Quick Charts

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 21 June 2022) 15
Algeria (Last reviewed 01 June 2022) 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.
10%, reduced rate for reinvested profit by manufacturing companies through acquiring production equipment or equity shares , stocks or similar securities of at least 90% in the share capital of another manufacturing, construction, or service companies subjected to paying up the total amount of the share acquisition.
Angola (Last reviewed 14 December 2021) 25
Argentina (Last reviewed 17 February 2022) 35
Armenia (Last reviewed 07 June 2022) 18
Australia (Last reviewed 27 June 2022) 30% (25% for 'small-medium business' entities)
Austria (Last reviewed 23 June 2022) 25 (this rate will be reduced to 24% in 2023 and to 23% in 2024)
Azerbaijan (Last reviewed 24 January 2022) 20
Bahrain (Last reviewed 18 January 2022) 46 for oil corp.'s;
0 for other corp.'s
Barbados (Last reviewed 01 February 2022) 5.5% to 1%
Belarus (Last reviewed 21 February 2022) 18
Belgium (Last reviewed 01 February 2022) 25
Bermuda (Last reviewed 10 January 2022) NA
Bolivia (Last reviewed 13 January 2022) 25 (except for mining, financial institutions, and insurance/reinsurance companies, which have an additional income tax rate).
Bosnia and Herzegovina (Last reviewed 03 February 2022) 10
Botswana (Last reviewed 25 March 2022) 22
Brazil (Last reviewed 10 March 2022) 34 (composed of IRPJ at the rate of 25% and CSLL at the rate of 9%).
Bulgaria (Last reviewed 03 February 2022) 10
Cabo Verde (Last reviewed 18 February 2022) 22.44 (i.e. 22% + 2% surcharge)
Cambodia (Last reviewed 20 January 2022) 20
Cameroon, Republic of (Last reviewed 11 April 2022) 33% for entities with turnover above 3 billions
30.8% for entities with turnover below or equal to 3 billions
Canada (Last reviewed 23 June 2022) Federal CIT: 15%. Provincial and territorial CITs range from 8% to 16% and are not deductible for federal CIT purposes.
Cayman Islands (Last reviewed 08 December 2021) NA
Chad (Last reviewed 11 April 2022) 35
Chile (Last reviewed 11 December 2021) 25 or 27
China, People's Republic of (Last reviewed 29 June 2022) 25
Colombia (Last reviewed 11 January 2022) 35
Congo, Democratic Republic of the (Last reviewed 08 February 2022) 30
Congo, Republic of (Last reviewed 30 June 2022) 28
Costa Rica (Last reviewed 03 February 2022) 30
Croatia (Last reviewed 10 January 2022) 18 (10% for companies realising less than HRK 7.5 million in revenues)
Cyprus (Last reviewed 30 June 2022) 12.5
Czech Republic (Last reviewed 11 January 2022) 19
Denmark (Last reviewed 18 February 2022) 22
Dominican Republic (Last reviewed 25 January 2022) 27
Ecuador (Last reviewed 02 March 2022) 22%, 25% or 28%, depending on the company's shareholders structure (corporate structure) and disclosure compliance.
Egypt (Last reviewed 29 June 2022) 22.5
El Salvador (Last reviewed 06 January 2022) 30
Equatorial Guinea (Last reviewed 01 March 2022) 35
Estonia (Last reviewed 16 December 2021) 20 (undistributed profits are tax exempt)
Eswatini (Last reviewed 20 June 2022) 27.5
Fiji (Last reviewed 07 January 2022) 20
Finland (Last reviewed 31 December 2021) 20
France (Last reviewed 27 January 2022) 25
Gabon (Last reviewed 15 March 2022) 30 (35% for oil & gas and mining companies)
Georgia (Last reviewed 04 January 2022) 15
Germany (Last reviewed 30 June 2022) 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 26 January 2022) 25
Gibraltar (Last reviewed 10 December 2021) 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 10 February 2022) 22
Greenland (Last reviewed 01 June 2022) 26.5 (i.e. 25% + 6% surcharge)
Guatemala (Last reviewed 08 December 2021) System on earnings: 25% on net income;
Simplified optional system: 7% on gross income
Guernsey, Channel Islands (Last reviewed 21 June 2022) 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 02 March 2022) 25
Honduras (Last reviewed 29 January 2022) 25, plus a surcharge of 5% on net taxable income over HNL 1 million.
Hong Kong SAR (Last reviewed 30 June 2022) Corporations: 16.5;
Unincorporated businesses: 15
Hungary (Last reviewed 07 January 2022) 9
Iceland (Last reviewed 25 February 2022) 20
India (Last reviewed 24 May 2022) Domestic companies
1. 25% or 30% (applicable surcharge and cess) depending on turnover
2. 15% or 22% (applicable surcharge and cess) subject to certain conditions

Foreign companies (having Permanent Establishment in India)
40% (applicable surcharge and cess)

Please refer to “Corporate - Taxes on corporate income” for effective tax rates for different classes of companies.
Indonesia (Last reviewed 22 June 2022) 22
Iraq (Last reviewed 08 December 2021) 15 (35 for certain companies in the oil and gas sector)
Ireland (Last reviewed 29 June 2022) Trading corp.: 12.5
Non-trading corp.: 25
Isle of Man (Last reviewed 15 December 2021) Corporate: 0;
Banks: 10;
Income from real estate: 20
Israel (Last reviewed 01 July 2022) 23
Italy (Last reviewed 14 March 2022) 24
Ivory Coast (Côte d'Ivoire) (Last reviewed 21 March 2022) 25
Jamaica (Last reviewed 18 February 2022) Regulated company: 33⅓;
Building society: 30;
Life assurance company: 25;
Unregulated company: 25
Japan (Last reviewed 02 March 2022) 23.2
Jersey, Channel Islands (Last reviewed 17 January 2022) 0, with certain financial services companies paying 10, and utility companies, large corporate retailers, and cannabis businesses paying 20.
Rent: 20
Jordan (Last reviewed 30 June 2022) Banks: 35;
Telecommunication, insurance corp.'s, financial intermediary: 24;
Other corp.'s: 20
Kazakhstan (Last reviewed 09 December 2021) 20
Kenya (Last reviewed 21 January 2022) Resident corp.: 30;
Foreign corp.: 37.5
Korea, Republic of (Last reviewed 01 June 2022) 25
Kosovo (Last reviewed 26 January 2022) 10
Kuwait (Last reviewed 13 January 2022) A flat rate of 15%
Kyrgyzstan (Last reviewed 02 March 2022) 10
Lao PDR (Last reviewed 26 January 2022) 20 (previously 24)
Latvia (Last reviewed 12 January 2022) 20 (payable only when profits are distributed).
Lebanon (Last reviewed 17 December 2021) 17
Libya (Last reviewed 13 January 2022) 24 (i.e. 20% + 4% Jehad Tax)
Liechtenstein (Last reviewed 24 June 2022) 12.5
Lithuania (Last reviewed 03 March 2022) 15
Luxembourg (Last reviewed 13 January 2022) 24.94% on a combined basis (CIT, solidarity surtax, and municipal business tax [Luxembourg City])
Macau SAR (Last reviewed 23 December 2021) 12
Madagascar (Last reviewed 28 January 2022) 20
Malawi (Last reviewed 14 March 2022) 30
Malaysia (Last reviewed 13 June 2022) 24
Maldives, Republic of (Last reviewed 18 February 2022) 15
Malta (Last reviewed 18 January 2022) 35
Mauritania (Last reviewed 07 April 2022) 25
Mauritius (Last reviewed 14 January 2022) 15 (3% for companies exporting goods)
Mexico (Last reviewed 05 July 2022) 30
Moldova (Last reviewed 06 July 2022) 12
Mongolia (Last reviewed 09 June 2022) 25
Montenegro (Last reviewed 07 June 2022) Applicable tax rate depends on the realized profit of taxpayers and tax rate varies from 9% -15%. Progressive tax rate are as follows:

On the profit up to EUR 100,000, the tax rate shall be 9% fixed;
On the profit from EUR 100,000.01 to EUR 1,500,000, the tax shall be paid in the amount of EUR 9,000 fixed + 12% on the profit above EUR 100,000.01;
On the profit above EUR 1,500,000, the tax shall be paid in the amount of EUR 177,000 fixed + 15% on the profit above EUR 1,500,000.01.
Morocco (Last reviewed 02 September 2021) 31
Mozambique (Last reviewed 25 June 2022) 32
Myanmar (Last reviewed 17 January 2022) 25
Namibia, Republic of (Last reviewed 02 June 2022) 32
Netherlands (Last reviewed 01 July 2022) 25.8
New Zealand (Last reviewed 14 January 2022) 28
Nicaragua (Last reviewed 01 July 2022) 30
Nigeria (Last reviewed 21 February 2022) 30% for large companies;
20% for medium companies;
0% for small companies
North Macedonia (Last reviewed 13 January 2022) 10
Norway (Last reviewed 23 December 2021) 22 (25% for certain companies within the financial sector).
Oman (Last reviewed 04 January 2022) 15
Pakistan (Last reviewed 20 December 2021) 29
Palestinian territories (Last reviewed 08 June 2022) 15 (20% for telecommunication companies and other companies that operate under a franchise or a monopoly in the Palestinian market)
Panama (Last reviewed 14 December 2021) 25
Papua New Guinea (Last reviewed 03 June 2022) Resident: 30;
Non-resident: 48
Paraguay (Last reviewed 26 January 2022) 10
Peru (Last reviewed 11 January 2022) 29.5
Philippines (Last reviewed 30 June 2022) 25
Poland (Last reviewed 10 June 2022) 19
Portugal (Last reviewed 08 April 2022) 21
Puerto Rico (Last reviewed 21 February 2022) 37.5 (i.e. 18.5% + 19% surtax on income over USD 275,000).
Qatar (Last reviewed 17 April 2022) 10% (except for petrochemical/petroleum companies/operations, for which a minimum rate of 35% applies).
Romania (Last reviewed 02 February 2022) 16
Rwanda (Last reviewed 02 March 2022) 30
Saint Lucia (Last reviewed 01 February 2022) 30
Saudi Arabia (Last reviewed 21 June 2022) 20
Senegal (Last reviewed 19 January 2022) 30
Serbia (Last reviewed 07 June 2022) 15
Singapore (Last reviewed 27 March 2022) 17
Slovak Republic (Last reviewed 10 February 2022) 21
Slovenia (Last reviewed 01 February 2022) 19
South Africa (Last reviewed 30 June 2022) 27
Spain (Last reviewed 27 January 2022) 25
Sri Lanka (Last reviewed 29 June 2022) 24
Sweden (Last reviewed 17 January 2022) 20.6
Switzerland (Last reviewed 23 February 2022) 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 21.6%, depending on the company’s location of corporate residence in Switzerland.
Taiwan (Last reviewed 27 June 2022) 20
Tajikistan (Last reviewed 30 June 2022) 18 (13 for entities producing goods and 20 for the activities of financial institutions and mobile companies)
Tanzania (Last reviewed 03 February 2022) 30
Thailand (Last reviewed 03 January 2022) 20
Timor-Leste (Last reviewed 21 February 2022) 10
Trinidad and Tobago (Last reviewed 11 April 2022) 30 (35% for commercial banks and Petrochemical companies)
Tunisia (Last reviewed 21 February 2022) 15
Turkey (Last reviewed 21 February 2022) 23
Turkmenistan (Last reviewed 03 January 2022) Domestic corp.: 8;
Foreign corp.: 20
Uganda (Last reviewed 21 January 2022) 30
Ukraine (Last reviewed 30 June 2022) 18
United Arab Emirates (Last reviewed 04 March 2022) Up to 55% for upstream oil and gas activities, 20% for branches of foreign banks, and (in practice) 0% for most other companies and branches.
United Kingdom (Last reviewed 30 December 2021) 19 (main rate to increase to 25% from 1 April 2023)
United States (Last reviewed 01 February 2022) 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 30 December 2021) 25
Uzbekistan, Republic of (Last reviewed 26 January 2022) 15
Venezuela (Last reviewed 30 June 2022) 34
Vietnam (Last reviewed 08 February 2022) 20
Zambia (Last reviewed 01 June 2022) 30 (35% in prior year)
Zimbabwe (Last reviewed 02 March 2022) 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).

NA stands for Not Applicable (i.e. the territory does not have the indicated tax or requirement)

NP stands for Not Provided (i.e. the information is not currently provided in this chart)

All information in this chart is up to date as of the 'Last reviewed' date on the corresponding territory Overview page. This chart has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this chart without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this chart, and, to the extent permitted by law, PwC does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this chart or for any decision based on it.