Corporate Income Tax Rates around the World

The key findings of the latest summary of worldwide corporate tax data published by The Tax Foundation are:

• The United States has the third highest general top marginal corporate income tax rate in the world at 39.1 percent, exceeded only by Chad and the United Arab Emirates.
• The worldwide average top corporate income tax rate is 22.6 percent (30.6 percent weighted by GDP).
• By region, Europe has the lowest average corporate tax rate at 18.6 percent (26.3 percent weighted by GDP); Africa has the highest average tax rate at 29.1 percent.
• Larger, more industrialized countries tend to have higher corporate income tax rates than developing countries.
• The worldwide (simple) average top corporate tax rate has declined over the past decade from 29.5 percent to 22.6 percent.
• Every region in the world has seen a decline in their average corporate tax rate in the past decade.

The Tax Foundation is a Washington, D.C.-based think tank founded in 1937 that collects data and publishes research studies on tax policies at the federal and state levels.

 

Read more about The Tax Foundation and Summary of Worldwide Corporate Tax Data 2014.

 

 

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News from ICC

 

* Revised ICC Statement Advises Against Exit Taxes Regimes

 

The International Chamber of Commerce (ICC) has issued a revised policy statement acknowledging recent developments in the international taxation landscape.

 

More about ‘Exit taxes: Serious obstacles for international business restructurings and movements of capital’ here.

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* New Global Innovation Index

 

ICC launched the 7th edition Global Innovation Index 2014 (GII).

 

New Global Innovation Index recognizes innovation as a driver of economic growth, read more here.

 

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* Guide on Effective Management of Arbitration

 

The ICC guide “Effective Management of Arbitration: A Guide for In-House Counsel and Other Party Representatives” provides a practical toolkit for in-house counsel all around the world.

 

Check here for more.

More Trade News in Brief Week 31 (28 July – 3 August 2014)

 

* OECD – Global Standard for Automatic Exchange of Information

 

The OECD released the full version of a new global standard for the exchange of information between jurisdictions.

 

Check the Standard for Automatic Exchange of Financial Account Information in Tax Matters.

 

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* New WTO Trade Facilitation Agreement Facility

 

A new WTO initiative will help developing countries and least-developed countries reap the benefits of the WTO’s new Trade Facilitation Agreement.

 

Find more about here.

 

News from EU

 

* Single Euro Payments Area (SEPA)

 

The Single Euro Payments Area (SEPA) is fully operational in all eurozone countries on 1st August 2014.

 

Check here and here for more.

 

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* Lithuania to Join Euro Area

 

EU Council formally approved the accession of Lithuania to the euro area and single supervisory mechanism (SSM) on 1 January 2015.

 

Read more here.

 

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* Southern African Region and the EU – EPA

 

The European Union and the Southern African Development Community (SADC) EPA Group (Botswana, Lesotho, Mozambique, Namibia, South Africa and Swaziland) concluded negotiations for an Economic Partnership Agreement (EPA).

 

For more information click here.