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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 11 January 2023) | 15 |
| Algeria (Last reviewed 31 May 2023) | 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 22 December 2022) | 25 |
| Argentina (Last reviewed 22 February 2023) | 35 |
| Armenia (Last reviewed 11 January 2023) | 18 |
| Australia (Last reviewed 09 December 2022) | 30% (25% for 'small-medium business' entities) |
| Austria (Last reviewed 03 March 2023) | 25 (this rate will be reduced to 24% in 2023 and to 23% in 2024) |
| Azerbaijan (Last reviewed 23 February 2023) | 20 |
| Bahrain (Last reviewed 22 January 2023) | 46 for oil corp.'s; 0 for other corp.'s |
| Barbados (Last reviewed 14 February 2023) | 5.5% to 1% |
| Belgium (Last reviewed 27 March 2023) | 25 |
| Bermuda (Last reviewed 17 January 2023) | NA |
| Bolivia (Last reviewed 17 March 2023) | 25 (except for mining, financial institutions, and insurance/reinsurance companies, which have an additional income tax rate). |
| Bosnia and Herzegovina (Last reviewed 21 April 2023) | 10 |
| Botswana (Last reviewed 14 July 2022) | 22 |
| Brazil (Last reviewed 26 December 2022) | 34 (composed of IRPJ at the rate of 25% and CSLL at the rate of 9%). |
| Bulgaria (Last reviewed 16 January 2023) | 10 |
| Cabo Verde (Last reviewed 05 February 2023) | 22.44 (i.e. 22% + 2% surcharge) |
| Cambodia (Last reviewed 15 February 2023) | 20 |
| Cameroon, Republic of (Last reviewed 31 March 2023) | 33 |
| Canada (Last reviewed 09 December 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 06 February 2023) | NA |
| Chad (Last reviewed 05 February 2023) | 35 |
| Chile (Last reviewed 03 February 2023) | 25 or 27 |
| China, People's Republic of (Last reviewed 30 December 2022) | 25 |
| Colombia (Last reviewed 03 March 2023) | 35 |
| Congo, Democratic Republic of the (Last reviewed 31 December 2022) | 30 |
| Congo, Republic of (Last reviewed 24 February 2023) | 28 |
| Costa Rica (Last reviewed 12 January 2023) | 30 |
| Croatia (Last reviewed 30 December 2022) | 18 (10% for companies realising less than HRK 7.5 million / EUR 995,421.06 in revenues) |
| Cyprus (Last reviewed 04 January 2023) | 12.5 |
| Czech Republic (Last reviewed 01 February 2023) | 19 |
| Denmark (Last reviewed 03 March 2023) | 22 |
| Dominican Republic (Last reviewed 12 January 2023) | 27 |
| Ecuador (Last reviewed 06 March 2023) | 22%, 25%, or 28%, depending on the company's shareholders structure (corporate structure) and disclosure compliance. |
| Egypt (Last reviewed 01 February 2023) | 22.5 |
| El Salvador (Last reviewed 16 January 2023) | 30 |
| Equatorial Guinea (Last reviewed 24 March 2023) | 35 |
| Estonia (Last reviewed 22 January 2023) | 20 (undistributed profits are tax exempt) |
| Eswatini (Last reviewed 31 January 2023) | 27.5 |
| Ethiopia (Last reviewed 07 December 2022) | 30 |
| Fiji (Last reviewed 22 February 2023) | 20 |
| Finland (Last reviewed 03 February 2023) | 20 |
| France (Last reviewed 08 March 2023) | 25 |
| Gabon (Last reviewed 30 March 2023) | 30 (35% for oil & gas and mining companies) |
| Georgia (Last reviewed 16 January 2023) | 15 (20 for banks, credit unions, microfinance organisations, and loan providers). |
| Germany (Last reviewed 31 December 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 03 March 2023) | 25 |
| Gibraltar (Last reviewed 04 December 2022) | 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 19 January 2023) | 22 |
| Greenland (Last reviewed 02 December 2022) | 26.5 (i.e. 25% + 6% surcharge) |
| Guatemala (Last reviewed 01 June 2023) | System on earnings: 25% on net income; Simplified optional system: 7% on gross income |
| Guernsey, Channel Islands (Last reviewed 04 January 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 18 July 2022) | 25 |
| Honduras (Last reviewed 03 February 2023) | 25, plus a surcharge of 5% on net taxable income over HNL 1 million. |
| Hong Kong SAR (Last reviewed 30 December 2022) | Corporations: 16.5; Unincorporated businesses: 15 |
| Hungary (Last reviewed 31 December 2022) | 9 |
| Iceland (Last reviewed 07 February 2023) | 20 |
| India (Last reviewed 22 December 2022) | 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% (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 28 December 2022) | 22 |
| Iraq (Last reviewed 15 January 2023) | 15 (35 for certain companies in the oil and gas sector) |
| Ireland (Last reviewed 01 March 2023) | Trading corp.: 12.5 Non-trading corp.: 25 |
| Isle of Man (Last reviewed 10 January 2023) | Corporate: 0; Banks: 10; Income from real estate: 20 |
| Israel (Last reviewed 03 March 2023) | 23 |
| Italy (Last reviewed 10 February 2023) | 24 |
| Ivory Coast (Côte d'Ivoire) (Last reviewed 06 April 2023) | 25 |
| Jamaica (Last reviewed 24 April 2023) | Regulated company: 33â…“; Building society: 30; Life assurance company: 25; Unregulated company: 25 |
| Japan (Last reviewed 19 January 2023) | 23.2 |
| Jersey, Channel Islands (Last reviewed 28 December 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 26 March 2023) | Banks: 35; Telecommunication, insurance corp.'s, financial intermediary: 24; Other corp.'s: 20 |
| Kazakhstan (Last reviewed 01 February 2023) | 20 |
| Kenya (Last reviewed 03 March 2023) | Resident corp.: 30; Foreign corp.: 37.5 |
| Korea, Republic of (Last reviewed 08 May 2023) | 24 |
| Kosovo (Last reviewed 17 January 2023) | 10 |
| Kuwait (Last reviewed 15 January 2023) | A flat rate of 15% |
| Kyrgyzstan (Last reviewed 16 January 2023) | 10 |
| Lao PDR (Last reviewed 16 January 2023) | 20 |
| Latvia (Last reviewed 17 January 2023) | 20 (payable only when profits are distributed). |
| Lebanon (Last reviewed 29 December 2022) | 17 |
| Libya (Last reviewed 06 December 2022) | 24 (i.e. 20% + 4% Jehad Tax) |
| Liechtenstein (Last reviewed 22 February 2023) | 12.5 |
| Lithuania (Last reviewed 20 January 2023) | 15 |
| Luxembourg (Last reviewed 03 January 2023) | 24.94% on a combined basis (CIT, solidarity surtax, and municipal business tax [Luxembourg City]) |
| Macau SAR (Last reviewed 16 December 2022) | 12 |
| Madagascar (Last reviewed 01 June 2023) | 20 |
| Malawi (Last reviewed 21 April 2023) | 30 |
| Malaysia (Last reviewed 09 December 2022) | 24 |
| Maldives, Republic of (Last reviewed 14 January 2023) | 15 |
| Malta (Last reviewed 08 February 2023) | 35 |
| Mauritania (Last reviewed 11 March 2023) | 25 |
| Mauritius (Last reviewed 23 February 2023) | 15 (3% for companies exporting goods) |
| Mexico (Last reviewed 17 January 2023) | 30 |
| Moldova (Last reviewed 20 January 2023) | 12 |
| Mongolia (Last reviewed 31 January 2023) | 25 |
| Montenegro (Last reviewed 21 April 2023) | 15 |
| 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 08 March 2023) | 32 (reduced rate of 10% is applicable to agricultural, livestock, aquaculture, and urban transportation activities). |
| Myanmar (Last reviewed 01 March 2023) | 22 |
| Namibia, Republic of (Last reviewed 15 December 2022) | 32 |
| Netherlands (Last reviewed 28 December 2022) | 25.8 |
| New Zealand (Last reviewed 16 January 2023) | 28 |
| Nicaragua (Last reviewed 25 January 2023) | 30 |
| Nigeria (Last reviewed 24 February 2023) | 30% for large companies; 20% for medium companies; 0% for small companies |
| North Macedonia (Last reviewed 01 March 2023) | 10 |
| Norway (Last reviewed 23 March 2023) | 22 (25% for certain companies within the financial sector). |
| Oman (Last reviewed 19 April 2023) | 15 |
| Pakistan (Last reviewed 17 January 2023) | 29 |
| Palestinian territories (Last reviewed 06 December 2022) | 15 (20% for telecommunication companies and other companies that operate under a franchise or a monopoly in the Palestinian market) |
| Panama (Last reviewed 03 June 2023) | 25 |
| Papua New Guinea (Last reviewed 16 January 2023) | Resident: 30; Non-resident: 48 |
| Paraguay (Last reviewed 06 February 2023) | 10 |
| Peru (Last reviewed 16 January 2023) | 29.5 |
| Philippines (Last reviewed 25 January 2023) | 25 |
| Poland (Last reviewed 12 March 2023) | 19 |
| Portugal (Last reviewed 03 January 2023) | 21 |
| Puerto Rico (Last reviewed 03 March 2023) | 37.5 (i.e. 18.5% + 19% surtax on income over USD 275,000). |
| Qatar (Last reviewed 04 April 2023) | 10% (except for petrochemical/petroleum companies/operations, for which a minimum rate of 35% applies). |
| Romania (Last reviewed 20 February 2023) | 16 |
| Rwanda (Last reviewed 20 July 2022) | 30 |
| Saint Lucia (Last reviewed 08 February 2023) | 30 |
| Saudi Arabia (Last reviewed 30 December 2022) | 20 |
| Senegal (Last reviewed 23 January 2023) | 30 |
| Serbia (Last reviewed 21 April 2023) | 15 |
| Singapore (Last reviewed 04 May 2023) | 17 |
| Slovak Republic (Last reviewed 04 December 2022) | 21 |
| Slovenia (Last reviewed 05 June 2023) | 19 |
| South Africa (Last reviewed 12 December 2022) | 27 |
| Spain (Last reviewed 01 February 2023) | 25 |
| Sri Lanka (Last reviewed 27 March 2023) | 30 |
| Sweden (Last reviewed 23 January 2023) | 20.6 |
| Switzerland (Last reviewed 19 January 2023) | 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 2023) | 20 |
| Tajikistan (Last reviewed 03 April 2023) | 18 (13 for entities producing goods and 20 for the activities of financial institutions and mobile companies) |
| Tanzania (Last reviewed 06 January 2023) | 30 |
| Thailand (Last reviewed 23 February 2023) | 20 |
| Timor-Leste (Last reviewed 28 April 2023) | 10 |
| Trinidad and Tobago (Last reviewed 03 December 2022) | 30 (35% for commercial banks and petrochemical companies) |
| Tunisia (Last reviewed 31 December 2022) | 15 |
| Turkey (Last reviewed 21 February 2022) | 20% (The headline corporate income tax rate is 25% for financial sector companies) |
| Turkmenistan (Last reviewed 28 December 2022) | Domestic corp.: 8; Foreign corp.: 20 |
| Uganda (Last reviewed 07 February 2023) | 30 |
| Ukraine (Last reviewed 10 January 2023) | 18 |
| United Arab Emirates (Last reviewed 23 March 2023) | Based on existing Emirate level income taxation regimes, there is income tax at 55%+ rates for UAE concession based oil and gas and petrochemical activities, 20% rate for branches of foreign banks, and (in practice) no taxation or 0% rate for most other companies and branches. Federal UAE CT Law (signed in October 2022) will be effective for new financial years commencing on or after 1 June 2023. Under this law a UAE CT rate of 9% will be applicable to income earned by a taxable person in excess of a threshold of AED 375,000 per annum. Qualifying freezone persons will be subject to UAE CT at 0% on qualifying income (to be defined further) and 9% on non qualifying income. Non-residents with no PE in the UAE are expected to be subject to 0% WHT on UAE sourced income. |
| United Kingdom (Last reviewed 18 December 2022) | 19 (main rate to increase to 25% from 1 April 2023) |
| United States (Last reviewed 20 January 2023) | 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 28 March 2023) | 25 |
| Uzbekistan, Republic of (Last reviewed 27 December 2022) | 15 |
| Venezuela (Last reviewed 07 February 2023) | 34 |
| Vietnam (Last reviewed 03 April 2023) | 20 |
| Zambia (Last reviewed 31 March 2023) | 30 (35% in 2021 charge year) |
| Zimbabwe (Last reviewed 19 May 2023) | 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).