2015 Global Personal & Corporate Tax Rate at a Glance
2015 Global Personal & Corporate Tax Rate:
- Asia: China, Hong Kong, Japan, India, Malaysia, Singapore, Indonesia, Thailand
- Europe: United Kingdom, Switzerland, Russia
- America: United States, Canada
- Oceania: New Zealand, Australia
The 15 Countries represent 58.63% of global GDP. The countries are selected because of their financial connectivity to Asia Wealth Management Industry. Read More: 5 Reasons why Wealth Management is harder in low-tax countries
Fast Facts
Highest Personal Income Tax Rate | Australia | 45% |
Lowest Personal Income Tax Rate | Russia | 13% |
Average Personal Income Tax | Global* | 32.57% |
Highest Corporate Tax Rate | United States | 47% |
Lowest Corporate Tax rate | Hong Kong | 16.5% |
Average Corporate Tax | Global* | 26.02% |
*Global – Refers to 15 Countries
7 Observations:
- Australia & China have the highest tax for highest-tier Personal Income Tax at 45%
- 10 out of 15 countries have personal income tax (highest tier) of more than 30%
- Russia, Hong Kong and Singapore have the lowest income tax rate for highest tier tax – 13%, 17%, 20%.
- 6 out of 15 countries have zero tax for the lowest income earner
- United Kingdom has the highest tax on lowest income earner at 20%
- Hong Kong, Singapore and Switzerland have the lowest corporate tax rate – 16.5%, 17%, 17.92%.
- The highest corporate tax: United States – 47%, Japan – 38.01%, Canada, 31% tax.
Read More: 5 Reasons why Wealth Management is harder in low-tax countries
No. 1 Which country have the highest tax for the highest-tier Personal Income Tax?
![Connections](https://caproasia.com/wp-content/uploads/2015/08/Professional-Banker-9-1024x682.jpg)
Australia & China have the highest tax for highest-tier Personal Income Tax at 45% tax rate. 10 out of 15 countries have Personal Income Tax of more than 30%.
There is a substantial tax-difference of more than 15% between Personal Income Tax and Corporate Tax in Switzerland, United Kingdom, China, Japan, Australia and Thailand. See below:
List of Countries with Personal Income Tax higher than than 30%:
Country | Personal Highest Tier Tax Rate | Corporate Tax | Difference |
Australia | 45% | 30% | 15% |
China | 45% | 25% | 20% |
United Kingdom | 40% | 20% | 20% |
Japan | 40% | 20% | 20% |
Switzerland | 40% | 17.92% | 22.08% |
United States | 39.6% | 47% | 7.4% |
Thailand | 35% | 20% | 15% |
Canada | 33% | 41% | 8% |
New Zealand | 33% | 31% | 2% |
Indonesia | 30% | 25% | 5% |
No. 2 Which country have the lowest tax for highest-tier Personal Income Tax?
![Private Banking](https://caproasia.com/wp-content/uploads/2015/08/Relationship-Management-3-1024x683.jpg)
Russia, Hong Kong and Singapore have the lowest tax for the highest-tier income tax bracket.
Russia have a flat personal income tax rate of 13%. Hong Kong highest personal income tax tier is 17% while in Singapore, it is at 20%.
Country | Highest Tier Tax Rate |
Russia | Flat rate 13% |
Hong Kong | 17% |
Singapore | 20% |
Average | 32.57% |
The average highest personal income tax tier is 32.57% for the 15 countries. Having a tax rate of 13%, 17% or 20% means the top income earner enjoy significant savings, compared to the highest tax countries such as Australia, China, United Kingdom, Japan and Switzerland. The 5 countries have a personal income tax of more than 40% for the highest tier tax rate.
No. 3 Which are the countries with zero tax for the lowest income earners?
![Savings](https://caproasia.com/wp-content/uploads/2015/08/Savings-1-1024x695.jpg)
6 out of 15 countries have zero tax for the lowest income earner. The countries are Switzerland, India, Malaysia, Singapore, Thailand and Australia.
Zero Tax | With Tax |
Switzerland | United Kingdom – 20% |
India | Russia – 13% |
Malaysia | Japan – 5% |
Singapore | China – 3% |
Thailand | Hong Kong – 2% |
Australia | Indonesia – 5% |
United States – 10% | |
Canada – 15% | |
New Zealand – 10.5% |
United Kingdom has the highest tax on lowest income earner at 20%, followed by Canada at 15% and Russia at 13%.
No. 4 Which countries have the lowest corporate tax?
![Hong Kong Skyline](https://caproasia.com/wp-content/uploads/2015/08/China-City-6-1024x683.jpg)
Hong Kong, Singapore and Switzerland have the lowest corporate tax rate. Hong Kong tax rate is 16.5%, Singapore is 17%, Switzerland is 17.92%. All of them are leading global financial center.
Country | Corporate Tax Rate |
Hong Kong | 16.5% |
Singapore | 17% |
Switzerland | 17.92% |
Average | 26.02% |
Of the 15 countries on this list, these are the only 3 countries with less than 20% corporate tax rate. They are comparatively lower than the average of 26.02%.
No. 5 Which country have the highest corporate tax?
![Financial Times](https://caproasia.com/wp-content/uploads/2015/08/Unit-Trust-3-1024x683.jpg)
United States have the highest corporate tax. United States corporates pay 47% corporate tax while in Japan, companies pay 38.01%. In Canada, companies pay 31% tax.
Country | Corporate Tax Rate |
United States | 47% |
Japan | 38.01% |
Canada | 31% |
Average | 26.02% |
Of the 15 countries on this list, these are the only 3 countries with more than 30% corporate tax rate.
No. 6 What is the most common corporate tax rate?
![Credit Ratings](https://caproasia.com/wp-content/uploads/2015/12/Money-Management-3-1024x683.jpg)
9 out of 15 countries have a corporate tax between 20% to 30%. The list below:
Countries | Corporate Tax Rate |
United Kingdom, Russia, Thailand | 20% |
China, Malaysia, Indonesia | 25% |
New Zealand | 28% |
India, Australia | 30% |
The highest corporate tax is United States at 47% while the lowest is Hong Kong at 16.5%.
No. 7 Which countries are the most tax friendly?
![Digital Connection](https://caproasia.com/wp-content/uploads/2015/08/Professional-Banker-5-1024x683.jpg)
United Arab Emirates and Qatar. Both countries have zero personal income tax. For corporate tax, it is zero in United Arab Emirates while in Qatar, it is only 10%.
We exclude countries such as British Virgin Islands, Cayman Islands, Seychelles, Bermudas … … for economic viability reasons.
Learn More: 5 Reasons why Wealth Management is harder in low-tax countries
Data Source: World Bank, IMF, KPMG, Income Tax Department of respective countries
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- 2015 Stock Exchange Market Capitalization
- 2015 Top 50 Richest List for Singapore & Malaysia
- 2015 Malaysia Top 50 Richest
- 2015 Singapore Top 50 Richest
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