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 29 June 2021) 15
Algeria (Last reviewed 08 June 2021) 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 24 June 2021) 25
Argentina (Last reviewed 18 August 2021) 25% / 30% / 35%
Armenia (Last reviewed 29 June 2021) 18
Australia (Last reviewed 30 June 2021) 30% (25% for 'small-medium business' entities)
Austria (Last reviewed 15 June 2021) 25
Azerbaijan (Last reviewed 18 August 2021) 20
Bahrain (Last reviewed 25 July 2021) 46 for oil corp.'s;
0 for other corp.'s
Barbados (Last reviewed 05 August 2021) 5.5% to 1%
Belarus (Last reviewed 30 May 2021) 18
Belgium (Last reviewed 15 July 2021) 25
Bermuda (Last reviewed 14 July 2021) NA
Bolivia (Last reviewed 08 July 2021) 25 (except for mining, financial institutions, and insurance/reinsurance companies, which have an additional income tax rate).
Bosnia and Herzegovina (Last reviewed 25 February 2021) 10
Botswana (Last reviewed 29 September 2021) 22
Brazil (Last reviewed 03 August 2021) 34 (composed of IRPJ at the rate of 25% and CSLL at the rate of 9%).
Bulgaria (Last reviewed 21 July 2021) 10
Cabo Verde (Last reviewed 26 August 2021) 22.44 (i.e. 22% + 2% surcharge)
Cambodia (Last reviewed 29 July 2021) 20
Cameroon, Republic of (Last reviewed 03 August 2021) 33
Canada (Last reviewed 18 June 2021) Federal CIT: 15%. Provincial and territorial CITs range from 8% to 16% and are not deductible for federal CIT purposes.
Cayman Islands (Last reviewed 03 August 2021) NA
Chad (Last reviewed 03 August 2021) 35
Chile (Last reviewed 31 July 2021) 25 or 27
China, People's Republic of (Last reviewed 25 June 2021) 25
Colombia (Last reviewed 17 August 2021) The nominal rate for FY 2021 is 31%, this rate will decrease to 30% in 2022
Congo, Democratic Republic of the (Last reviewed 20 July 2021) 30
Congo, Republic of (Last reviewed 18 August 2021) 28
Costa Rica (Last reviewed 24 August 2021) 30
Croatia (Last reviewed 30 June 2021) 18 (10% for companies realising less than HRK 7.5 million in revenues)
Cyprus (Last reviewed 28 July 2021) 12.5
Czech Republic (Last reviewed 08 July 2021) 19
Denmark (Last reviewed 29 September 2021) 22
Dominican Republic (Last reviewed 20 July 2021) 27
Ecuador (Last reviewed 02 July 2021) 22% to 28%, depending on the company's shareholders structure (corporate structure) and disclosure compliance.
Egypt (Last reviewed 26 May 2021) 22.5
El Salvador (Last reviewed 30 June 2021) 30
Equatorial Guinea (Last reviewed 20 July 2021) 35
Estonia (Last reviewed 19 August 2021) 20 (undistributed profits are tax exempt)
Eswatini (Last reviewed 21 July 2021) 27.5
Fiji (Last reviewed 08 June 2021) 20
Finland (Last reviewed 30 June 2021) 20
France (Last reviewed 07 May 2021) 28%, plus a social contribution of 3.3% assessed on the amount of CIT. For corporations having revenue in excess of EUR 250 million, 31% rate applicable to tax result in excess of EUR 500,000.
Gabon (Last reviewed 25 August 2021) 30 (35% for oil & gas and mining companies)
Georgia (Last reviewed 12 July 2021) 15
Germany (Last reviewed 30 June 2021) 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 29 July 2021) 25
Gibraltar (Last reviewed 30 June 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 15 August 2021) 22
Greenland (Last reviewed 27 May 2021) 26.5 (i.e. 25% + 6% surcharge)
Guatemala (Last reviewed 28 May 2021) System on earnings: 25% on net income;
Simplified optional system: 7% on gross income
Guernsey, Channel Islands (Last reviewed 01 July 2021) 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 03 August 2021) 25
Honduras (Last reviewed 20 July 2021) 25, plus a surcharge of 5% on net taxable income over HNL 1 million.
Hong Kong SAR (Last reviewed 05 July 2021) First HKD 2,000,000 of assessable profits at 8.25%;
Remaining assessable profits at 16.5%
Hungary (Last reviewed 30 June 2021) 9
Iceland (Last reviewed 03 August 2021) 20
India (Last reviewed 28 June 2021) Domestic corp.: 25%* if turnover/gross receipts do not exceed INR 4 billion for FY 2018/19; 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 to corporate entities, subject to certain conditions. (Surcharge 10% of tax applicable and cess at 4% of tax and surcharge)
Indonesia (Last reviewed 28 June 2021) Fiscal year 2020-2021: 22
Fiscal year 2022 onwards: 20
Iraq (Last reviewed 26 May 2021) 15 (35 for certain companies in the oil and gas sector)
Ireland (Last reviewed 01 July 2021) Trading corp.: 12.5
Non-trading corp.: 25
Isle of Man (Last reviewed 24 August 2021) Corporate: 0;
Banks: 10;
Income from real estate: 20
Israel (Last reviewed 30 June 2021) 23
Italy (Last reviewed 12 July 2021) 24
Ivory Coast (Côte d'Ivoire) (Last reviewed 25 September 2021) 25
Jamaica (Last reviewed 03 June 2021) Regulated company: 33⅓;
Building society: 30;
Life assurance company: 25;
Unregulated company: 25
Japan (Last reviewed 03 August 2021) 23.2
Jersey, Channel Islands (Last reviewed 05 July 2021) 0, with certain financial services companies paying 10, and utility companies and large corporate retailers paying 20.
Rent: 20
Jordan (Last reviewed 26 July 2021) Banks: 35;
Telecommunication, insurance corp.'s, financial intermediary: 24;
Other corp.'s: 20
Kazakhstan (Last reviewed 23 July 2021) 20
Kenya (Last reviewed 01 July 2021) Resident corp.: 30;
Foreign corp.: 37.5
Korea, Republic of (Last reviewed 25 June 2021) 25
Kosovo (Last reviewed 21 July 2021) 10
Kuwait (Last reviewed 26 May 2021) A flat rate of 15%
Kyrgyzstan (Last reviewed 29 June 2021) 10
Lao PDR (Last reviewed 23 June 2021) 20 (previously 24)
Latvia (Last reviewed 05 July 2021) 20 (payable only when profits are distributed).
Lebanon (Last reviewed 15 June 2021) 17
Libya (Last reviewed 26 May 2021) 24 (i.e. 20% + 4% Jehad Tax)
Liechtenstein (Last reviewed 24 June 2021) 12.5
Lithuania (Last reviewed 16 August 2021) 15
Luxembourg (Last reviewed 01 July 2021) 24.94% on a combined basis (CIT, solidarity surtax, and municipal business tax [Luxembourg City])
Macau SAR (Last reviewed 30 June 2021) 12
Madagascar (Last reviewed 08 July 2021) 20
Malawi (Last reviewed 10 February 2021) 30
Malaysia (Last reviewed 21 July 2021) 24
Maldives, Republic of (Last reviewed 09 June 2021) 15
Malta (Last reviewed 03 September 2021) 35
Mauritania (Last reviewed 30 June 2021) 25
Mauritius (Last reviewed 23 July 2021) 15 (3% for companies exporting goods)
Mexico (Last reviewed 21 July 2021) 30
Moldova (Last reviewed 20 September 2021) 12
Mongolia (Last reviewed 28 June 2021) 25
Montenegro (Last reviewed 25 February 2021) 9
Morocco (Last reviewed 02 September 2021) 31
Mozambique (Last reviewed 24 July 2021) 32
Myanmar (Last reviewed 19 August 2021) 25
Namibia, Republic of (Last reviewed 30 June 2021) 32
Netherlands (Last reviewed 02 July 2021) 25
New Zealand (Last reviewed 20 July 2021) 28
Nicaragua (Last reviewed 04 August 2021) 30
Nigeria (Last reviewed 22 July 2021) 30% for large companies;
20% for medium companies;
0% for small companies
North Macedonia (Last reviewed 18 August 2021) 10
Norway (Last reviewed 24 August 2021) 22% (25% for certain companies within the financial sector).
Oman (Last reviewed 24 June 2021) 15
Pakistan (Last reviewed 15 July 2021) 29
Palestinian territories (Last reviewed 23 June 2021) 15 (20% for telecommunication companies and other companies that operate under a franchise or a monopoly in the Palestinian market)
Panama (Last reviewed 20 July 2021) 25
Papua New Guinea (Last reviewed 30 June 2021) Resident: 30;
Non-resident: 48
Paraguay (Last reviewed 18 August 2021) 10
Peru (Last reviewed 22 July 2021) 29.5
Philippines (Last reviewed 30 June 2021) 25
Poland (Last reviewed 13 July 2021) 19
Portugal (Last reviewed 18 August 2021) 21
Puerto Rico (Last reviewed 03 August 2021) 37.5 (i.e. 18.5% + 19% surtax on income over USD 275,000).
Qatar (Last reviewed 19 August 2021) 10% (except for petrochemical/petroleum companies/operations, for which a minimum rate of 35% applies).
Romania (Last reviewed 16 July 2021) 16
Russian Federation (Last reviewed 12 February 2021) 20
Rwanda (Last reviewed 18 June 2021) 30
Saint Lucia (Last reviewed 06 August 2021) 30
Saudi Arabia (Last reviewed 01 July 2021) 20
Senegal (Last reviewed 06 September 2021) 30
Serbia (Last reviewed 18 August 2021) 15
Singapore (Last reviewed 10 September 2021) 17
Slovak Republic (Last reviewed 01 September 2021) 21
Slovenia (Last reviewed 02 August 2021) 19
South Africa (Last reviewed 28 June 2021) 28
Spain (Last reviewed 30 June 2021) 25
Sri Lanka (Last reviewed 28 June 2021) 24
Sweden (Last reviewed 01 July 2021) 20.6
Switzerland (Last reviewed 08 July 2021) 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 25 August 2021) 20
Tajikistan (Last reviewed 30 June 2021) 23 (13 for entities producing goods)
Tanzania (Last reviewed 18 August 2021) 30
Thailand (Last reviewed 06 July 2021) 20
Timor-Leste (Last reviewed 24 August 2021) 10
Trinidad and Tobago (Last reviewed 03 August 2021) 30 (35% for commercial banks)
Tunisia (Last reviewed 15 July 2021) 15% applicable for profits realized as from January 1st, 2021 (The rate of 25% applicable up to 2020 was decreased to 15% by the finance law 2021.
Turkey (Last reviewed 30 September 2021) The headline corporate income tax rate for 2021 is 25%. The rate will fall to 23% for 2022.
Turkmenistan (Last reviewed 24 July 2021) Domestic corp.: 8;
Foreign corp.: 20
Uganda (Last reviewed 20 August 2021) 30
Ukraine (Last reviewed 30 June 2021) 18
United Arab Emirates (Last reviewed 28 July 2021) 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 24 June 2021) 19 (main rate to increase to 25% from 1 April 2023)
United States (Last reviewed 02 August 2021) 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 June 2021) 25
Uzbekistan, Republic of (Last reviewed 23 July 2021) 15
Venezuela (Last reviewed 04 August 2021) 34
Vietnam (Last reviewed 09 August 2021) 20
Zambia (Last reviewed 24 September 2021) 35
Zimbabwe (Last reviewed 20 August 2021) 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.