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Corporate income tax (CIT) rates
Headline rates for WWTS territories
The headline CIT rate is generally the highest statutory CIT rate, inclusive of surtaxes but exclusive of local taxes.
This table provides an overview only. See the territory summaries for more detailed information.
| Territory | Headline CIT rate (%) |
|---|---|
| Albania (Last reviewed 12 January 2024) | 15 |
| Algeria (Last reviewed 01 January 2024) | 19% for manufacturing activities; 23% for building activities, public works, and hydraulics, as well as tourist and thermal activities, excluding travel agencies; 26% for all other activities. |
| Angola (Last reviewed 12 January 2024) | 25 |
| Argentina (Last reviewed 22 September 2023) | 35 |
| Armenia (Last reviewed 14 December 2023) | 18 |
| Australia (Last reviewed 12 December 2023) | 30% (25% for 'small-medium business' entities) |
| Austria (Last reviewed 14 March 2024) | 23 (until 2022 this rate was 25%, in 2023 it was 24%) |
| Azerbaijan (Last reviewed 21 February 2024) | 20 |
| Bahrain (Last reviewed 20 March 2024) | 46 for oil corp.'s; 0 for other corp.'s |
| Barbados (Last reviewed 28 February 2024) | 5.5% to 1% |
| Belgium (Last reviewed 12 March 2024) | 25 |
| Bermuda (Last reviewed 01 April 2024) | NA |
| Bolivia (Last reviewed 17 January 2024) | 25 (except for mining, financial institutions, and insurance/reinsurance companies, which have an additional income tax rate). |
| Bosnia and Herzegovina (Last reviewed 08 February 2024) | 10 |
| Botswana (Last reviewed 25 September 2023) | 22 |
| Brazil (Last reviewed 28 November 2023) | 34 (composed of IRPJ at the rate of 25% and CSLL at the rate of 9%). |
| Bulgaria (Last reviewed 05 March 2024) | 10 |
| Cabo Verde (Last reviewed 01 March 2024) | 22.44 (i.e. 22% + 2% surcharge) |
| Cambodia (Last reviewed 19 March 2024) | 20 |
| Cameroon, Republic of (Last reviewed 28 February 2024) | 33 |
| Canada (Last reviewed 15 December 2023) | Federal CIT: 15%. Provincial and territorial CITs range from 8% to 16% and are not deductible for federal CIT purposes. |
| Cayman Islands (Last reviewed 04 December 2023) | NA |
| Chad (Last reviewed 28 February 2024) | 35 |
| Chile (Last reviewed 08 February 2024) | 25 or 27 |
| China, People's Republic of (Last reviewed 15 January 2024) | 25 |
| Colombia (Last reviewed 28 February 2024) | 35 |
| Congo, Democratic Republic of the (Last reviewed 28 February 2024) | 30 |
| Congo, Republic of (Last reviewed 23 January 2024) | 28 |
| Costa Rica (Last reviewed 27 February 2024) | 30 |
| Croatia (Last reviewed 02 January 2024) | 18 (10% for companies realising less than EUR 1 million in revenues) |
| Cyprus (Last reviewed 21 December 2023) | 12.5 |
| Czech Republic (Last reviewed 09 February 2024) | 21 for tax periods starting in 2024 (19 before then) |
| Denmark (Last reviewed 15 March 2024) | 22 |
| Dominican Republic (Last reviewed 04 December 2023) | 27 |
| Ecuador (Last reviewed 04 March 2024) | 22%, 25%, or 28%, depending on the company's shareholders structure (corporate structure) and disclosure compliance. |
| Egypt (Last reviewed 19 March 2024) | 22.5 |
| El Salvador (Last reviewed 24 January 2024) | 30 |
| Equatorial Guinea (Last reviewed 02 August 2023) | 35 |
| Estonia (Last reviewed 15 January 2024) | 20 (undistributed profits are tax exempt) |
| Eswatini (Last reviewed 22 January 2024) | 27.5 |
| Ethiopia (Last reviewed 17 November 2023) | 30 |
| Fiji (Last reviewed 14 February 2024) | 20% / 25% (effective from the 2023 tax year) |
| Finland (Last reviewed 10 January 2024) | 20 |
| France (Last reviewed 18 March 2024) | 25 |
| Gabon (Last reviewed 04 March 2024) | 30 (35% for oil & gas and mining companies) |
| Georgia (Last reviewed 31 January 2024) | 15 (20 for banks, credit unions, microfinance organisations, and loan providers). |
| Germany (Last reviewed 23 December 2023) | Corporate income tax/solidarity surcharge: 15.825%; Trade tax: From 8.75% to 20.3%, depending upon the location of the business establishment. |
| Ghana (Last reviewed 08 March 2024) | 25 |
| Gibraltar (Last reviewed 05 December 2023) | 12.5% from 1 August 2021 (10% up to 31 July 2021). Utility and energy providers and corp.'s abusing a dominant position pay a rate of 20%. |
| Greece (Last reviewed 18 January 2024) | 22 |
| Greenland (Last reviewed 06 December 2023) | 26.5 (i.e. 25% + 6% surcharge) |
| Guatemala (Last reviewed 04 December 2023) | System on earnings: 25% on net income; Simplified optional system: 7% on gross income |
| Guernsey, Channel Islands (Last reviewed 20 December 2023) | Corporate: 0; Banking, custody services, insurance, certain fund administration businesses, regulated investment management services to individual clients, operating an investment exchange, compliance and other related activities provided to regulated financial services businesses, and operating an aircraft registry: 10; Income from property, importation of hydrocarbon oil and gas, retail businesses where taxable profits are above GBP 500,000, income from the licensed activity of cultivation of cannabis plants, and income from the use of those cultivated cannabis plants or parts of those cultivated cannabis plants: 20. |
| Guyana (Last reviewed 01 February 2024) | 25 |
| Honduras (Last reviewed 09 February 2024) | 25, plus a surcharge of 5% on net taxable income over HNL 1 million. |
| Hong Kong SAR (Last reviewed 29 December 2023) | Corporations: 16.5; Unincorporated businesses: 15 |
| Hungary (Last reviewed 24 January 2024) | 9 |
| Iceland (Last reviewed 21 February 2024) | 21 |
| India (Last reviewed 14 December 2023) | Domestic companies: 1. 25% or 30% (plus applicable surcharge and cess) depending on turnover. 2. 15% or 22% (plus applicable surcharge and cess) subject to certain conditions. Foreign companies (having PE in India): 40% (plus applicable surcharge and cess) Please refer to the Taxes on corporate income section for effective tax rates for different classes of companies. |
| Indonesia (Last reviewed 19 December 2023) | 22 |
| Iraq (Last reviewed 04 December 2023) | 15 (35 for certain companies in the oil and gas sector) |
| Ireland (Last reviewed 06 February 2024) | Trading corp.: 12.5 Non-trading corp.: 25 |
| Isle of Man (Last reviewed 28 February 2024) | Corporate: 0; Banks: 10; Income from real estate: 20 |
| Israel (Last reviewed 10 March 2024) | 23 |
| Italy (Last reviewed 05 February 2024) | 24 |
| Ivory Coast (Côte d'Ivoire) (Last reviewed 20 June 2023) | 25 |
| Jamaica (Last reviewed 04 March 2024) | Regulated company: 33â…“; Building society: 30; Life assurance company: 25; Unregulated company: 25 |
| Japan (Last reviewed 23 January 2024) | 23.2 |
| Jersey, Channel Islands (Last reviewed 15 January 2024) | 0, with certain financial services companies paying 10, and utility companies, large corporate retailers, and cannabis businesses paying 20. Rent: 20 |
| Jordan (Last reviewed 04 February 2024) | Banks: 35; Telecommunication, insurance corp.'s, financial intermediary: 24; Other corp.'s: 20 |
| Kazakhstan (Last reviewed 02 February 2024) | 20 |
| Kenya (Last reviewed 13 February 2024) | Resident corp.: 30; Foreign corp.: 30 |
| Korea, Republic of (Last reviewed 27 February 2024) | 24 |
| Kosovo (Last reviewed 22 January 2024) | 10 |
| Kuwait (Last reviewed 24 January 2024) | A flat rate of 15% |
| Kyrgyzstan (Last reviewed 12 February 2024) | 10 |
| Lao PDR (Last reviewed 23 January 2024) | 20 |
| Latvia (Last reviewed 09 February 2024) | 20 (payable only when profits are distributed). |
| Lebanon (Last reviewed 04 April 2024) | 17 |
| Libya (Last reviewed 03 December 2023) | 24 (i.e. 20% + 4% Jehad Tax) |
| Liechtenstein (Last reviewed 01 April 2024) | 12.5 |
| Lithuania (Last reviewed 19 February 2024) | 15 |
| Luxembourg (Last reviewed 02 January 2024) | 24.94% on a combined basis (CIT, solidarity surtax, and municipal business tax [Luxembourg City]) |
| Macau SAR (Last reviewed 16 January 2024) | 12 |
| Madagascar (Last reviewed 16 February 2024) | 20 |
| Malawi (Last reviewed 21 April 2023) | 30 |
| Malaysia (Last reviewed 06 December 2023) | 24 |
| Malta (Last reviewed 27 February 2024) | 35 |
| Mauritania (Last reviewed 11 March 2024) | 25 |
| Mauritius (Last reviewed 04 March 2024) | 15 (3% for companies exporting goods) |
| Mexico (Last reviewed 18 January 2024) | 30 |
| Moldova (Last reviewed 17 January 2024) | 12 |
| Mongolia (Last reviewed 22 December 2023) | 25 |
| Montenegro (Last reviewed 21 April 2023) | On the profit up to 100,000 euros (EUR) - 9% On the profit above EUR 100,000.01 to EUR 1,500,000, - EUR 9,000 plus 12% on the profit above EUR 100,000.01 On the profit above EUR 1,500,000.01 - EUR 177,000 plus 15% on the profit above EUR 1,500,000.01 |
| Morocco (Last reviewed 04 April 2023) | The 2023 finance bill fixed the applicable CIT rates as follows: 20% for companies with a net tax income lower than MAD 100 million. 35% for companies with a net tax income equal to or higher than MAD 100 million (subject to some exceptions). Still, the target rates of 20% and 35% rates would not be applicable until January 2026. As such, CIT rates will progressively evolve. For FY23, the CIT rate applicable to companies with a net taxable income higher than MAD 100 million is 32% |
| Mozambique (Last reviewed 28 February 2024) | 32 (reduced rate of 10% is applicable to agricultural, livestock, aquaculture, and urban transportation activities). |
| Myanmar (Last reviewed 14 February 2024) | 22 |
| Namibia, Republic of (Last reviewed 18 December 2023) | 32 |
| Netherlands (Last reviewed 09 January 2024) | 25.8 |
| New Caledonia (Last reviewed 16 April 2024) | 30 |
| New Zealand (Last reviewed 16 January 2024) | 28 |
| Nicaragua (Last reviewed 23 January 2024) | 30 |
| Nigeria (Last reviewed 09 February 2024) | 30% for large companies; 20% for medium companies; 0% for small companies |
| North Macedonia (Last reviewed 28 February 2024) | 10 |
| Norway (Last reviewed 23 January 2024) | 22 (25% for certain companies within the financial sector). |
| Oman (Last reviewed 11 February 2024) | 15 |
| Pakistan (Last reviewed 23 January 2024) | 29 |
| Palestinian territories (Last reviewed 25 January 2024) | 15 (20% for telecommunication companies and other companies that operate under a franchise or a monopoly in the Palestinian market) |
| Panama (Last reviewed 23 January 2024) | 25 |
| Papua New Guinea (Last reviewed 29 February 2024) | Resident: 30; Non-resident: 48 |
| Paraguay (Last reviewed 16 April 2024) | 10 |
| Peru (Last reviewed 09 January 2024) | 29.5 |
| Philippines (Last reviewed 22 February 2024) | 25 |
| Poland (Last reviewed 05 March 2024) | 19 |
| Portugal (Last reviewed 19 February 2024) | 21 |
| Puerto Rico (Last reviewed 10 November 2023) | 37.5 (i.e. 18.5% + 19% surtax on income over USD 275,000). |
| Qatar (Last reviewed 03 April 2024) | 10% (except for petrochemical/petroleum companies/operations, for which a minimum rate of 35% applies). |
| Romania (Last reviewed 16 October 2023) | 16 |
| Rwanda (Last reviewed 28 February 2024) | 28 |
| Saint Lucia (Last reviewed 01 December 2023) | 30 |
| Saudi Arabia (Last reviewed 05 March 2024) | 20 |
| Senegal (Last reviewed 24 February 2024) | 30 |
| Serbia (Last reviewed 01 April 2024) | 15 |
| Singapore (Last reviewed 04 May 2023) | 17 |
| Slovak Republic (Last reviewed 28 November 2023) | 21 |
| Slovenia (Last reviewed 13 February 2024) | 22 |
| South Africa (Last reviewed 08 December 2023) | 27 |
| Spain (Last reviewed 01 January 2024) | 25 |
| Sweden (Last reviewed 24 January 2024) | 20.6 |
| Switzerland (Last reviewed 16 January 2024) | Federal CIT: 8.5% on profit after tax (7.83% on profit before tax). Cantonal and communal CITs are added to federal CIT, resulting in an overall effective tax rate between 11.9% and 21.0%, depending on the company’s location of corporate residence in Switzerland. |
| Taiwan (Last reviewed 02 February 2024) | 20 |
| Tajikistan (Last reviewed 26 December 2023) | 18 (13 for entities producing goods and 20 for the activities of financial institutions and mobile companies) |
| Tanzania (Last reviewed 02 January 2024) | 30 |
| Thailand (Last reviewed 13 February 2024) | 20 |
| Timor-Leste (Last reviewed 19 March 2024) | 10 |
| Trinidad and Tobago (Last reviewed 01 February 2024) | 30 (35% for commercial banks and petrochemical companies) |
| Tunisia (Last reviewed 26 March 2024) | 15 |
| Turkey (Last reviewed 26 July 2023) | 25 (30% for financial sector companies) |
| Turkmenistan (Last reviewed 08 January 2024) | Domestic corp.: 8; Foreign corp.: 20 |
| Uganda (Last reviewed 25 March 2024) | 30 |
| Ukraine (Last reviewed 29 December 2023) | 18 (50% for banks for 2023; 25% for banks from 2024) |
| United Arab Emirates (Last reviewed 16 February 2024) | 9 |
| United Kingdom (Last reviewed 12 February 2024) | 25% main rate (from 1 April 2023) for companies with profits in excess of GBP 250,000; 19% small profits rate of corporation tax for companies whose profits do not exceed GBP 50,000 (from 1 April 2023). A sliding scale of tax rates applies to companies with augmented profits between GBP 50,000 and GBP 250,000. |
| United States (Last reviewed 07 February 2024) | Federal CIT: 21%. State CITs range from 1% to 12% (although some states impose no CIT) and are deductible expenses for federal CIT purposes. |
| Uruguay (Last reviewed 12 March 2024) | 25 |
| Uzbekistan, Republic of (Last reviewed 06 February 2024) | 15 |
| Venezuela (Last reviewed 24 January 2024) | 34 |
| Vietnam (Last reviewed 15 February 2024) | 20 |
| Zambia (Last reviewed 29 June 2023) | 30 |
| Zimbabwe (Last reviewed 28 February 2024) | 24.72 |
- 15
- 20
- 25
- 30
The heat map above shows each territory in a color corresponding to its highest statutory CIT rate (inclusive of surtaxes and exclusive of local taxes). The color key is based on CIT rate percentage. Clicking a region will then allow you to hover over and/or click a territory. Hovering over a territory will provide that territory's highest statutory CIT rate. Clicking a territory will take you to that territory's 'Taxes on corporate income' page.
Note that the rate applicable to a majority of industries is used for heat map purposes if rates are industry-specific. If rates are based on resident status, then the resident rate is used for heat map purposes. If a territory does not have a CIT, then a rate of 0% is used for heat map purposes. In instances where the highest statutory CIT rate cannot be easily defined, the territory color will be grey (but can still be viewed by hovering over it).