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.
  • 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).

Territory Headline CIT rate (%)
Albania (Last reviewed 22 June 2020) 15
Algeria (Last reviewed 01 June 2020) 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 14 January 2020) 30
Argentina (Last reviewed 18 June 2020) 30
Armenia (Last reviewed 17 January 2020) 20
Australia (Last reviewed 20 December 2019) 30% (27.5% for 'small business' entities)
Austria (Last reviewed 30 June 2020) 25
Azerbaijan (Last reviewed 11 February 2020) 20
Bahrain (Last reviewed 08 January 2020) 46 for oil corp.'s;
0 for other corp.'s
Barbados (Last reviewed 16 December 2019) 5.5% to 1%
Belarus (Last reviewed 15 June 2020) 18
Belgium (Last reviewed 11 February 2020) 29.58 (i.e. 29% + 2% surcharge)
Bermuda (Last reviewed 10 February 2020) NA
Bolivia (Last reviewed 27 December 2019) 25 (except for mining and financial institutions, which have an additional income tax rate).
Bosnia and Herzegovina (Last reviewed 13 February 2020) 10
Botswana (Last reviewed 24 January 2020) 22
Brazil (Last reviewed 07 January 2020) 34 (composed of IRPJ at the rate of 25% and CSLL at the rate of 9%).
Bulgaria (Last reviewed 04 February 2020) 10
Cabo Verde (Last reviewed 10 January 2020) 22.44 (i.e. 22% + 2% surcharge)
Cambodia (Last reviewed 08 January 2020) 20
Cameroon, Republic of (Last reviewed 23 January 2020) 33
Canada (Last reviewed 17 June 2020) Federal CIT: 15%. Provincial and territorial CITs range from 11% to 16% and are not deductible for federal CIT purposes.
Cayman Islands (Last reviewed 07 January 2020) NA
Chad (Last reviewed 04 February 2020) 35
Chile (Last reviewed 02 June 2020) 25 or 27
China, People's Republic of (Last reviewed 30 June 2020) 25
Colombia (Last reviewed 05 February 2020) The nominal rate for FY 2020 is 32%, this rate will decrease to 30% in 2022 (31% in FY 2021).
Congo, Democratic Republic of the (Last reviewed 29 January 2020) 30
Congo, Republic of (Last reviewed 31 December 2019) 30
Costa Rica (Last reviewed 20 December 2019) 30
Croatia (Last reviewed 20 February 2020) 18 (12% for companies realising less than HRK 7.5 million in revenues)
Cyprus (Last reviewed 30 June 2020) 12.5
Czech Republic (Last reviewed 09 January 2020) 19
Denmark (Last reviewed 19 February 2020) 22
Dominican Republic (Last reviewed 08 January 2020) 27
Ecuador (Last reviewed 10 February 2020) 22% to 28%, depending on the company's shareholders structure (corporate structure) and disclosure compliance.
Egypt (Last reviewed 16 January 2020) 22.5
El Salvador (Last reviewed 20 December 2019) 30
Equatorial Guinea (Last reviewed 26 February 2020) 35
Estonia (Last reviewed 03 January 2020) 20 (undistributed profits are tax exempt)
Fiji (Last reviewed 27 January 2020) 20
Finland (Last reviewed 30 June 2020) 20
France (Last reviewed 16 September 2019) 33.33, plus a social contribution of 3.3% assessed on the amount of CIT.
Gabon (Last reviewed 04 February 2020) 30 (35% for oil & gas and mining companies)
Georgia (Last reviewed 23 June 2020) 15
Germany (Last reviewed 10 January 2020) Corporate income tax/solidarity surcharge: 15.825%;
Trade tax: From 12.6% to 20.3%, depending upon the location of the business establishment.
Ghana (Last reviewed 06 February 2020) 25
Gibraltar (Last reviewed 12 February 2020) 10 (utility and energy providers and corp.'s abusing a dominant position pay a rate of 20%)
Greece (Last reviewed 30 June 2020) 24
Greenland (Last reviewed 02 June 2020) 26.5 (i.e. 25% + 6% surcharge)
Guatemala (Last reviewed 23 January 2020) System on earnings: 25% on net income;
Simplified optional system: 7% on gross income
Guernsey, Channel Islands (Last reviewed 06 January 2020) Corporate: 0;
Banking, custody services, insurance, certain fund administration businesses, and regulated investment management services to individual clients: 10;
Income from property, importation of hydrocarbon oil and gas, and retail businesses where taxable profits are above GBP 500,000: 20
Guyana (Last reviewed 10 February 2020) 25
Honduras (Last reviewed 10 January 2020) 25, plus a surcharge of 5% on net taxable income over HNL 1 million.
Hong Kong SAR (Last reviewed 30 June 2020) First HKD 2,000,000 of assessable profits at 8.25%;
Remaining assessable profits at 16.5%
Hungary (Last reviewed 15 January 2020) 9
Iceland (Last reviewed 05 February 2020) 20
India (Last reviewed 14 May 2020) Domestic corp.: 25%* if turnover/gross receipts do not exceed INR 4 billion for FY 2017/18; otherwise, 30% (surcharge ranging from 7% to 12% of tax applicable);
Foreign corp.: 40% (surcharge ranging from 2% to 5% of tax applicable);
Additionally, health and education cess at 4% of tax and surcharge.
*Lower tax rate of 22%/15% is also applicable, subject to certain conditions.
Indonesia (Last reviewed 29 June 2020) Up to fiscal year 2019: 25
Fiscal year 2020-2021: 22
Fiscal year 2022 onwards: 20
Iraq (Last reviewed 02 June 2020) 15 (35 for certain companies in the oil and gas sector)
Ireland (Last reviewed 04 February 2020) Trading corp.: 12.5;
Non-trading corp.: 25
Isle of Man (Last reviewed 08 June 2020) Corporate: 0;
Banks: 10;
Income from real estate: 20
Israel (Last reviewed 28 June 2020) 23
Italy (Last reviewed 14 February 2020) 24
Ivory Coast (Côte d'Ivoire) (Last reviewed 13 February 2020) 25
Jamaica (Last reviewed 01 January 2020) Regulated company: 33⅓;
Building society: 30;
Unregulated company: 25
Japan (Last reviewed 27 December 2019) 23.2
Jersey, Channel Islands (Last reviewed 07 January 2020) 0, with certain financial services companies paying 10, and utility companies and large corporate retailers paying 20.
Rent: 20
Jordan (Last reviewed 02 July 2020) Banks: 35;
Telecommunication, insurance corp.'s, financial intermediary: 24;
Other corp.'s: 20
Kazakhstan (Last reviewed 02 July 2020) 20
Kenya (Last reviewed 26 February 2020) Resident corp.: 30;
Foreign corp.: 37.5
Korea, Republic of (Last reviewed 30 June 2020) 25
Kosovo (Last reviewed 14 February 2020) 10
Kuwait (Last reviewed 12 January 2020) A flat rate of 15%
Kyrgyzstan (Last reviewed 30 June 2020) 10
Lao PDR (Last reviewed 06 February 2020) 20 (previously 24)
Latvia (Last reviewed 10 January 2020) 20 (payable only when profits are distributed).
Lebanon (Last reviewed 09 January 2020) 17
Libya (Last reviewed 22 November 2019) 24 (i.e. 20% + 4% Jehad Tax)
Liechtenstein (Last reviewed 18 June 2020) 12.5
Lithuania (Last reviewed 04 February 2020) 15
Luxembourg (Last reviewed 02 July 2020) 24.94% on a combined basis (CIT, solidarity surtax, and municipal business tax [Luxembourg City])
Macau SAR (Last reviewed 13 January 2020) 12
Madagascar (Last reviewed 04 February 2020) 20
Malawi (Last reviewed 04 March 2020) 30
Malaysia (Last reviewed 01 July 2020) 24
Malta (Last reviewed 01 July 2020) 35
Mauritius (Last reviewed 14 January 2020) 15 (3% for companies exporting goods)
Mexico (Last reviewed 21 January 2020) 30
Moldova (Last reviewed 02 July 2020) 12
Mongolia (Last reviewed 30 December 2019) 25
Montenegro (Last reviewed 13 February 2020) 9
Morocco (Last reviewed 06 September 2019) 31
Mozambique (Last reviewed 16 December 2019) 32
Myanmar (Last reviewed 22 January 2020) 25
Namibia, Republic of (Last reviewed 08 June 2020) 32
Netherlands (Last reviewed 19 December 2019) 25
New Zealand (Last reviewed 16 December 2019) 28
Nicaragua (Last reviewed 29 June 2020) 30
Nigeria (Last reviewed 28 January 2020) 30% for Large Companies
20% for Medium companies
0% for Small companies
North Macedonia (Last reviewed 03 March 2020) 10
Norway (Last reviewed 02 June 2020) 22% (25% for certain companies within the financial sector).
Oman (Last reviewed 26 April 2020) 15
Pakistan (Last reviewed 31 December 2019) 29
Palestinian territories (Last reviewed 21 June 2020) 15 (20% for telecommunication companies and other companies that operate under a franchise or a monopoly in the Palestinian market)
Panama (Last reviewed 29 June 2020) 25
Papua New Guinea (Last reviewed 23 June 2020) Resident: 30;
Non-resident: 48
Paraguay (Last reviewed 11 February 2020) 10
Peru (Last reviewed 27 January 2020) 29.5
Philippines (Last reviewed 30 June 2020) 30
Poland (Last reviewed 19 December 2019) 19 (9% for companies with revenues of up to EUR 1,200,000)
Portugal (Last reviewed 13 January 2020) 21
Puerto Rico (Last reviewed 04 February 2020) 39 (i.e. 20% + 19% surtax on income over USD 275,000). For years commenced after 31 December 2018, the rate would be 37.5 (i.e. 18.5% + 19% surtax on income over USD 275,000).
Qatar (Last reviewed 10 December 2019) 10% (except for petrochemical/petroleum companies/operations, for which a minimum rate of 35% applies).
Romania (Last reviewed 05 March 2020) 16
Russian Federation (Last reviewed 31 December 2019) 20
Rwanda (Last reviewed 22 January 2020) 30
Saint Lucia (Last reviewed 03 January 2020) 30
Saudi Arabia (Last reviewed 27 June 2020) 20
Senegal (Last reviewed 29 January 2020) 30
Serbia (Last reviewed 13 February 2020) 15
Singapore (Last reviewed 06 February 2020) 17
Slovak Republic (Last reviewed 04 February 2020) 21
Slovenia (Last reviewed 10 January 2020) 19
South Africa (Last reviewed 30 June 2020) 28
Spain (Last reviewed 31 December 2019) 25
Sri Lanka (Last reviewed 17 February 2020) 28
Swaziland (Last reviewed 21 April 2020) 27.5
Sweden (Last reviewed 14 January 2020) 21.4
Switzerland (Last reviewed 31 December 2019) 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 18 February 2020) 20
Tajikistan (Last reviewed 14 January 2020) 23 (13% for entities producing goods)
Tanzania (Last reviewed 22 November 2019) 30
Thailand (Last reviewed 14 January 2020) 20
Timor-Leste (Last reviewed 12 February 2020) 10
Trinidad and Tobago (Last reviewed 04 February 2020) 30 (35% for commercial banks)
Tunisia (Last reviewed 07 February 2020) 25
Turkey (Last reviewed 22 January 2020) 22
Turkmenistan (Last reviewed 22 January 2020) Domestic corp.: 8;
Foreign corp.: 20
Uganda (Last reviewed 13 December 2019) 30
Ukraine (Last reviewed 30 June 2020) 18
United Arab Emirates (Last reviewed 04 February 2020) Up to 55% for upstream oil and gas activities, 20% for branches of foreign banks, and 0% for most others companies and branches.
United Kingdom (Last reviewed 01 July 2020) 19
United States (Last reviewed 14 January 2020) 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 01 July 2020) 25
Uzbekistan, Republic of (Last reviewed 28 April 2020) 15
Venezuela (Last reviewed 20 February 2020) 34
Vietnam (Last reviewed 31 January 2020) 20
Zambia (Last reviewed 14 February 2020) 35
Zimbabwe (Last reviewed 22 November 2019) 25.75 (to be reduced to 24.72% effective 1 January 2020)

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.