2024 Corporate Tax Rates by Country

Key Findings

• In 2024, 13 countries made changes to their statutory corporate income taxA corporate income tax (CIT) is levied by federal and state governments on business profits. Many companies are not subject to the CIT because they are taxed as pass-through businesses, with income reportable under the individual income tax.
  rates. Eight countries—Barbados, Belarus, Czechia, Fiji, Gibraltar, Iceland, Morocco, and Slovenia—increased their top corporate taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities.
  rates, while five countries—Austria, Cabo Verde, Rwanda, Swaziland, and the Syrian Arab Republic—reduced their corporate tax rates.
• The countries with the highest corporate tax rates in the world are Comoros (50 percent), Puerto Rico (37.5 percent), and Suriname (36 percent), while the countries with the lowest corporate rates are Turkmenistan (8 percent), Barbados, United Arab Emirates, and Hungary (all at 9 percent). Fifteen jurisdictions do not impose a corporate tax.
• Five countries with statutory corporate tax rates below 15 percent—Bulgaria, Hungary, Ireland, Lichtenstein, and Barbados—implemented the qualified domestic minimum top-up tax (QDMTT) rules from the Organisation for Co-operation and Economic Development (OECD) Pillar Two agreement, raising their effective corporate tax rate to 15 percent for large corporations.
• As of 2024, 28 countries have adopted both the income inclusion rule (IIR) and the QDMTT, three countries—Cyprus, Japan, and the Republic of Korea—have adopted only the IIR, and five countries—Barbados, Gibraltar, Slovakia, Switzerland, and Zimbabwe—have only adopted the QDMTT. Thirty countries are planning to adopt the undertaxed profits rule (UTPR) by the end of 2025.
• The worldwide average statutory corporate income tax rate, measured across 181 jurisdictions, is 23.51 percent. When weighted by GDP, the average statutory rate is 25.67 percent.
• Asia has the lowest regional average rate at 19.74 percent, while South America has the highest regional average statutory rate at 28.38 percent. However, when weighted by GDP, Europe has the lowest regional average rate at 24.39 percent and South America has the highest at 32.67 percent.
• The average top corporate rate among EU Member States is 21.27 percent, 23.85 percent in OECD countries, and 27.15 percent in the
• When accounting for the global minimum tax, Europe’s average rate raises to 20.53 percent, North America’s average rate raises to 25.84 percent, the OECD’s average rate raises to 24.08 percent, and EU Members States’ average rate raises to 21.77 percent.
• The worldwide average statutory corporate tax rate has consistently decreased since 1980 but has leveled off in recent years.
• The average statutory corporate tax rate has declined in every region since 1980.

Introduction

In 1980, corporate tax rates around the world averaged 40.18 percent, and 46.66 percent when weighted by GDP.[1] Since then, countries have recognized the impact that high corporate tax rates have on business investment decisions; in 2024, the average is now 23.51 percent, and 25.67 when weighted by GDP, for 181 separate tax jurisdictions. [2] When accounting for the global minimum tax, the 2024 average is 23.62 percent, and 25.7 percent when weighted by GDP.[3]

Declines have been seen in every major region of the world, including in the largest economies. In the United States, the 2017 Tax Cuts and Jobs Act brought the country’s statutory corporate income tax rate from the fourth highest in the world closer to the middle of the distribution.[4]

Asian and European countries tend to have lower corporate income tax rates than countries in other regions, and many developing countries have corporate income tax rates that are above the worldwide average.

Today, most countries have corporate tax rates below 30 percent.

Notable Corporate Tax Rate Changes in 2024

Thirteen countries changed their statutory corporate income tax rates in 2024. Eight countries increased their top corporate rates: Morocco (32 percent to 33 percent), Belarus (20 percent to 25 percent), Czechia (19 percent to 21 percent), Gibraltar (12.5 percent to 15 percent), Iceland (20 percent to 21 percent), Slovenia(19 percent to 22 percent), Barbados(5.5 percent to 9 percent) and Fiji (20 percent to 25 percent).

Five countries across three continents—Cabo Verde, Rwanda, Swaziland, Syrian Arab Republic, and Austria—reduced their corporate tax rates in 2024. The tax rate reductions ranged from just 1 percentage point in Austria and Cabo Verde to 3 percentage points in the Syrian Arab Republic.

Additionally, in 2024, five countries with statutory corporate tax rates below 15 percent—Bulgaria, Hungary, Ireland, Lichtenstein, and Barbados—implemented the QDMTT from the Pillar Two rules, raising their effective corporate tax rate for large companies to 15 percent.

Table 1: Notable Corporate Income Tax Rate Changes in 2024

Source: OECD, “Corporate income tax statutory and targeted small business rates,” updated September 2024; PwC, “Worldwide Tax Summaries – Corporate Taxes,” 2024, https://taxsummaries.pwc.com/; Bloomberg Tax, “Country Guides – Corporate Tax Rates,” accessed November 2024, https://www.bloomberglaw.com/product/tax/toc_view_menu/3380; and researched individually, see Tax Foundation, “worldwide-corporate-tax-rates,” GitHub, https://github.com/TaxFoundation/worldwide-corporate-tax-rates.

Scheduled Corporate Tax Rate Changes in the OECD and Selected Jurisdictions

Among OECD countries, Estonia and Lithuania have announced they will implement changes to their statutory corporate income tax rates in 2025. Additionally, Morocco and Slovenia have enacted changes to their statutory corporate income taxes that will take place over the coming years.

• In Estonia, the corporate income tax will be increased from 20 percent in 2024 to 22 percent in 2025.[5]
• In Lithuania, the corporate income tax will increase from 15 percent in 2024 to 16 percent in 2025.[6]
• In Morocco, the top corporate income tax was increased from 31 percent to 35 percent for companies with a taxable incomeTaxable income is the amount of income subject to tax, after deductions and exemptions. For both individuals and corporations, taxable income differs from—and is less than—gross income.
  higher than MAD 100 million (USD 9.9 million). However, this increase will be introduced over three years, with a one percentage point increase each year. For the fiscal year of 2024, the corporate income tax rate applicable is 33 percent.[7]
• In Slovenia, the top corporate income tax was increased temporarily, from 19 percent to 22 percent, for five years, until 2028. This five-year tax is set to finance the reconstruction efforts after the major floods that occurred in August 2023.[8]

The Impact of Global Minimum Tax

More than 140 countries have already agreed to a set of rules for a 15 percent global minimum tax, as part of the 2021 global tax agreement coordinated by the OECD. The global minimum tax, also known as Pillar Two, includes three main rules. The first is a qualified domestic minimum top-up tax, which countries could use to claim the first right to tax profits currently being taxed below the minimum effective rate of 15 percent. The second is an income inclusion rule, which determines when the foreign income of a company should be included in the taxable income of the parent company. When a company’s effective tax rate falls below 15 percent, additional taxes would be owed in its home jurisdiction. The third rule in Pillar Two is the undertaxed profits rule, which would allow a country to increase taxes on a company if another related entity in a different jurisdiction was being taxed below the 15 percent effective rate. If multiple countries apply a similar top-up tax, the taxable profit would be divided based on the location of tangible assets and employees.

These model rules are incentivizing countries around the world to implement a corporate income tax for the first time.

The United Arab Emirates, which introduced a 9 percent federal corporate income tax in 2023, will now impose a minimum top-up tax of 15 percent on large multinational companies operating in the country starting January 1, 2025.[9]

Bermuda has also introduced a minimum 15 percent corporate income tax. In recent years, the Bermuda government extended a tax exemptionA tax exemption excludes certain income, revenue, or even taxpayers from tax altogether. For example, nonprofits that fulfill certain requirements are granted tax-exempt status by the Internal Revenue Service (IRS), preventing them from having to pay income tax.
granted to Bermuda companies until March 2035. This exemption is supposed to protect companies from any newly enacted taxes on income or capital gains until March 2035. However, in December 2023, Bermuda introduced a 15 percent corporate income tax on multinational companies with annual revenue of EUR 750 million or more, effective from 2025.[10]

Additionally, in May 2023, the governments of Guernsey, Jersey, and the Isle of Man agreed on a joint internal approach to Pillar Two starting in 2025.[11]

At the end of 2022, the EU also adopted its own Pillar Two directive. The EU obliges Member States with more than 12 in-scope multinational groups to implement the IIR starting December 31, 2023, and the UTPR starting December 31, 2024. Member States with no more than 12 in-scope multinational groups can elect to defer implementing both rules for six years under Article 50 of the Directive.[12]

As of 2024, 28 countries have adopted both the IIR and the QDMTT, three countries—Cyprus, Japan, and the Republic of Korea—have adopted only the IIR, and five countries—Barbados, Gibraltar, Slovakia, Switzerland, and Zimbabwe—have only adopted the QDMTT. Thirty countries are planning to adopt the UTPR rules by the end of 2025, and more than 47 countries are set to adopt at least the QDMTT rules by 2026.[13]

However, while countries are looking for ways to implement the global minimum tax, they are also considering new qualified refundable tax creditA refundable tax credit can be used to generate a federal tax refund larger than the amount of tax paid throughout the year. In other words, a refundable tax credit creates the possibility of a negative federal tax liability. An example of a refundable tax credit is the Earned Income Tax Credit (EITC).
incentives for multinational companies allowed under the framework to continue competing for investment.[14]

The Highest and Lowest Corporate Tax Rates in the World

One hundred and forty-three of the 225 separate jurisdictions surveyed in 2024 have corporate tax rates at or below 25 percent.[15] One hundred and twenty-five have rates above 20 percent but below or at 30 percent. The average rate among the 225 jurisdictions is 23.51 percent.[16] The United States has the 82^nd-highest corporate tax rate with a combined federal and state statutory rate of 25.63 percent.[17]

The 20 countries with the highest statutory corporate income tax rates span almost every region, albeit unequally. While eight of the top 20 countries are in Africa, Oceania appears only once and Europe twice. Of the remaining jurisdictions, four are in North America, and five are in South America.

Table 2. 20 Highest Statutory Corporate Income Tax Rates in the World, 2024

*The normal corporate tax rate is 35 percent, which applies to both Comorian companies and foreign companies deriving Comorian-source income. However, public industrial and commercial enterprises or those where the state or certain public institutions are participants are subject to a corporate tax rate of 50 percent if their turnover exceeds 500 million Comorian francs; see Bloomberg Tax, “Country Guides: Comoros,” https://www.bloomberglaw.com/product/tax/document/25590833704.

Source: OECD, “Corporate income tax statutory and targeted small business rates,” updated September 2024; PwC, “Worldwide Tax Summaries – Corporate Taxes,” 2024, https://taxsummaries.pwc.com/; Bloomberg Tax, “Country Guides – Corporate Tax Rates,” accessed November 2024, https://www.bloomberglaw.com/product/tax/toc_view_menu/3380; and researched individually, see Tax Foundation, “worldwide-corporate-tax-rates,” GitHub, https://github.com/TaxFoundation/worldwide-corporate-tax-rates.

On the other end of the spectrum, of the 20 countries with the lowest non-zero statutory corporate tax rates, 18 charge rates at or below 15 percent. Nine countries have statutory rates of 10 percent, five being small European nations (Andorra, Bosnia and Herzegovina, Bulgaria, Kosovo, and Macedonia). The only two OECD members represented among the bottom 20 countries are Hungary and Ireland. Hungary reduced its corporate income tax rate from 19 to 9 percent in 2017. Ireland has had its 12.5 percent rate in place since 2003. In 2024, of the 18 countries with corporate tax rates below 15 percent, five—Bulgaria, Hungary, Ireland, Lichtenstein, and Barbados—have implemented the QDMTT from the Pillar Two rules, raising their effective corporate tax rate to 15 percent.

Table 3. 20 Lowest Statutory Corporate Income Tax Rates in the World, 2024

Note: Jurisdictions with a corporate income tax rate of zero percent are excluded.

*Apart from Albania and Georgia, there are 12 other countries with a corporate tax rate of 15 percent that are not shown in this table.

Source: OECD, “Corporate income tax statutory and targeted small business rates”; PwC, “Worldwide Tax Summaries – Corporate Taxes”; Bloomberg Tax, “Country Guides – Corporate Tax Rates”; and researched individually, see Tax Foundation, “worldwide-corporate-tax-rates.”

Of the 225 jurisdictions surveyed, 15 currently do not impose a general corporate income tax. All these jurisdictions are small, island nations. A handful, such as the Cayman Islands and Bermuda, are well known for their lack of corporate taxes.

Table 4. Countries Without General Corporate Income Tax, 2024

Note: *Bahrain has no general corporate income tax but has a targeted corporate income tax on oil companies, which can be as high as 46 percent. See Bloomberg Tax, “Country Guides – Corporate Tax Rates,” accessed November 2024, https://www.bloomberglaw.com/product/tax/toc_view_menu/3380. In Belize, the corporate tax rate is 40 percent, but as this rate applies only to the petroleum industry, the corporate tax rate in Belize has been included in this database as 0 percent to ensure consistency of treatment across all jurisdictions. See OECD, “Corporate Tax Statistics 2024,” November 2024, https://doi.org/10.1787/9c27d6e8-en.

Source: OECD, “Corporate income tax statutory and targeted small business rates”; PwC, “Worldwide Tax Summaries – Corporate Taxes”; Bloomberg Tax, “Country Guides – Corporate Tax Rates.”
Sources: OECD, “Table II.1. Statutory corporate income tax rate” and “Statutory Corporate Income Tax Rates”; PwC, “Worldwide Tax Summaries – Corporate Taxes”; Bloomberg Tax, “Country Guides – Corporate Tax Rates.”

Regional Variation in Corporate Tax Rates

Corporate tax rates can vary significantly by region. South America has the highest average statutory corporate tax rate among all regions at 28.38 percent. Asia has the lowest average statutory corporate tax rate among all regions at 19.74 percent.

When weighted by GDP, South America has the highest average statutory corporate tax rate at 32.67 percent, while Europe has the lowest at 24.39 percent.

In general, larger and more industrialized nations tend to have higher corporate income tax rates than smaller nations. The G7, which is comprised of the seven wealthiest nations in the world, has an average statutory corporate income tax rate of 27.15 percent and a weighted average rate of 26.63 percent. OECD member states have an average statutory corporate tax rate of 23.85 percent and a rate of 26.12 percent when weighted by GDP. The BRICS[18] have an average statutory rate of 27.20 percent and a weighted average statutory corporate income tax rate of 26.22 percent.

When accounting for the global minimum tax, there are no significant changes in the weighted averages of the regions analyzed. However, when comparing the unweighted averages, both Europe (20.53 percent) and North America (25.84 percent) have slightly higher average rates when accounting for the global minimum than without the global minimum tax (20.18 percent and 25.59 percent, respectively). Additionally, when accounting for the global minimum tax, the OECD average rate raises from 23.85 percent to 24.08 percent, while the European Union average raises from 21.27 percent to 21.77 percent.

Table 5. Average Corporate Tax Rate by Region or Group, 2024

Note: GDP calculations are from the US Department of Agriculture, “International Macroeconomics Data Set.”
Source: OECD, “Corporate income tax statutory and targeted small business rates”; PwC, “Worldwide Tax Summaries – Corporate Taxes”; Bloomberg Tax, “Country Guides – Corporate Tax Rates”; and some jurisdictions researched individually, see Tax Foundation, “worldwide-corporate-tax-rates.”

The following map illustrates the current state of corporate tax rates around the world. Countries in Africa and South America tend to have higher corporate tax rates than Asian and European jurisdictions. Oceania’s and North America’s corporate tax rates tend to be close to the world average.

Distribution of Corporate Tax Rates

Only three tax jurisdictions impose a corporate income tax at statutory rates greater than 35 percent. [19] The following chart shows a distribution of corporate income tax rates among 225 jurisdictions in 2024. A plurality of countries (125 total) impose a rate above 20 percent and below or at 30 percent. Seventeen jurisdictions have a statutory corporate tax rate above 30 percent and below or at 35 percent. Eighty jurisdictions have a statutory corporate tax rate below or at 20 percent, and 205 jurisdictions have a corporate tax rate below or at 30 percent.

The Decline of Corporate Tax Rates since 1980 Leveled Off in Recent Years

Over the past 44 years, corporate tax rates have consistently declined on a global basis. In 1980, the unweighted average worldwide statutory tax rate was 40.18 percent. Today, the average statutory rate stands at 23.51 percent—a 41 percent reduction—and 23.62 percent when accounting for the global minimum tax.[20]

Despite a general decline in corporate tax rates around the world, OECD and non-OECD countries have also become more reliant on revenue from corporate income taxes. One cause for this change has been a shift in the jurisdictions included.[21] Secondly, the negative revenue impact of the decline in corporate tax rates was generally offset by reducing or abolishing tax relief policies. [22]

The weighted average statutory rate has remained higher than the simple average over this period. Prior to US tax reform in 2017, the United States was largely responsible for keeping the weighted average higher, given its relatively high tax rate, as well as its significant contribution to global GDP. Figure 4 shows the significant impact the change in the US corporate rate had on the worldwide weighted average. The weighted average statutory corporate income tax rate has declined from 46.66 percent in 1980 to 25.67 percent (25.7 percent when accounting for the global minimum tax) in 2024, representing a 45 percent reduction over the 44 years surveyed.

Over time, more countries have shifted to taxing corporations at rates of 30 percent or lower, with the United States following this trend with its tax changes at the end of 2017. The largest shift occurred between 1990 and 2000, with 49 percent of countries imposing a statutory rate below 30 percent in 2000 and only 27 percent of countries in the dataset imposing a statutory rate below 30 percent in 1990. This trend continued between 2000 and 2010, with 79 percent of countries imposing a statutory rate below 30 percent in 2010. Currently, 91 percent of countries impose a statutory rate below 30 percent.[23]

All regions saw a net decline in average statutory rates between 1980 and 2024. The average declined the most in Europe, with the 1980 average of 44.6 percent dropping to 20.18 percent (20.53 percent when accounting for the global minimum tax)—a 55 percent decline. South America has seen the smallest decline, with the average only decreasing by 23 percent, from 36.66 percent in 1980 to 28.38 percent in 2024.

South America saw two periods, 1990-2000 and 2010-2024, during which the average statutory rate increased slightly by less than 0.5 percentage points, although the average rate decreased over the full 44-year period.

Conclusion

Worldwide and regional average top statutory corporate tax rates have declined over the past four decades due to countries turning to more efficient tax types.[24] However, they have leveled off in recent years. Of the 225 jurisdictions around the world, only eight have increased their top corporate income tax rates in 2024, while five low-tax jurisdictions raised their effective corporate tax rates by implementing the global minimum tax, a trend that might be reversed in the coming years as more countries will be implementing the global minimum tax.

Compare All 2024 Corporate Tax Rates

Table 6. Statutory Top Corporate Tax Rates and Pillar Two Implementation Around the World, 2024

Note: Continent abbreviations are as follows: “AF” is Africa, “AS” is Asia, “EU” is Europe, “OC” is Oceania, “NO” is North America, and “SA” is South America. Countries are assigned to continents based on ISO standards; see DataHub.io, “Comprehensive country codes: ISO 3166, ITU, ISO 4217 currency codes and many more,” https://datahub.io/core/country-codes#resource-country-codes_zip.

Source: Statutory corporate income tax rates are from OECD, “Corporate income tax statutory and targeted small business rates”; PwC, “Worldwide Tax Summaries – Corporate Taxes”; Bloomberg Tax, “Country Guides – Corporate Tax Rates”; and some jurisdictions researched individually, see Tax Foundation, “worldwide-corporate-tax-rates.” Tax Rate Accounting for Global Minimum Tax was calculated based on PwC, “Pillar Two Country Tracker,” accessed Dec. 2, 2024. https://pwc.com/gx/en/services/tax/pillar-two-readiness/country-tracker.html

Appendix

The Dataset

Scope

The dataset compiled for this publication includes the 2024 statutory corporate income tax rates of 225 sovereign states and dependent territories around the world. Tax rates were researched only for jurisdictions that are among the around 250 sovereign states and dependent territories that have been assigned a country code by the International Organization for Standardization (ISO). As a result, zones or territories that are independent taxing jurisdictions but do not have their own country code are generally not included in the dataset.

In addition, the dataset includes historic statutory corporate income tax rates from 1980 to 2022. However, these years cover tax rates of fewer than 225 jurisdictions due to missing data points. Please let Tax Foundation know if you are aware of any sources for historic corporate tax rates that are not mentioned in this report, as we constantly strive to improve our datasets.

To be able to calculate average statutory corporate income tax rates weighted by GDP, the dataset includes GDP data for 181 jurisdictions. When used to calculate average statutory corporate income tax rates, either weighted by GDP or unweighted, only these 181 jurisdictions are included (to ensure the comparability of the unweighted and weighted averages).

Definition of Selected Corporate Income Tax Rate

The dataset captures standard top statutory corporate income tax rates levied on domestic businesses. This means:

• The dataset does not reflect special tax regimes, including but not limited to patent boxes, offshore regimes, or special rates for specific industries.
• A number of countries levy lower rates for businesses below a certain revenue threshold. The dataset does not capture these lower rates.
• A few countries levy gross revenue taxes on businesses instead of corporate income taxes. Since the tax rates of a corporate income tax and a gross revenue tax are not comparable, these countries are excluded from the dataset.
• Some countries have a separate tax rate for nonresident companies. This dataset does not consider nonresident tax rates that differ from the general corporate rate.

Sources

Tax Rates for the Year 2024

For OECD and non-OECD countries, the statutory corporate income tax rates used are the combined corporate income tax rates provided by the OECD; see OECD, “Corporate income tax statutory and targeted small business rates,” updated September 2024. Another source used for non-OECD jurisdictions is the statutory rates provided by PwC, “Worldwide Tax Summaries – Corporate Taxes,” 2024, https://taxsummaries.pwc.com/. The study also relies on Bloomberg Tax, “Country Guides – Corporate Tax Rates,” accessed in November 2024, https://www.bloomberglaw.com/product/tax/toc_view_menu/3380. Jurisdictions that are not part of these sources were researched individually. The source for each of these jurisdictions is listed in a GitHub repository; see Tax Foundation, “worldwide-corporate-tax-rates,” GitHub, https://github.com/TaxFoundation/worldwide-corporate-tax-rates.

To calculate the 2024 tax rates accounting for the global minimum tax, the Pillar Two country tracker was used; see PwC, “Pillar Two Country Tracker,” accessed Dec. 2, 2024, https://pwc.com/gx/en/services/tax/pillar-two-readiness/country-tracker.html.

Tax Rates for the Years 1980-2023

Tax rates for the time frame between 1980 and 2023 are taken from a dataset compiled by the Tax Foundation over the last few years. These historic rates come from multiple sources: PwC, “Worldwide Tax Summaries – Corporate Taxes,” 2010-2023; KPMG, “Corporate Tax Rate Survey,” 1998- 2003; KPMG, “Corporate tax rates table,” 2003-2019; EY, “Worldwide Corporate Tax Guide,” 2004-2019; OECD, “Historical Table II.1 – Statutory corporate income tax rate,” 1999, https://data-explorer.oecd.org/vis?tenant=archive&df[ds]=DisseminateArchiveDMZ&df[id]=DF_TABLE_II1&df[ag]=OECD&dq=.&lom=LASTNPERIODS&lo=5&to[TIME_PERIOD]=false; the University of Michigan – Ross School of Business, “World Tax Database,” https://www.bus.umich.edu/otpr/otpr/default.asp; and numerous government websites.

Gross Domestic Product (GDP) for the Years 1980-2024

GDP calculations are from the US Department of Agriculture, “International Macroeconomics Data Set- Historical and projected real gross domestic product (GDP) and growth rates of GDP for baseline countries/regions (in billions of 2017 dollars) 1970-2034,” Nov. 15 , 2024, https://www.ers.usda.gov/data-products/international-macroeconomic-data-set/.

References

[1] Unless otherwise noted, calculated averages of statutory corporate income tax rates only include jurisdictions for which GDP data is available for all years between 1980 and 2024. For 2024, the dataset includes statutory corporate income tax rates of 225 jurisdictions, but GDP data is available for only 181 of these jurisdictions, reducing the number of jurisdictions included in calculated averages to 181. For years prior to 2024, the number of countries included in calculated averages varies by year due to missing corporate tax rates; that is, the 1980 average includes statutory corporate income tax rates of 75 jurisdictions, compared to 181 jurisdictions in 2024.

[2] Statutory rates are from OECD, “Corporate income tax statutory and targeted small business rates,” updated September 2024; PwC, “Worldwide Tax Summaries – Corporate Taxes,” 2023, https://taxsummaries.pwc.com/; Bloomberg Tax, “Country Guides – Corporate Tax Rates,” accessed November 2023, https://www.bloomberglaw.com/product/tax/toc_view_menu/3380; and researched individually, see Tax Foundation, “worldwide-corporate-tax-rates,” GitHub, https://github.com/TaxFoundation/worldwide-corporate-tax-rates. Tax rates accounting for global minimum tax were calculated based on PwC, “Pillar Two Country Tracker,” accessed Dec. 2, 2024, https://pwc.com/gx/en/services/tax/pillar-two-readiness/country-tracker.html. GDP calculations are from the US Department of Agriculture, “International Macroeconomics Data Set,” Nov. 15, 2024, https://www.ers.usda.gov/data-products/international-macroeconomic-data-set/.

[3] By 2024, five jurisdictions with statutory corporate tax rates below 15 percent implemented the qualified domestic minimum top-up tax from the Pillar Two rules, raising their effective corporate tax rate to 15 percent. See PwC, “Pillar Two Country Tracker,” accessed Dec. 2, 2024, https://pwc.com/gx/en/services/tax/pillar-two-readiness/country-tracker.html.

[4] Kari Jahnsen and Kyle Pomerleau, “Corporate Income Tax Rates around the World, 2017,” Tax Foundation, Sep. 7, 2017, https://taxfoundation.org/corporate-income-tax-rates-around-the-world-2017/.

[5] PwC, “Worldwide Tax Summaries – Estonia,” 2024, https://taxsummaries.pwc.com/estonia/corporate/significant-developments.

[6] PwC, “Worldwide Tax Summaries – Lithuania,” 2024, https://taxsummaries.pwc.com/lithuania/corporate/taxes-on-corporate-income.

[7] PwC, “Worldwide Tax Summaries – Morocco,” 2024, https://taxsummaries.pwc.com/morocco/corporate/taxes-on-corporate-income.

[8] PwC, “Worldwide Tax Summaries – Slovenia,” 2024, https://taxsummaries.pwc.com/slovenia/corporate/taxes-on-corporate-income.

[9] Reuters, “UAE to impose 15% minimum top-up tax on large multinationals from January,” Dec. 9, 2024, https://www.reuters.com/markets/uae-impose-15-domestic-minimum-top-up-tax-large-multinationals-jan-1-2024-12-09.

[10] PwC, “Worldwide Tax Summaries – Bermuda,” 2024, https://taxsummaries.pwc.com/bermuda/corporate/significant-developments.

[11] States of Guernsey, “Guernsey aligns with Jersey and Isle of Man on approach to OECD’s Pillar Two Framework,” https://gov.gg/Guernsey-Jersey-IoM-align-OECD-Pillar-Two.

[12]Alex Mengden, “Pillar Two Implementation in Europe, 2024,” Tax Foundation, Nov. 5, 2024, https://taxfoundation.org/data/all/eu/pillar-two-implementation-europe/.

[13] PwC, “Pillar Two Country Tracker,” accessed Dec. 2, 2024, https://pwc.com/gx/en/services/tax/pillar-two-readiness/country-tracker.html.

[14] Bloomberg Tax, “Tax Havens Race to Lure Companies as 15% Global Levy Looms,” Dec. 6. 2023, https://news.bloombergtax.com/daily-tax-report-international/tax-havens-race-to-lure-companies-as-15-global-levy-looms.

[15] As no averages are presented in this section, it covers all 225 jurisdictions for which corporate income tax rates were found in 2024 (thus including jurisdictions for which GDP data was not available).

[16] This average is lower than the average of the 181 jurisdictions because many of the jurisdictions for which no GDP data is available are small economies with low corporate income tax rates.

[17] Where applicable, similar combinations of national and subnational rates are included in this dataset. For example, the combined German corporate tax rate is 29.93 percent, which includes both the federal rate of 15 percent and municipal trade taxes ranging from 14 to 17 percent.

[18] BRICS is a group of countries with major emerging economies. The members of this group are Brazil, Russia, India, China, and South Africa.

[19] As no averages are presented in this chapter, it covers all 225 jurisdictions for which 2023 corporate income tax rates were found (thus including jurisdictions for which GDP data was not available).

[20] Historical data comes from multiple sources: PwC, “Worldwide Tax Summaries – Corporate Taxes,” 2010-2019; KPMG, “Corporate Tax Rate Survey,” 1998- 2003; KPMG, “Corporate tax rates table,” 2003-2019; EY, “Worldwide Corporate Tax Guide,” 2004-2019; OECD, “Historical Table II.1 – Statutory corporate income tax rate,” 1999, https://data-explorer.oecd.org/vis?tenant=archive&df[ds]=DisseminateArchiveDMZ&df[id]=DF_TABLE_II1&df[ag]=OECD&dq=.&lom=LASTNPERIODS&lo=5&to[TIME_PERIOD]=false; University of Michigan – Ross School of Business, “World Tax Database,” https://www.bus.umich.edu/otpr/otpr/default.asp; and numerous government websites.

[21] Daniel Bunn, “Sources of Government Revenue in the OECD,” Tax Foundation, 2023, https://taxfoundation.org/publications/sources-of-government-revenue-in-the-oecd/.

[22] OECD, “Revenue Statistics 2023: Tax Revenue Buoyancy in OECD Countries,” OECD Publishing, 2023, https://read.oecd-ilibrary.org/taxation/revenue-statistics-2023_9d0453d5-en#page22.

[23] This section of the report covers all 225 jurisdictions for which 2024 corporate income tax rates were found (thus including jurisdictions for which GDP data was not available).

[24] Asa Johansson, Christopher Heady, Jens Arnold, Bert Brys, and Laura Vartia, “Tax and Economic Growth,” OECD, Jul. 11, 2008, https://www.oecd.org/tax/tax-policy/41000592.pdf; see also, Alex Durante, “Reviewing Recent Evidence of the Effect of Taxes on Economic Growth,” Tax Foundation, May 21, 2021, https://taxfoundation.org/reviewing-recent-evidence-effect-taxes-economic-growth/.

Share this article

Twitter
LinkedIn
Facebook
Email