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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 07 August 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 05 July 2023) | 25 |
| Argentina (Last reviewed 22 September 2023) | 35 |
| Armenia (Last reviewed 11 July 2023) | 18 |
| Australia (Last reviewed 29 June 2023) | 30% (25% for 'small-medium business' entities) |
| Austria (Last reviewed 13 July 2023) | 24 (until 2022 this rate was 25%. It was reduced to 24% in 2023 and will further decrease to 23% in 2024) |
| Azerbaijan (Last reviewed 04 September 2023) | 20 |
| Bahrain (Last reviewed 13 September 2023) | 46 for oil corp.'s; 0 for other corp.'s |
| Barbados (Last reviewed 03 August 2023) | 5.5% to 1% |
| Belgium (Last reviewed 27 July 2023) | 25 |
| Bermuda (Last reviewed 29 June 2023) | NA |
| Bolivia (Last reviewed 01 August 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 25 September 2023) | 22 |
| Brazil (Last reviewed 28 November 2023) | 34 (composed of IRPJ at the rate of 25% and CSLL at the rate of 9%). |
| Bulgaria (Last reviewed 25 September 2023) | 10 |
| Cabo Verde (Last reviewed 14 July 2023) | 22.44 (i.e. 22% + 2% surcharge) |
| Cambodia (Last reviewed 04 September 2023) | 20 |
| Cameroon, Republic of (Last reviewed 01 August 2023) | 33 |
| Canada (Last reviewed 15 June 2023) | Federal CIT: 15%. Provincial and territorial CITs range from 8% to 16% and are not deductible for federal CIT purposes. |
| Cayman Islands (Last reviewed 12 July 2023) | NA |
| Chad (Last reviewed 25 September 2023) | 35 |
| Chile (Last reviewed 13 June 2023) | 25 or 27 |
| China, People's Republic of (Last reviewed 28 June 2023) | 25 |
| Colombia (Last reviewed 03 August 2023) | 35 |
| Congo, Democratic Republic of the (Last reviewed 19 October 2023) | 30 |
| Congo, Republic of (Last reviewed 16 July 2023) | 28 |
| Costa Rica (Last reviewed 19 June 2023) | 30 |
| Croatia (Last reviewed 30 June 2023) | 18 (10% for companies realising less than EUR 995,421.06 in revenues) |
| Cyprus (Last reviewed 28 June 2023) | 12.5 |
| Czech Republic (Last reviewed 27 July 2023) | 19 |
| Denmark (Last reviewed 08 August 2023) | 22 |
| Dominican Republic (Last reviewed 25 September 2023) | 27 |
| Ecuador (Last reviewed 01 September 2023) | 22%, 25%, or 28%, depending on the company's shareholders structure (corporate structure) and disclosure compliance. |
| Egypt (Last reviewed 14 September 2023) | 22.5 |
| El Salvador (Last reviewed 18 July 2023) | 30 |
| Equatorial Guinea (Last reviewed 02 August 2023) | 35 |
| Estonia (Last reviewed 08 August 2023) | 20 (undistributed profits are tax exempt) |
| Eswatini (Last reviewed 25 September 2023) | 27.5 |
| Ethiopia (Last reviewed 17 November 2023) | 30 |
| Fiji (Last reviewed 13 July 2023) | 20 |
| Finland (Last reviewed 26 September 2023) | 20 |
| France (Last reviewed 01 August 2023) | 25 |
| Gabon (Last reviewed 14 July 2023) | 30 (35% for oil & gas and mining companies) |
| Georgia (Last reviewed 19 July 2023) | 15 (20 for banks, credit unions, microfinance organisations, and loan providers). |
| Germany (Last reviewed 30 June 2023) | 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 15 August 2023) | 25 |
| Gibraltar (Last reviewed 05 September 2023) | 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 02 August 2023) | 22 |
| Greenland (Last reviewed 08 June 2023) | 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 30 June 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 01 September 2023) | 25 |
| Honduras (Last reviewed 18 July 2023) | 25, plus a surcharge of 5% on net taxable income over HNL 1 million. |
| Hong Kong SAR (Last reviewed 28 June 2023) | Corporations: 16.5; Unincorporated businesses: 15 |
| Hungary (Last reviewed 11 July 2023) | 9 |
| Iceland (Last reviewed 30 June 2023) | 20 |
| India (Last reviewed 13 June 2023) | 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 23 June 2023) | 22 |
| Iraq (Last reviewed 06 June 2023) | 15 (35 for certain companies in the oil and gas sector) |
| Ireland (Last reviewed 18 July 2023) | Trading corp.: 12.5 Non-trading corp.: 25 |
| Isle of Man (Last reviewed 30 June 2023) | Corporate: 0; Banks: 10; Income from real estate: 20 |
| Israel (Last reviewed 30 June 2023) | 23 |
| Italy (Last reviewed 02 August 2023) | 24 |
| Ivory Coast (Côte d'Ivoire) (Last reviewed 20 June 2023) | 25 |
| Jamaica (Last reviewed 11 June 2023) | Regulated company: 33â…“; Building society: 30; Life assurance company: 25; Unregulated company: 25 |
| Japan (Last reviewed 31 July 2023) | 23.2 |
| Jersey, Channel Islands (Last reviewed 14 July 2023) | 0, with certain financial services companies paying 10, and utility companies, large corporate retailers, and cannabis businesses paying 20. Rent: 20 |
| Jordan (Last reviewed 07 June 2023) | Banks: 35; Telecommunication, insurance corp.'s, financial intermediary: 24; Other corp.'s: 20 |
| Kazakhstan (Last reviewed 01 July 2023) | 20 |
| Kenya (Last reviewed 25 September 2023) | Resident corp.: 30; Foreign corp.: 30 |
| Korea, Republic of (Last reviewed 27 June 2023) | 24 |
| Kosovo (Last reviewed 03 August 2023) | 10 |
| Kuwait (Last reviewed 16 July 2023) | A flat rate of 15% |
| Kyrgyzstan (Last reviewed 02 August 2023) | 10 |
| Lao PDR (Last reviewed 17 July 2023) | 20 |
| Latvia (Last reviewed 03 July 2023) | 20 (payable only when profits are distributed). |
| Lebanon (Last reviewed 03 October 2023) | 17 |
| Libya (Last reviewed 16 July 2023) | 24 (i.e. 20% + 4% Jehad Tax) |
| Liechtenstein (Last reviewed 10 July 2023) | 12.5 |
| Lithuania (Last reviewed 27 July 2023) | 15 |
| Luxembourg (Last reviewed 05 July 2023) | 24.94% on a combined basis (CIT, solidarity surtax, and municipal business tax [Luxembourg City]) |
| Macau SAR (Last reviewed 16 July 2023) | 12 |
| Madagascar (Last reviewed 01 June 2023) | 20 |
| Malawi (Last reviewed 21 April 2023) | 30 |
| Malaysia (Last reviewed 27 June 2023) | 24 |
| Maldives, Republic of (Last reviewed 10 September 2023) | 15 |
| Malta (Last reviewed 11 August 2023) | 35 |
| Mauritania (Last reviewed 01 August 2023) | 25 |
| Mauritius (Last reviewed 18 September 2023) | 15 (3% for companies exporting goods) |
| Mexico (Last reviewed 01 September 2023) | 30 |
| Moldova (Last reviewed 14 July 2023) | 12 |
| Mongolia (Last reviewed 19 June 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 02 August 2023) | 32 (reduced rate of 10% is applicable to agricultural, livestock, aquaculture, and urban transportation activities). |
| Myanmar (Last reviewed 07 August 2023) | 22 |
| Namibia, Republic of (Last reviewed 03 July 2023) | 32 |
| Netherlands (Last reviewed 30 June 2023) | 25.8 |
| New Zealand (Last reviewed 27 September 2023) | 28 |
| Nicaragua (Last reviewed 18 July 2023) | 30 |
| Nigeria (Last reviewed 01 September 2023) | 30% for large companies; 20% for medium companies; 0% for small companies |
| North Macedonia (Last reviewed 03 July 2023) | 10 |
| Norway (Last reviewed 17 July 2023) | 22 (25% for certain companies within the financial sector). |
| Oman (Last reviewed 11 July 2023) | 15 |
| Pakistan (Last reviewed 07 July 2023) | 29 |
| Palestinian territories (Last reviewed 18 July 2023) | 15 (20% for telecommunication companies and other companies that operate under a franchise or a monopoly in the Palestinian market) |
| Panama (Last reviewed 14 June 2023) | 25 |
| Papua New Guinea (Last reviewed 02 September 2023) | Resident: 30; Non-resident: 48 |
| Paraguay (Last reviewed 06 February 2023) | 10 |
| Peru (Last reviewed 20 July 2023) | 29.5 |
| Philippines (Last reviewed 01 July 2023) | 25 |
| Poland (Last reviewed 08 August 2023) | 19 |
| Portugal (Last reviewed 06 July 2023) | 21 |
| Puerto Rico (Last reviewed 10 November 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 16 October 2023) | 16 |
| Rwanda (Last reviewed 18 July 2023) | 30 |
| Saint Lucia (Last reviewed 08 February 2023) | 30 |
| Saudi Arabia (Last reviewed 01 July 2023) | 20 |
| Senegal (Last reviewed 16 August 2023) | 30 |
| Serbia (Last reviewed 21 April 2023) | 15 |
| Singapore (Last reviewed 04 May 2023) | 17 |
| Slovak Republic (Last reviewed 28 November 2023) | 21 |
| Slovenia (Last reviewed 05 June 2023) | 19 |
| South Africa (Last reviewed 27 June 2023) | 27 |
| Spain (Last reviewed 30 June 2023) | 25 |
| Sri Lanka (Last reviewed 02 August 2023) | 30 |
| Sweden (Last reviewed 13 June 2023) | 20.6 |
| Switzerland (Last reviewed 20 July 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 30 June 2023) | 20 |
| Tajikistan (Last reviewed 26 June 2023) | 18 (13 for entities producing goods and 20 for the activities of financial institutions and mobile companies) |
| Tanzania (Last reviewed 31 October 2023) | 30 |
| Thailand (Last reviewed 12 July 2023) | 20 |
| Timor-Leste (Last reviewed 28 April 2023) | 10 |
| Trinidad and Tobago (Last reviewed 01 September 2023) | 30 (35% for commercial banks and petrochemical companies) |
| Tunisia (Last reviewed 07 June 2023) | 15 |
| Turkey (Last reviewed 26 July 2023) | 25 (30% for financial sector companies) |
| Turkmenistan (Last reviewed 23 June 2023) | Domestic corp.: 8; Foreign corp.: 20 |
| Uganda (Last reviewed 04 September 2023) | 30 |
| Ukraine (Last reviewed 30 June 2023) | 18 |
| United Arab Emirates (Last reviewed 04 September 2023) | 9 |
| United Kingdom (Last reviewed 29 June 2023) | 25% main rate (from 1 April 2023); 19% small profits rate of corporation tax for companies whose profits do not exceed GBP 50,000 (from 1 April 2023). |
| United States (Last reviewed 08 August 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 06 July 2023) | 25 |
| Uzbekistan, Republic of (Last reviewed 06 July 2023) | 15 |
| Venezuela (Last reviewed 29 September 2023) | 34 |
| Vietnam (Last reviewed 03 April 2023) | 20 |
| Zambia (Last reviewed 29 June 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).