating because it is often assumed otherwise.

General income tax plus a single-stage import tax instead of VAT

San Marino levies a general income tax on individuals and companies at low rates. Instead of VAT it applies the imposta monofase, a one-off tax charged on goods when they are imported.

Because there is no VAT, trade with Italy uses a special documentary procedure, and Sammarinese invoices cannot carry recoverable VAT.

No personal income tax, with zakat, corporate tax and VAT

There is no personal income tax. Saudi and GCC-owned businesses pay zakat, foreign-owned businesses pay corporate income tax, and VAT is charged at fifteen per cent.

The zakat and corporate tax split by ownership is the point most often missed: a mixed Saudi and foreign owned company is assessed on both bases in proportion to its shareholding, so ownership structure has an immediate and significant tax consequence. The headline VAT increase from five to fifteen per cent in 2020 was unusually large and dated transaction advice is frequently wrong on rate. ZATCA's Fatoora e-invoicing mandate is now a compliance obligation with real penalties rather than a technical preference.

Code général des impôts 2012 with 18% VAT and a new petroleum fiscal regime

VAT is 18% and corporate tax is 30%. The 2019 Petroleum Code introduced production sharing with state participation through Petrosen, and a 2022 law governs the allocation of petroleum revenue to an intergenerational fund.

Senegal legislated its petroleum revenue framework before production began, allocating shares to the budget, a stabilisation fund and an intergenerational fund. That sequencing — rules first, revenue second — is the opposite of most African producers' experience and is the principal reason Senegal's hydrocarbon fiscal framework is cited as a comparative model.

Flat-rate wage tax with an annual surtax, plus corporate tax and VAT

Serbia taxes salary at a flat rate with a non-taxable allowance, adding a progressive annual surtax on high earners. Corporate income tax is charged at a low flat rate, and VAT applies at a standard and reduced rate.

Electronic invoicing through the SEF system is mandatory for public-sector and VAT-registered transactions.

Business tax on a territorial basis with 15 per cent VAT and no capital gains tax

The Business Tax Act charges tax on Seychelles-source business income, with rates banded by turnover and sector and a 25/33 per cent structure for larger companies before recent reform. VAT is 15 per cent. There is no capital gains tax and no inheritance tax, and IBCs are not taxed on foreign-source income.

Territorial taxation combined with the absence of capital gains tax is the structural basis of the offshore sector, and the reforms following EU listing narrowed but did not remove the distinction between domestically taxed business income and untaxed foreign-source IBC income.

Income Tax Act 2000 with a 25% standard company rate and GST at 15%

The Income Tax Act 2000 governs income taxation, with the standard corporate rate at 25% and higher rates for mining. The Goods and Services Tax Act 2009 introduced GST at 15%, replacing a cascade of sales taxes, and the National Revenue Authority administers both.

The Income Tax Act 2000 is the consolidating statute, amended each year by a Finance Act, so the operative rates and thresholds for any given year must be read from the current Finance Act rather than the principal Act alone — a point that catches practitioners relying on the base text. The standard company rate is 25%, with mining and petroleum taxed under separate higher-rate regimes and subject to the Mines and Minerals Act fiscal terms. GST at 15% replaced the former sales tax and applies to a broad base with exemptions for basic foodstuffs, education, medical services and financial services. Withholding taxes apply to contract payments, rent, dividends, interest and non-resident services, and the treaty network is very small, so relief from double taxation is usually unilateral rather than treaty-based. Extractive sector agreements have historically included negotiated fiscal terms, which the Extractive Industries Revenue Act sought to standardise.

17 percent corporate tax, no capital gains tax, territorial remittance rules

The Income Tax Act sets a flat 17 percent corporate rate with partial exemptions, and personal rates rise to 24 percent. There is no capital gains tax and no inheritance tax; GST is 9 percent from January 2024.

Companies are taxed on Singapore-sourced income and on foreign income remitted, with a broad exemption for foreign dividends, branch profits and service income already taxed at a headline rate of at least 15 percent. Start-ups get 75 percent exemption on the first S$100,000 of chargeable income for three years. Individuals are taxed on Singapore-sourced employment income; tax residence turns on 183 days. Singapore implemented a domestic top-up tax from 2025 to align with the OECD global minimum of 15 percent for large multinational groups, which narrows the value of headline-rate incentives.

19% and 25% income tax with eKasa cash-register reporting

Personal income tax is 19% up to a threshold and 25% above it, with a higher band added for very high incomes. Corporate tax is 21%, reduced for small taxpayers, and every cash sale must be reported live to the Financial Administration through eKasa.

The annual return is due by 31 March, extendable by three months on a simple notice, or six where foreign income is involved.

Progressive personal income tax, corporate income tax and no general property tax

Residents pay progressive personal income tax on worldwide income, with a schedular treatment of capital income. Companies pay corporate income tax, and there is a real-estate transfer tax but no comprehensive annual property tax.

Attempts to introduce a general property tax have repeatedly been struck down, so the current charge remains the older building-use fee and transfer tax.

Income tax plus goods tax and sales tax, with VAT legislated but pending

Income tax under the Income Tax Act administered by Inland Revenue, with consumption taxed through goods tax and sales tax rather than a VAT. A value added tax has been legislated but is not yet the operative regime.

The consumption tax position is the point most often stated wrongly: Solomon Islands has historically operated a goods tax on manufactured and imported goods plus a sales tax on certain services, not a VAT, and the composite effect differs from a single VAT rate. A Value Added Tax Act was passed as part of a reform programme intended to replace both, but the commencement and transition should be verified against current Inland Revenue guidance before relying on either regime. There is no capital gains tax and no inheritance tax. Withholding taxes apply to payments to non-residents, and resource-sector operations attract specific export duties.

Rebuilding revenue from customs and Mogadishu port, with contested federal-state shares

Domestic revenue rests heavily on customs at Mogadishu port and airport plus limited inland taxes. Revenue-sharing between the federal government and member states is unresolved, and armed groups levy their own taxation.

Revenue reconstruction has been one of the more measurable areas of progress, with federal domestic revenue rising from a very low base through improved customs administration at Mogadishu port and airport and the introduction of a limited sales tax and large-taxpayer administration. Two structural problems persist. First, the constitutional division of taxing power and revenue sharing between the federal government and the member states is unsettled, and states such as Puntland and Jubaland control their own port revenue, so there is no single national tax base. Second, al-Shabaab operates an effective extortion-based taxation system on road transport, businesses and agriculture that in some assessments rivals government collection, which means businesses may pay twice. Somalia reached HIPC completion point in 2023, which was tied to revenue and public financial management reforms.

Residence-based income tax, 15% VAT, and a strong general anti-avoidance rule

South Africa has taxed residents on worldwide income since 2001, with non-residents taxed on South African source income. SARS administers a self-assessment system under the Tax Administration Act 28 of 2011. VAT is levied at 15%, and capital gains are brought into income through the Eighth Schedule rather than taxed as a separate levy.

The shift to residence-based taxation makes tax residence, not nationality, the operative question, and the ordinarily-resident and physical-presence tests both matter for individuals leaving or entering the country. The general anti-avoidance rule in ss 80A-80L is deliberately broad, requiring an arrangement to lack commercial substance or to create rights and obligations not at arm's length, and the understatement penalty table in the Tax Administration Act ties the penalty percentage to the taxpayer's behaviour — from a reasonable interpretation of the law up to intentional tax evasion.

Progressive income tax to 45 per cent with a local surtax on top

Personal income tax rises to 45 per cent, and a local income tax of 10 per cent of the national liability applies in addition. Corporate rates are graduated by income band.

Foreign workers may elect a flat 19 per cent rate on employment income in place of progressive rates, which suits high earners with few deductions. Corporate tax runs from 9 per cent on the first tranche up to 24 per cent for the largest companies, plus local surtax. VAT is a flat 10 per cent. Inheritance tax reaches 50 per cent and is among the highest in the OECD, with a further premium on transfers of controlling shareholdings, which drives much succession planning for family-controlled groups.

The Taxation Act 2009 over an economy where oil supplies nearly all revenue

The Taxation Act 2009, as amended, provides for personal and business profit tax, excise and a sales tax rather than a full VAT. Oil revenue has historically supplied the overwhelming majority of government income.

Non-oil taxation is thin both in law and in yield: business profit tax and personal income tax apply at modest rates, and indirect taxation is a sales tax rather than a credit-invoice VAT, which limits its reach into supply chains. The National Revenue Authority was created in 2016 to professionalise collection away from ministry control. The fiscal reality is oil: the Petroleum Revenue Management Act provides for a stabilisation account and a future generations fund, transfers to producing states, and audit requirements, and the extent to which those provisions are followed has been repeatedly questioned by audit bodies and civil society. Transit fees payable to Sudan for pipeline export, and the interruption of that route by Sudan's war, affect revenue more than any domestic tax measure. Collection performance and current rates cannot be verified reliably.

Progressive income tax shared with the regions, plus VAT and company tax

Residents pay personal income tax (IRPF) on worldwide income at combined state and regional rates, so the effective burden varies by autonomous community. Corporate tax and VAT are state-wide, and the tax agency runs an extensive electronic filing regime.

Because inheritance and wealth taxes are devolved, residence in a particular community can change a liability dramatically; take advice before relocating within Spain.

An IMF-driven tax overhaul following the 2022 default

The Inland Revenue Act No. 24 of 2017 governs income tax, but rates and reliefs were substantially rewritten from 2022 onwards as part of the IMF programme following Sri Lanka's sovereign default. Personal thresholds fell sharply and VAT rose. Any figure older than 2023 should be treated as superseded.

Residents are taxed on worldwide income; non-residents on Sri Lanka-source income. Corporate income tax is 30% for most companies, with concessionary rates for specified sectors. VAT is charged at 18% following the 2024 increase, on a registration threshold set by the Commissioner General. Withholding applies to interest, dividends, rent and service fees, with treaty relief available. Rates changed in almost every year from 2022 to 2024 — cite the Act as amended for the specific year of assessment. Sri Lanka has around 45 double tax treaties; residence certification is required to claim relief.

Income tax, VAT and zakat as a parallel statutory obligation

The Income Tax Act 1986 and the Value Added Tax Act 1999 form the tax code, administered by the Taxation Chamber. Zakat is separately levied under the Zakat Act as a statutory obligation rather than a voluntary payment.

The distinctive feature is that zakat operates as a compulsory levy administered by a state chamber, collected alongside ordinary taxation from Muslim individuals and businesses on prescribed bases, with proceeds directed to categories of beneficiary specified in Islamic law. That is a genuine parallel obligation rather than a rebranding of income tax, and any description of the Sudanese tax burden that omits it is incomplete. Conventional taxation comprises business profits tax, personal income tax and VAT. Revenue administration was already weak, with heavy dependence on customs and, before 2011, on oil; the loss of southern oil fields at secession removed most of that base. Since 2023 collection, currency stability and the functioning of the Taxation Chamber cannot be verified.

36 percent corporate tax and VAT introduced in 2023

The Belastingdienst administers taxation. Corporate income tax is 36 percent, among the higher rates in the region, and personal income tax is progressive. Suriname replaced its turnover tax with a value-added tax (BTW) at 10 percent from January 2023 as part of an IMF-supported reform programme.

The 2023 introduction of BTW replaced the cascading omzetbelasting and was a condition of the IMF Extended Fund Facility agreed after the 2020 debt crisis, so tax guidance predating 2023 will describe a system that no longer exists. Petroleum and mining are taxed substantially through their concession and production-sharing terms rather than the general corporate rate alone.

Worldwide income, municipal plus state tax, and 25% VAT

Residents are taxed on worldwide income through a flat municipal tax plus a state surtax on higher incomes, administered by the Tax Agency. Standard VAT is 25%, and inheritance and wealth taxes have been abolished.

The abolition of wealth and inheritance taxes makes Sweden's headline high income taxes less burdensome for capital transfers than many assume.

Three layers of tax — federal, cantonal and communal — and a low federal VAT

Tax is levied at three levels. The Confederation charges a direct federal tax on income (progressive to 11.5%) and on corporate profit (8.5% flat), but no federal wealth tax. Cantons and communes add their own income, wealth and profit taxes at rates that vary widely by location, and standard VAT is 8.1%.

Because cantonal and communal rates differ so much, the total tax burden depends heavily on where you live, and tax competition between cantons is a defining feature of the system. Foreign nationals without a settlement permit are usually taxed at source.

Schedular income tax, no VAT, and a base severely eroded

Income tax is schedular under Legislative Decree No. 24 of 2003, with progressive business profit rates. Syria has no VAT; consumption is taxed through specific duties.

The schedular structure taxes categories of income separately, with business profits on a progressive scale up to 28 per cent and a separate local administration surcharge. The absence of VAT distinguishes Syria from most neighbours; consumption taxes apply to listed goods instead. Revenue collapsed after 2011 with the loss of oil production and formal economic activity, and inflation has rendered fixed statutory thresholds nearly meaningless without repeated adjustment. Tax administration in the transitional period is being reorganised, so current rates and thresholds need checking against recent budget legislation.

Corporate income tax at 25 per cent with a narrow base and petroleum expectations

Corporate income tax is charged at 25 per cent, with a simplified regime for small taxpayers. There is no full VAT of the regional type; consumption is taxed through a sales tax, with VAT introduction repeatedly planned. Petroleum revenues from the Joint Development Zone are governed by a dedicated oil-revenue management law.

The 2004 oil-revenue law was drafted with external assistance as a model transparency statute — creating a national oil account and strict reporting rules — in anticipation of petroleum income that has not yet materialised at scale.

A 2022 Tax Code that cut rates and simplified regimes

The 2022 Tax Code reduced the corporate rate for most sectors and simplified small-business taxation. Personal income tax is charged at a low flat rate on employment income.

The 2022 recodification lowered headline corporate rates, moved to a single simplified regime for small taxpayers and reduced the number of taxes, in response to persistent complaints about administrative burden. VAT is charged at a standard rate with a registration threshold, and exports are zero-rated. Aluminium and hydropower enterprises are subject to sector-specific arrangements. The tax authority has expanded electronic filing and cash-register integration, and CRS participation has been extended.

The Income Tax Act 2004 and VAT Act 2014, with a two-tier tribunal

Corporate income tax is 30%, VAT is 18% under the VAT Act 2014, and appeals run through the Tax Revenue Appeals Board to the Tax Revenue Appeals Tribunal and then the Court of Appeal. Zanzibar administers VAT separately for some supplies.

The requirement to deposit a portion of the disputed tax before an objection is admitted is the distinctive and most criticised feature of Tanzanian tax procedure, because it conditions access to the appeal machinery on payment. The 2015 Tax Administration Act consolidated procedure across taxes much as Kenya's 2015 Act did.

20 percent corporate rate, progressive personal rates to 35 percent, 7 percent VAT

The Revenue Code sets a 20 percent corporate rate with reduced rates for small companies, personal rates to 35 percent, and VAT at 7 percent under a rate reduction repeatedly extended from the statutory 10 percent.

Tax residence for individuals is 180 days in a calendar year. A significant change took effect in 2024: residents are now taxed on foreign-source income remitted in any later year, ending the practice of deferring remittance to the following tax year to escape Thai tax. Companies incorporated in Thailand are taxed on worldwide income, foreign companies on Thai-source income including through a permanent establishment. Withholding taxes apply broadly to domestic service payments, which surprises new entrants. Land and building tax replaced the old house and land tax in 2020 with rates by use class and generous residential thresholds.

No income tax, with VAT and Business Licence fees instead

The Bahamas imposes no personal income tax, no capital gains tax and no inheritance tax. Public revenue comes principally from VAT, introduced in 2015 and charged at 10 per cent since 2022, from customs duties, and from Business Licence fees assessed on turnover under the Business Licence Act. A domestic top-up tax has been introduced to align with the OECD global minimum tax for large multinational groups.

The absence of income tax does not mean an absence of tax compliance: the Business Licence fee is charged on gross turnover regardless of profitability, so a loss-making business still pays, and that is the obligation most often underestimated by new entrants. Groups within scope of the global minimum tax now face a domestic top-up charge, which is a significant departure from the historic no-corporate-tax position.

A low-rate regime funded largely by petroleum revenue

The Taxes and Duties Act of 2008 sets a flat 10 percent corporate and top personal income tax rate. There is no VAT. The state budget is overwhelmingly financed from the Petroleum Fund rather than domestic taxation, which explains the unusually light general tax burden.

Corporate income tax is 10 percent, as is the top marginal rate of personal income tax, with a substantial tax-free threshold. A sales tax applies to imported goods; domestic sales tax is set at zero. Withholding taxes apply to specified payments including rent and services. Petroleum operations are taxed under a separate and considerably heavier regime, and receipts flow into the Petroleum Fund, from which transfers to the budget are governed by an estimated sustainable income rule. Understanding the Petroleum Fund Law is therefore essential to understanding Timorese public finance.

Code général des impôts 2018 with 18% VAT and a free zone regime

VAT is 18% under WAEMU harmonisation and corporate tax is 27%. The export processing free zone offers long tax holidays and reduced rates, and the Office Togolais des Recettes consolidates tax and customs administration.

Togo merged its tax and customs administrations into the Office Togolais des Recettes in 2014, a reform intended to capture transit trade revenue through the Port de Lomé more effectively. The free zone regime, dating from 1989, is unusually generous and has drawn WAEMU scrutiny as a form of harmful tax competition within the union.

Income Tax Act 2007 with consumption tax at 15%

Income tax under the Income Tax Act 2007 administered by the Ministry of Revenue and Customs, with a consumption tax at 15%. No capital gains tax and no inheritance tax.

The Income Tax Act 2007 modernised a much older regime and taxes residents on worldwide income. The consumption tax is a value added tax in substance despite its name, charged at 15% with a registration threshold. There is no capital gains tax, no inheritance tax and no land transfer duty of the kind found elsewhere — partly because land cannot be sold at all, so the usual conveyancing tax base does not exist. Remittances, which are among the highest in the world as a share of GDP, are not taxed as income in the recipient's hands.

Income Tax Act, Corporation Tax Act and VAT, with petroleum taxed separately

Individuals are taxed under the Income Tax Act and companies under the Corporation Tax Act, both administered by the Board of Inland Revenue. VAT applies under the Value Added Tax Act above a registration threshold, with returns filed bi-monthly. Energy-sector companies are additionally subject to the Petroleum Taxes Act, which is where a large share of national revenue is raised.

The bi-monthly VAT cycle is unusual and is a recurring compliance slip for foreign-owned businesses used to monthly or quarterly filing elsewhere. Assessments are appealed to the Tax Appeal Board, a specialist court whose decisions go on to the Court of Appeal, so tax disputes do not begin in the ordinary High Court.

Corporate tax at 15 per cent since 2021, with sectoral surcharges

The 1989 income tax code governs corporate and personal tax, with the standard corporate rate reduced to 15 per cent from 2021 and higher rates for banks, insurance and telecoms. VAT is 19 per cent.

The headline corporate rate fell to 15 per cent for most companies in the 2021 finance law, but banks, insurers, telecoms operators and hydrocarbons remain at 35 or 40 per cent, so the sector determines the rate more than the size does. Export companies that formerly enjoyed complete exemption now pay a reduced rate following the phased convergence, and material describing full exemption is obsolete. The Code des Droits et Procédures Fiscaux governs audit, assessment and appeal uniformly, and its conciliation stage before the courts is mandatory. Withholding on payments abroad is broad, and the treaty network is smaller than Morocco's, which raises the practical cost of cross-border service arrangements.

Corporate tax at 25 percent with VAT and a general anti-avoidance approach

Corporate income tax is levied under Law No. 5520 at 25 percent, raised from 20 percent in 2023, with a higher rate for financial institutions. Personal income tax is progressive and VAT under Law No. 3065 has a standard rate of 20 percent.

The corporate rate rose to 25 percent for 2023 onwards, with 30 percent applying to banks and financial leasing, factoring and financing companies. VAT was raised to 20 percent in July 2023. Turkey applies transfer pricing rules and thin capitalisation limits, and has a broad treaty network. Inflation accounting rules under the Tax Procedure Law were reactivated for 2023 year-ends, which materially affects taxable profit computation and is a live issue for anyone advising on Turkish accounts. Tax disputes proceed to the tax courts and then the Council of State, with a settlement mechanism available before litigation.

Eight per cent corporate tax for private business, higher for state entities

The Tax Code charges private enterprises a low corporate rate while state-owned entities pay more. Personal income tax is a flat rate on employment income.

Private legal entities are taxed at a substantially lower corporate rate than state enterprises, an unusual two-tier structure. Personal income tax is flat and low. VAT applies at a standard rate with exemptions. Contractors under production sharing agreements are taxed on terms set in the agreement and the Petroleum Law rather than the general code, which is where the real fiscal terms of the gas sector sit. Published statistics are sparse and no audited budget is available, so effective burden cannot be verified.

Income Tax Act with consumption tax; fishing and .tv revenue dominate

Income tax under the Income Tax Act administered by Inland Revenue, with a Tuvalu Consumption Tax. Government revenue depends far more on fishing licences, the .tv domain and the Tuvalu Trust Fund than on domestic taxation.

Domestic taxation is a minor part of the fiscal picture. Income tax applies to employment and business income with a small taxpayer base, and the Tuvalu Consumption Tax operates as a value added tax at a low rate. The state's revenue rests on three unusual pillars: fishing access fees earned through the vessel day scheme under the Parties to the Nauru Agreement, licensing of the .tv country-code domain, and distributions from the Tuvalu Trust Fund, a sovereign fund established in 1987 with Australian, New Zealand and British contributions that smooths budget volatility. Any fiscal analysis that looks only at the tax statutes will misunderstand the system.

The Income Tax Act 1997 and VAT Act, with a Tax Appeals Tribunal

Corporate income tax is 30%, VAT is 18%, and the Tax Procedures Code Act 2014 consolidated administration. The Tax Appeals Tribunal hears appeals and requires a 30% deposit of the disputed tax before an appeal proceeds.

The 30% deposit requirement is the practical gatekeeper in Ugandan tax disputes, and litigation over whether it applies to penalties as well as principal tax recurs. The Tax Procedures Code Act 2014 unified what had been separate procedures under each tax statute.

An 18% income tax with a wartime military levy

Personal and corporate income tax are both 18%, with a 5% military levy on individuals from December 2024 and 20% standard VAT. Small business may elect the simplified single-tax regime, which was temporarily set at 2% of turnover during 2022 and 2023.

The electronic taxpayer cabinet handles filings and the single tax quarterly returns, but entrepreneurs who left the country still owe the minimum single social contribution unless they formally suspend registration.

Corporate tax from 2023, VAT from 2018, still no personal income tax

The UAE introduced a nine per cent federal corporate tax for financial years starting on or after 1 June 2023. There is still no personal income tax.

Corporate tax ended the UAE's position as a genuinely zero-tax jurisdiction for business and any advice or planning material predating 2023 is unreliable on the central point. The nine per cent rate applies above a threshold of AED 375,000. Qualifying free zone persons can retain a zero per cent rate on qualifying income, but this is a conditional regime with substance and activity requirements rather than a blanket free zone exemption, and treating it as automatic is a common and expensive error. Economic substance and country-by-country reporting obligations run alongside. Personal income remains untaxed, which is why the corporate change did not alter the position of individual residents.

PAYE income tax, 20% VAT and the residence/domicile reform

Income tax is collected largely through PAYE on a progressive scale set at Westminster (with Scottish rates devolved). VAT is 20%, and the old non-domicile regime is being replaced by a residence-based system from 2025.

The 2025 abolition of non-dom status is a major change for internationally mobile residents, who need to reassess prior planning.

Citizenship-based federal taxation, plus state income and sales taxes

The United States is one of the very few countries that taxes its citizens and permanent residents on worldwide income wherever they live. The Internal Revenue Code is administered by the IRS, and disputes go to the Tax Court, which a taxpayer may petition without first paying the disputed amount. States add their own income taxes at widely differing rates, and several — Florida, Texas, Washington among them — levy none.

Citizenship-based taxation means an American who has never lived in the country still files, and FATCA enforces it by requiring foreign banks to report accounts held by US persons — which is why some institutions decline them as customers. Relief comes through the foreign earned income exclusion and foreign tax credits rather than exemption, and renouncing citizenship can trigger the section 877A expatriation tax on unrealised gains.

DGI administers 25 percent IRAE and 22 percent VAT on a territorial base

The Dirección General Impositiva administers taxation. Corporate income tax (IRAE) is 25 percent, VAT (IVA) is 22 percent with a reduced 10 percent rate, and personal income tax (IRPF) is progressive. Taxation is largely territorial, and new residents may elect a multi-year holiday on foreign investment income under a tax-residence incentive regime.

The territorial principle means foreign-source income of individuals is largely outside the net, and the tax-residence regime allows qualifying new residents to choose either an extended exemption on foreign passive income or a flat 7 percent rate, which has attracted retirees and remote entrepreneurs particularly from Argentina. Free-zone entities sit outside the ordinary IRAE system altogether.

Twelve per cent flat personal tax and a broadened VAT base

Personal income tax is a flat 12 per cent. Corporate income tax is 15 per cent for most companies, and the 2019-2020 reforms cut VAT to 12 per cent while broadening the base.

The 2019 Tax Code replaced a fragmented system, abolishing several turnover taxes and moving most businesses onto standard VAT and profit tax. The flat 12 per cent personal rate replaced progressive bands. Free economic zone residents receive staged exemptions, and IT Park residents are exempt from most taxes on qualifying revenue. Transfer-pricing and CFC rules were introduced with the new code, and Uzbekistan has joined CRS exchange and expanded its treaty network.

No personal or corporate income tax; VAT at 15%

Vanuatu levies no personal income tax, no corporate income tax, no capital gains tax and no inheritance tax. Government revenue comes from VAT at 15%, customs duties, and licence and registration fees.

The absence of income tax is constitutionally and politically entrenched — proposals to introduce one have been floated and withdrawn more than once — and it is the reason Vanuatu developed an offshore financial sector. Two qualifications matter. First, no income tax does not mean no obligations: business licence fees, VAT registration, rent tax on certain leases and customs duties all apply, and VAT at 15% is not trivial. Second, the international position has tightened considerably: Vanuatu has committed to automatic exchange of information under the Common Reporting Standard and has been the subject of EU and OECD listing processes, so the confidentiality once associated with the jurisdiction should not be assumed.

SENIAT administers 34 percent corporate tax and 16 percent VAT

SENIAT administers national taxes. Corporate income tax reaches 34 percent on the top bracket and VAT (IVA) is 16 percent, with an additional levy on foreign-currency transactions introduced by the Ley del IGTF in 2022. The Unidad Tributaria indexation mechanism has been overtaken by inflation, and municipal business taxes are significant.

The IGTF of 2022 taxes payments made in foreign currency or cryptocurrency at a rate set by the executive, a direct response to de facto dollarisation and an unusual instrument internationally. Municipal economic-activity taxes on gross receipts vary widely by municipality and can rival national taxes in practical weight for a local business.

20 percent corporate income tax, personal rates to 35 percent, VAT cut to 8 percent

Corporate income tax is 20 percent with incentive rates as low as 10 percent for encouraged sectors. Personal income tax is progressive to 35 percent, and standard VAT of 10 percent has been repeatedly reduced to 8 percent for most goods.

Residents are taxed on worldwide income, non-residents at a flat 20 percent on Vietnam-source employment income; residence is 183 days or a permanent residence including a leased dwelling of 183 days or more. Incentives are project-based rather than entity-based, granted by location and sector, and can include four years exempt then nine at half rate. Foreign contractor withholding tax applies to payments to offshore suppliers, combining a deemed CIT and VAT element, and it catches cross-border services routinely. Transfer pricing rules follow OECD lines with local file requirements and an interest deductibility cap of 30 percent of EBITDA.

Income tax and sales tax demanded by two rival administrations

The Income Tax Law of 2010 and the General Sales Tax Law remain in force, but both the Sanaa and Aden authorities levy tax in the areas they control.

The statutory framework provides for corporate income tax at twenty per cent, personal income tax on a progressive scale and a general sales tax of five per cent. What matters in practice is that two administrations collect, sometimes on the same tax base, and that customs revenue at the ports of Aden and Hodeidah is collected by whichever authority holds the port. Dual taxation of the same activity is a documented reality rather than a theoretical risk. This entry is research for that reason.

Source-based income tax with mining-specific regimes and 16 per cent VAT

The Income Tax Act (Chapter 323) charges tax on a source basis, with the standard company rate at 30 per cent and dedicated mineral-royalty and variable-profit regimes for mining. VAT is 16 per cent. Mineral royalty is deductible following a 2022 change, having previously not been.

Zambian tax policy is dominated by the copper sector, and the mining fiscal regime has changed repeatedly — the deductibility of mineral royalty being the most consequential recent reversal, since it materially alters effective rates on the largest taxpayers.

Source-based income tax at 24.72 per cent with multi-currency reporting

Income tax is source-based, with the corporate rate at 24 per cent plus a 3 per cent AIDS levy giving an effective 24.72 per cent. VAT is 15 per cent. The distinctive administrative feature is multi-currency operation: returns and payments must reflect the currency in which income was earned, following successive currency reforms.

The QPD system requires tax to be paid in instalments against estimated annual liability, and the currency-of-earning rule means a single taxpayer may file and pay in both USD and ZiG for the same year — an administrative complexity with no real parallel in the region.