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Home , Capital gains tax, Dividend tax, Inheritance tax, Stamp duty

INTRODUCTION DFK INTERNATIONAL is an organisation whose membership consists of independent accounting firms and business advisers throughout the world. It is committed to meeting the needs of businesses and individuals with interests in more than one country.

DFK INTERNATIONAL Member Firms provide international and accounting services and answers to questions on these subjects. The WORLDWIDE TAX OVERVIEW gives brief details on the taxation régimes in many nations of the world. The Member Firms of DFK INTERNATIONAL can provide additional information concerning taxation legislation in these and other territories upon request.

The WORLDWIDE TAX OVERVIEW is published without responsibility on behalf of DFK INTERNATIONAL, its Directors and its Member Firms for loss occasioned by any person acting or refraining from action as a result of any information contained herein. Tax laws change frequently worldwide and some of the information contained herein may be impacted by treaties. You are advised to consult with your local DFK INTERNATIONAL Member or other tax adviser in connection with any data contained in this Overview.

© DFK International 2017 Country Corporate Rates Individual Rates VAT Rates Types of Taxation of Non-Residents Depreciation Miscellaneous

Argentina 35% 9%-35% 10.5%-21% Income, VAT, payroll, . Tax imposed on income Generally straight-line based Provinces may levy gross 15% on on for companies from resources and activities on probable useful life receipts taxes. Branch profits end: derived from sales of and individuals within . Withholding tax on foreign company’s 31.12.2017 shares tax between 10%-35% on interests, rents, is 35%. Lower tax rates are and royalties applied to some industrial activities. 23% 28.5%-30% 19%-49% 10% Goods and Income, goods and services, Non-residents are taxed 2 methods – prime cost and Payroll tax, stamp , Services Tax payroll, capital gains, fringe between 32.5% and 47%. diminishing balance. Rates and land tax are levied by Fiscal year end: benefits, , land tax, Withholding tax of 10%-30% vary based on effective life individual states (8) at varying 30.06.2017 excise, health care on interest, dividends and of . Effective life can be rates, but all other taxes royalties. 10% non-final self assessed or per tax office are levied by the Australian withholding tax on Taxable guidelines. federal government. Australia Australian from 1 has a compulsory employer July 2016. Abolition of 50% superannuation contribution general discount for capital regime, currently levied at gains made by non-residents 9.5% of qualifying employee after 8 May 2012. salary and wages 25% 25%-55% 10%-20% Income, VAT, real , Income taxes on certain Movable assets: straight-line Tax incentives for Privatstiftung 55% is for income of payroll, duties income derived from Austrian methods dependent on useful (foundations). Group taxation Fiscal year end: more than 1 million € sources. Withholding tax on life – 5%-33%, buildings – incentives 31.12.2017 and is temporary for interest (0)% and dividends 1.5%-2.5% the next 5 years (25%) and on royalties (20%) Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Azerbaijan 20% Entrepreneurs – 4%, 18% Profit tax, , turnover Non-residents are subject Reducing balance method. VAT exemption for oil regions – 2%), tax, VAT, import duties, to tax only on their income Buildings – 7%, vehicles – extracting companies (under Fiscal year end: Individuals , pension and derived in Azerbaijan. 25%, computers, equipment special state agreements). 31.12.2017 14%-30% social security deductions, Withholding tax of 10% and machinery – 25%, other Tax incentives in agriculture , etc on dividends and services assets 20% produced in/for Azerbaijan Bangladesh 25%-45% 0% to 30% 4%-15% Income tax VAT, Excise duty, Non-resident foreigners are Reducing balance method: Reduced and tax Surcharge will be Property tax, withholding tax, subject to tax @30% only Building 10%-20% holiday for certain business; Fiscal year end: applicable at different custom duty, land tax on their income derived on Furniture and fixtures 10% tax rebate on 30.06.2017 rate if the net Bangladesh Office equipment 10% allowance wealth exceeds Machinery and plant 12%- Tk. 2.5 million 50% Initial depreciation allowance: Factory building 10% Plant and Machinery 25% 24.98%-35.4% 25%-50% 6%-21% Income, VAT, and Tax on income from Belgian Buildings – 3%-5%, movable Municipalities and provinces (lower rates) 33.99% gifts, payroll sources. Personal tax machinery – 10%-20%. may impose taxes. Advance Fiscal year end: (standard) allowances under certain Straight-line or (up to) double payments of taxes required 31.12.2017 conditions. Withholding declining balance tax of 10%-15% – 27% on dividends, interest and royalties Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Bosnia and Standard rate 10% 10% Standard rate – 17% Income, VAT, social security, Non – residents are taxed Mostly straight-line basis tax based upon Herzegovina tax on salaries, import duties, on income generated in with rates ranging from 1 to location, advance payment withholding tax, capital gains, Bosnia with withholding 100 years. For accounting of corporate taxes required. Fiscal year end: tax tax on dividends, interests, purposes, companies can Water tax – % based on 31.12.2017 authors ‘rights, performance choose any method which the number of employees, of entertainment programs, is in accordance IAS while Firefighting tax of 0,04% research of market, rates can be based on of yearly income, Wood tax commercial activities, fiscal management’s estimate of 0,07% of yearly income. and business consulting, Municipal and state tax – accounting and audit value is defined on core services, policies, activity basis telecommunication services and rent of movable assets 34% over profit. For 7.5%-27.50% 7%-25% Income, sales or invoicing, Income taxed on Brazilian Straight-line method of 4% for incentives available medium and small payroll, services and excise source income. Withholding buildings, 10% for machinery, in underdeveloped and Fiscal year end: companies can be (manufacturing) tax taxes of 15%-25% equipment, furniture and developing regions including 31.12.2017 reduced to 2.72% (remittances to fiscal havens) fixtures, 10% for tools Amazon region, Northeast over gross sales. apply to interest and royalties and 20% for vehicles and region and Manaus free (assumed profit) and paid to non-residents computer equipment zone. Specific incentives to IT manufacturing companies Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Bulgaria Standard rate 10% 10% Standard rate – 20%, Income, VAT, social security, Witholding tax on royalties, Movable assets -depends on Real estate tax based upon (People’s touristic services – 9% , real property dividends, rents and interests category assets 10%-50%, location, advance payment of Republic of) tax, tax generated in Bulgaria buildings 4%, other assets taxes required 15% Fiscal year end: 31.12.2017 10.5%-31% 19%-54% 5%-15% Goods and Income, goods and services, Employment income, business Declining balance method Each province and territory Services Tax sales, payroll, capital, income and dispositions of (in most cases) on assets may provide special tax Fiscal year end: healthcare, workman’s certain capital property within available or use and owned at incentives and impose its own 31.03.2017 compensation, excise import Canada. Withholding tax of year end; various rates from income, sales, health care and duties, land transfer, property 25% on dividends, rents, 4% to 100% other taxes royalties and non-arm’s- length-interest 2017 0%-35% 19% Income, VAT, payroll, import Taxed on Chilean source Straight-line and accelerated subject to Article 14 duties, inheritance, excise, income; withholding tax rate methods. Buildings – Fiscal year end: Letter A LIR: 25% stamp duties and real estate (15% or 30% at the time of 20-40 years, havy machinery 31.12.2017 2017 taxpayers withdrawal, distribution or – 15 years subject to Article 14 remittance of income abroad) Letter B LIR: 25.5% 2018 taxpayers subject to Article 14 Letter B LIR: 27% Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

China 25% 3%-45% 3%, 6%, 11%,13%, Value-added Tax, Consumption Income tax on all China- Buildings – 20 years; Aircraft, A) Income tax of 15% for (People’s 17% Tax, Corporate Income Tax, sourced income and all non- train, steamer, machinery – high and new technology Republic of) Individual Income Tax, China-sourced income that 10 years; enterprises which require key Resource Tax, Urban and has an effective connection Business-related instruments, state support. B) Income tax Fiscal year end: Township Land-use Tax, Real with the establishment and/ furniture – 5 years; Other of 10%, 15% or tax holidays 31.12.2017 Estate Tax, City Maintenance or site in China, if any. 25% transportations vehicles – for eligible key software and and Construction Tax, Arable effective tax rate on foreign 4 years; Electronic equipment integrated circuit companies. Land Occupation Tax, Land companies’ business in China. – 3 years. C) For qualified small scale Appreciation Tax, Motor Withholding Tax of 10% on There is no specific companies, 20% rate will be Vehicle Acquisition Tax, Vehicle interest, dividends, rents and requirement on residual value levied on half of their taxable and Vessel Tax, Stamp Tax, royalties and other capital anymore. income currently until the Deed Tax, Tobacco Tax, Vessel gains. VAT on various taxable Accelerated or one-off end of 2017. D) Income tax Tonnage Tax and Customs products or services depreciation is allowed under of 15% until 2020 for eligible duties certain circumstances enterprises in Western Regions, Zhuhai Hengqin New District, Pingtan Comprehensive Experimental Zone of Fujian Province and Qianhai Shenzhen- Kong Modern Service Industry Cooperation Zone Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Colombia 33% 7%-33% 16% Income, VAT, remittance tax, Consultancy, technical Straight-line and accelerated Municipal tax (0.2%-1% municipal tax, real estate tax, services and technical methods. Buildings – 20 years, of income). Tax incentives Fiscal year end: stamp tax, motor vehicle tax, assistance (withholding machinery – 10 years and for foundations. Certain 31.12.2017 tax on financial movements of 10%) interest, other assets – 3-5 years. payments to offshore pay tax. and tax commissions, honorarium, Other methods based on Reduced corporate tax rate royalties, industrial property probable useful life require for companies operating in (withholding of 33%) approval particular areas Costa Rica 10%-20%-30% 10%-25% 13% Income, sales, payroll, land Tax on all income derived Straight-line basis, sum-of- Municipal tax of 1%-5% transfer, tax on vehicles, in Costa Rica. Withholding the-years-digits method. Fiscal year end: property tax, import and tax of 5%-20% on interest, Rates ranging from 2%-50% 30.09.2017 or stamp duties, social securities, dividends and royalties 31.12.2017 corporate tax Croatia 20% 12%-40% 5%, 13%, 25% Income, social security, real Taxed on the income obtained Straight-line and accelerated Investment incentives. Special estate transfer, VAT , in Croatia; 15%/20% method. Buildings and deductions for Research and Fiscal year end: tourist, forestry, inheritance, withholding on royalties ships – 5%, cars – 20%, Development expenditures 31.12.2017 municipals and county taxes and interest. EU companies computers – 50%, equipment may be exempt or under and machinery – 25%, other EU directives the amount of assets – 10%. Companies tax can be reduced. 12% free to follow IAS depreciation withholding on dividends methods Cyprus 12.5% 20%-35% with tax free 0%, 5%, 9%, 19% Income, capital gains, VAT, Non-residents are subject Straight-line methods ranging Pensions received from amount at €19,500 import and stamp duties, to tax only on their income from 3%-33¹/3% , higher rates abroad are taxed at 5% on Fiscal year end: Exemptions up to real property tax, payroll tax, derived in Cyprus for investments in new assets. income exceeding €3,420 31.12.2017 50% may apply to social security, No tax on dividends and individuals relocated interest income for Non- from abroad to Cyprus Tax Residents Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Denmark 22% 37%-56% 25% Income, VAT, estate, Tax on income from Danish 25% of the reducing balance Special provisions for duties, import duties, payroll, sources. Expatriates earning in for machinery and equipment. multinational groups Fiscal year end: social security excess of DKK 747,600 who 4% for buildings (straight-line) and holding companies. 30.04.2017 work at least 6 months, up to Companies can pay dividends 60 months, are taxed at a flat without withholding tax to rate of 32%. Withholding tax a foreign company if the of 27% on dividends exceeds 10% Dominican Higher of 27% tax, 15%-25% with a 18% on sales of Payroll, social security There is a 10% withholding Generally straight-line based Other taxes are applied at Republic or 1% of company’s deduction of 409,281 goods and services contributions in the areas tax on dividends and interest. on special instructions different transactions e.g. total assets Dominican Pesos, of pension plans, family Interest paid to foreign transfer of ownership of Fiscal year end: adjusted for health insurance, labour risk financial institutions is subject buildings, land and furniture 31.12.2017 inflation each year. insurance. Total 16% approx to a 10% withholding tax and other taxes according to special laws and operations (alcohol, communications, etc) Ecuador 22% or 25% 5%-35% 12%-14% Income, VAT, Payroll, import Dividends paid to non- Straight-line method; Municipal taxes are levied on duties, real estate, real estate residents located in tax havens accelerated depreciation the net assets for companies Fiscal year end: transfer, social security, or low tax subject requires authority approval. at a rate of 0.15%. The net 31.12.2017 withholding tax, foreign to 10% withholding tax. Depreciation rates varies from profit on the sale of real estate exchange tax, profit sharing, Royalties and technical service 5% to 33%. Intangibles must is subject to a tax rate of 10% capital gains, sales fees paid to non-residents be amortised over either the are subject to 22%-25% term of the contract or under withholding tax (unless a 20 year period reduced under a ) Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Egypt 22.5% 18%-22.5% 13% Corporate, salary, VAT (sales Salary tax for non-resident Buildings – 5%, machinery from all types tax), stamp duties, withholding, employees on Egyptian source and equipment – 25%, of taxes for the free zone Fiscal year end: real estate, capital gains and income is 10% flat rate. any other assets – 25% projects over the project life 30.06.2017 social insurance Withholding tax of 20% on any time. exemption amounts paid to non-resident on the professional services companies or individuals. (consultants, doctors, lawyers 0% on dividends etc). Corporate tax exemption on land reclamation activity El Salvador Payment of tax is 5%, 10%, 20%, 30% 13% VAT, income tax, capital 20% of income tax Building 5%, machinery 20%, Municipical taxes. Specific tax 25% when your gross 5% on payment gains tax, tax on the transfer furniture and equipment depends on your activity Fiscal year end: income is over of dividends or of assests and furniture, 50%, intangibles 25%, other 31.12.2017 US$150,000 the repatriation municipal taxes, retention tax 50% rate goes up to 30% salary and salary benefits, taxes on import and tax on financial transactions and liquidity Fiji 20% 7%-20% 9% VAT, PAYE, gambling turnover 20% tax on Fiji-source Buildings – 2.5%-15%. 50% profit on sales tax; stamp duty, fringe benefit income of branch and Straight-line, other assets exempt. Tax holidays available Fiscal year end: Social Responsibility tax, capital gains tax, service overseas company, 20% with rates ranging from for investment in agriculture, 31.12.2017 Tax if in excess of , environmental effective tax rates for non- 12.5%-40% depending on agro-processing, bio-fuel $270K which is levy resident individuals the asset category. production, ICT industry, hotel subject to sliding scale Accelerated depreciation development. tax between 23%-29% at 20% is allowed for new of 3% is payable for resident building construction and shareholders and 9% on non- heavy plant and equipment resident if paid Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Finland 20% 6.5%-30% 10%-24% Income, VAT, payroll, Income from Finnish sources Declining balance method. Other individual rates: inheritance and gifts, wealth, other than interest income. Machinery – 25%, buildings Municipal income tax at Fiscal year end: dividends tax, capital gains Withholding taxes of 0% on – 4%-20%, other long term 16.25%-21.5%. The sales of 31.12.2017 interest, 28% on dividends fixed assets – 10%-25% fixed asset shares tax free. and 29% on royalties. 35% Dividends paid to Finnish/EU tax on earned income of high limited liability companies are paid foreign specialists usually tax free 15%- 33,1/3% 14%-45% 5.5%-10%-20% Income, VAT, property and Income tax and capital gains Numerous methods and rates Specific corporate taxes for housing taxes, wealth, tax, on real estate ranging from 3 years to 50 bigger businesses (turnover Fiscal year end: inheritance, business tax, held in France, withholding years, useful life even if tax >250 M€). Important number 31.12.2017 registration fees, import taxes depending on double guidance may be applied of tax incentives particularly duties, capital gains, specific tax agreements R&D tax credits. contributions on dividends Georgia 15% 20% 18% 9 Income, VAT, Tax on Withholding tax of 20% Movable assets – 20%, Asset for companies and on interest, dividends 5%, Buildings – 5% Fiscal year end: individuals, Import Duties royalties 5% 31.12.2017 Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Germany 15% 14%-45% 19%, 7% Income, VAT, trade, Income taxes on German- Numerous methods Surcharge of 5.5% on income inheritance, , payroll, import source income. Withholding and rates ranging from tax amount. Additionally Fiscal year end: duties, real estate transfer tax tax of 25% on dividends, 1 year to 50 years each municipality imposes 31.12.2017 withholding tax of 15% or its own trade tax on trade 30% on royalties and income income. Trade tax ranges from of sportsmen, artists, writers 7%-17.15% of income and and journalists and as a is not deductible; in general member of board of directors an individual as a partner of a receives a trade tax related credit on his personal income tax 25% 5%-25% with a free 15% Income Tax, VAT, Import Non-Residents individuals pay Numerous methods and Tax incentives based upon yearly free band of National Health Levy Duty, Property Tax, , taxes on employment income rates but generally the location. Free zone are also Fiscal year end: 720 USD – 2.5% Stamp Duty, National Health at a rate of 15%, Dividends straight-line method. Some areas. Tax 31.12.2017 Insurance Levy (8%), Interest (8%) – non- companies apply declining incentives for agro-processing resident, Royalties (10%), balance method industries depending on Branch Remittance Tax (10%), location. Sectorial incentives Management and Technical are also available. Foreign Tax Services (15%) paid to non- relief etc resident, Rents and Natural Resource payments (10%) Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Greece 26%. Regarding 22%-45% 6,5%-13%-23% Income , VAT, import duties, Taxed on income derived Straight-line method. Rates Special beneficial shipping that 24% standard rate property, , in . Withholding tax ranging from 4% to 20%. tax regimes (e.g. tonnage tax, Fiscal year end: keep single entry for taxable goods and inheritance, vessel tonnage on royalties 20%, dividends Notwithstanding the foregoing foreign shipping company 31.12.2017 books tax rates varies services. Reduced tax, capital, acquisition and interest 15% subject to rules in some categories rates branches). Foreign tax relief/ 26%-33% according rates at 6% and 13%. and payroll, income bilateral treaty reduced rates. can be 40%, 50% or 100%. to profits. 29% for all Certain island of the interest ,royalties. Under Withholding tax on interest New companies may defer provisions. R&D incentives. legal entities Aegean sea enjoy circumstances withholding tax and royalties is exempt under depreciation of their assets Special tax incentives further 30% reduction on dividends subject the EU Interest and Royalties during the first 3 years of expected to be to exceptions Directive. operation. Depreciation is abolished in 2017. allowed in loss-making years Guatemala General 25% – Profit General 25% – Profit 12% Income, VAT, Solidarity, Stamp, Income Straight – line method, Small contributors can Optional 5% – 7% – Optional 5% – 7% – Social security, Real estate on: transport, insurance, annual rates from 5% to 33% subscribe to special regime. Fiscal year end: Gross Income international communications, regarding the type of assets. Local dividends are imposed 31.12.2017 dividends (5%), Other methods require specific to 5% income tax. Rental of Interests (10%), Professional, approval land and buildings, profit on financial and technical sales of fixed assets, royalties services, salaries, commisions, and extraordinary interests are Royalties (15%), Other 25% imposed to 10%. Municipal tax on real state annual rates are 0.2% to 0.9%, regarding the value of the property. Special regulations for exist Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Guernsey 0% except profits 20% 0% Income source income 1.25%-25% The tax liability of a Guernsey from certain banking (except bank interest) is taxed resident individual is limited Fiscal year end: and fiduciary activities at a rate of 20% to £110,000 per annum in 31.12.2017 10%. Income from respect of non Guernsey Guernsey land and income and £220,000 in building 20% respect of worldwide income (including Guernsey income) Honduras Corporate income tax Resident individuals 15% applies to the Corporate income tax Income earned by non- Straight-line method. Other Other taxes: at a rate of 25% on must pay income supply of all goods Asset tax residents are taxed at a flat methods require specific Municipal tax rate Fiscal year end: tax according to the and services. Social contribution tax rate of 25% approval, the annual A 10% withholding tax is 31.12.2017 Social Contribution following: 18% is imposed on Financial transaction tax depreciation rate varies imposed on dividends. Tax with net income HNL 0.01 to supplies of alcoholic between 5% and 33.33% Capital gains are subject to tax exceeding HNL1 HNL 141,000 exempt beverages and depending on the type at a rate of 10% million (approximately HNL 141,000 to cigarettes. of approval, the annual USD 46,205) HNL 215,000 15% depreciation rate varies HNL 215,000 to between 5% and 20% HNL 500,000 25% depending on the type HNL 500,000 and over 25% HNL 40,000 for medical expenses and others maybe deducted; from the excess Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Hong Kong 16.50% 2%-17% NA Income, stamp duties, property Only income arising in or 4% for buildings, 60% initial No tax on interest and (S.A.R.) derived from is then 10%-30% for machinery. dividend income. No tax on taxable. 100% for prescribed fixed capital gain and offshore Fiscal year end: assets income. Fiscal incentives for 31.12.2017 investing in mainland China entities through Hong Kong under the arrangement 10%-19% 15% PIT, 10% 5%, 18% and 27% Income, VAT, social security, Income taxes on Hungarian- Rates for machinery and Fiscal incentives for Special benefits pension, 4%+3% inheritance, local business, source income, Reduced rates equipment vary from 14.5% to development reserves, Fiscal year end: for early – stage health insurance, R&D, energy, custom duties, subject to double tax treaties. 33%, building from 2% to 6%. research and experimental 31.12.2017 businesses 1.5% labour market capital gains, excise, property, Withholding tax of 16% on In some cases GAAP rates can development, regional contribution. transfer, there are still special dividends for individuals. be applied for taxation incentives, tax reductions Individual information: bank and industrial taxes In certain cases withholding from certain capital gains Employer’s rates applied for 2012. Special tax for – 22% social industrial tax are levied on retail contribution tax, 1.5% trade, telecommunication and vocational contribution energy supplier activities and rates are progressive depending on achieved net sales 20%-36% 37.13%-46.25% 11%-24% Income, VAT, estate, payroll, Income taxes on effectively Buildings – 1%-6% straight- social security, stamp duty connected income; estate line method, machinery and Fiscal year end: and taxes on property located equipment – 1%-30% and 31.12.2017 within Iceland. Withholding tax office equipment – 20%-35% of 20% on dividends, 20% on declining balance method interest and 20% royalties Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

India Domestic 10.30%-35.535% Precious stones Direct taxes – Income tax On the entire income: (i) Mainly declining balance i) Goods & Services tax (GST) Tax – 29.87%- for individuals earning and metals – 1% Indirect taxes – Excise Duty, received in ; method with rates varying set to replace the plethora of Fiscal year end: 34.608% Foreign gross total income of Basic necessity Customs Duty, Service tax, (ii) accrued or arisen in India; from 5%-100% indirect taxes with effect from 31.03.2017 Companies INR 2,50,000 or more goods – 4%-5% Value added tax (iii) deemed to accrue or 1st April, 2017. – 41.20%-43.26% Others – 14% Others – Property tax, Stamp arise in India. Withholding ii) 6% equalisation levy on Minimum Alternate Imported liquor and Duty, Securities transaction tax tax of 10.30%-43.26% on payments made to Non- Tax (applicable to all cigarettes – 20% salary, income from business, residents for specified digital companies) interest, rents, royalties fees services and facilities provided – 19.06%-21.34% for technical services, capital to domestic residents gains and other income. iii) Introduction of patent Presumptive tax regime box regime applicable in case of certain specified sectors viz. shipping, exploration of mineral oil, operation of aircrafts and turnkey power projects Indonesia 25% 5%-30% 10% Income, VAT, payroll, capital Non-residents without Buildings: straight-line 5%- gains, land and building certificate of domicile (COD) 10%, non-buildings; straight- Fiscal year end: transfer are taxed at 20%. If they line 5%-25%, and declining 31.12.2017 have COD, taxes depend on balance 10%-50% tax treaty Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Ireland 12.5% for trading 20%-40% 9%-23% Income, capital gains, capital Capital gains tax on land/ Annual straight-line allowances Income earned by artists, companies acquisitions (covering death property in Ireland at 33%. on cost ranging from 4% on writers, composers and Fiscal year end: 25% for non-trading and gifts), pay related social Tax at standard rate of 20% buildings to 12.5% on plant sculptors from the sale of 31.12.2017 companies 6.25% insurance, Universal Social withheld from musicians, and machinery and motor works is exempt from tax in for intellectual Charge, VAT, stamp duty on sportsmen, entertainment vehicles, with exception of taxis certain circumstances. Transfer property income property transactions artists, rent, royalties and cars on short-term hire of rights and dividends conditions 40% on reducing exempt from stamp duty. Other balance basis foreign and R&D incentives 0%-10% 10%-20% liability 20% Income, VAT national Income Tax on Isle of Man Generally 25% on reducing 0% is the standard rate for capped at £125k insurance, No capital taxes, source income but by balances with 100% first year companies. The higher rate of Fiscal year end: (on election) inheritance tax or stamp duties concession bank interest is allowance. Enhanced rates on 10% only applies to licensed 05.04.2017 exempt. Withholding tax is industrial buildings and hotels banks and income from Isle deducted on dividends paid to in special circumstances of Man land and property and non residents at the applicable retail business profits above corporate rate of 0% or 10% £500k 24% 11%-50% 17% Income, capital gains, VAT, Income tax on income from Generally the straight-line Tax incentives based on payroll, property taxes, customs sources within Israel, land method. Certain taxpayers business location. Special rules Fiscal year end: duties, stamp duties, land betterment tax. Withholding may use declining balances, for ‘transparent companies’. 31.12.2017 betterment tax, acquisition tax tax of 15%-25% on interest, accelerated depreciation for Other foreign investment on real-estate transactions dividend and royalties production facilities incentive and R&D incentives 24% 23%-43% 4%-10%-22% Income, excise, VAT, registration, Income taxes only on income Straight-line method rates of Regional income tax of 3.9% consumer tax, real property arising in Italy. Withholding depreciation are established on added value produced Fiscal year end: tax, social security, stamp duty, tax of 12.5%-20%-27% on by Ministry of Finance and 31.12.2017 transfer tax and capital gains interest, dividends and royalties rates range from 3%-40% Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Japan 15.66%-25.81% 5.105%-45.945% 8% Income, inheritance, gift, National income tax on entire Numerous methods and Inhabitant tax of 7%-16.3% (including (including the consumption, liquor, tobacco, Japanese-source income. rates but mainly straight-line on ’s tax liability Fiscal year end: local corporation tax) restoration property, stamp duties Withholding tax of 10.21% – method and declining balance and 10% on individual’s 31.12.2017 surtax) 20.42% on interest, dividends, method. Useful lives from . Non-residents rents and royalties 2 to 50 years not subject to local government tax Residents 30% 10%-30% depending Zero rated 0%. Corporation tax (Registered Companies subject to income Reducing Balance Method and Numerous tax incentives Non-resident 37.5%. on the income bracket. Standard rate 16%. legal entities). Individual/ tax rate of 37.5%. Higher Straight line method. Wear and available to investors in the Fiscal year end: Turnover tax 3% on Personal tax relief of Exempt personal income tax. Value withholding tax rates on tear allowances on equipment, Export Processing Zones (EPZ) 30.06.2017 gross receipt not Kshs 13,944 per year Added Tax (VAT). Stamp duty various services ranging from motor vehicles, software, loose such as a 10 year exceeding Kshs 5 and land rates. Miscellaneous 5% to 30%. Kenya has Double tools, ship etc. ranging from and thereafter a reduced million per annum levies such as NSSF, NHIF, Taxation Agreement (DTA) 20% to 37.5%. Industrial tax rate of 25%. Special by non-incorporated DIT levy, catering levy and with UK, , Canada, building allowance rates are Economic Zone Enterprises entities standard levy. Business , , , ranges between 5% to 50%. developer or operator benefit permits/ license. Customs and Zambia and India. Countries Mining allowance – 40% and from reduced rates of 10% excise duty. Transfer pricing. with DTA qualify for foreign 10% for year 1 and year 2 for the first 10 years and at Withholding tax tax relief to 7 respectively. Investment 15% for the next 10 years. deductions/ allowance rates Organisations undertaking range between 40% to 150% charitable, religious, medical and poverty alleviation qualify for tax exemption – upon application and appraisal by tax authorities Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Korea 10%-22% 6%-38% 10% Income, VAT, and gifts, Income from Korean sources. Numerous methods and Tax incentives available for (Republic of) individual consumption, liquor, Withholding taxes of 2.2%- rates but mainly straight-line foreign investors (individuals stamp duty, security transition, 22% depending on type of method and declining balance and companies) in high- Fiscal year end: comprehensive real estate, Korean-source income method. Useful lives from technology businesses 31.12.2017 holding tax, acquisition, 3 to 50 years registration, leisure, tobacco, property, automobile tax, capital gains Kuwait Foreign companies – – Income Income tax imposed on foreign Generally straight-line based Other contributions include: 5%-55% companies’ income on probable useful life (1) 8% of the Kuwaiti’s salary, Fiscal year end: as social security 31.03.2017 (2) For listed (quoted) companies: • 1% of net profit for Kuwait Foundation to the Advancement of Sciences • 2.5% of net profit for National Labour Force Fund • 1% of shareholding companies’ net profit as for State Treasury Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Lebanon Companies are liable Tax on employment 10% Tax on income from movable The Lebanese-source of Depreciation is calculated Special Provision exempting to a flat-rate tax of income (rate ranges assets such as dividends and income without a permanent on a straight line basis over Holding companies and Fiscal year end: 15% on their taxable between 2% to 20% interests (10%), value added establishment in Lebanon the estimated useful lives of Offshore companies 31.12.2017 income. The yearly depending on the tax (10%), tax on capital gain from business carried in the assets at the rates set by profits of a branch of income bracket). (10%), stamp duties, custom the country is subject to Ministry of Finance and which a foreign company Tax on income from duties, tax on built property, withholding tax. The effective ranges between 2% to 50% are deemed to be personal independent inheritance and gift taxes rate of that tax is 7.5% for the fully distributed and services (rate ranges revenue from the provision of hence are subject to between 4% to 21% services and 2.25% for the the withholding tax of at a fixed percentage income from the sale of goods 10%.. In partnership, of turnover depending partners` of on the profession) income are taxed at rates ranging between 4% to 21% depending on the income bracket Libya 20% 15% – Income, payroll, social Income, payroll, social Buildings (2% Offices & 3% VAT exemption for all security, stamp duties, security, stamp duties, Manufacturing), Transportation businesses, employee 3.75%, Fiscal year end: customs duties and taxes customs duties and taxes 8 to 20%, Furniture 15 employer 10.50% 31.12.2017 to 50%, Machineries and Equipment 10 to 25%, any other assets 15% Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Luxembourg Corporate income 0%-43.6% 3%-17% Income, municipal business, Commercial net income and Rates for equipment – Tax incentives for holding tax 19% ( 2017) net work, excise duties, import property income; minimum 10%-25%, buildings – companies, reinsurance Fiscal year end: and 18% (2018). general registration, VAT, social 15%. Withholding tax of 1.5%-4% companies, film/movie 31.12.2017 Municipal business security, real property tax 15% on dividends and 0% production, finance companies tax 6,75% (depending on royalties and headquarters of industrial on location). Effective companies employing a corporate tax rate number of staff 27.08% (2017) and 26.01% in 2018. Min. for holding companies: € 4,815 18%-24% 1%-28% Goods and Services Income, excise, import duties, Income tax on income Depreciation in first year from Labuan – Income Tax at 0% and 6% stamp duties, real property accruing in or derived from 10% to 20%. In subsequent tax at 3% on net audited profit Fiscal year end: gains tax, social security, Malaysia at 28%. Withholding years, annual depreciation of offshore companies trading 31.12.2017 payroll and capital duty, good tax of 10%-15% on at rates varying from 3% to in Labuan or a lump sum of & services tax interest, rents and royalties, 100% RM20,000 on election. entertainers, certain fees and Tax incentives available for rental of Malaysian-promoted activities, principal hub and certain others Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Malta 35% 15%-25% 5%-7%-18% Income tax (including tax Income tax on income arising Straight-line 4-10 years for Individuals qualifying under the ( on certain capital gains), in Malta. Persons who are plant and machinery. 2% Global Residence Programme Fiscal year end: rates with the first property transfer tax, VAT, not ordinarily resident but on industrial buildings and Rules, Residence Programme 31.12.2017 portion being tax free). stamp duty on transfers are domiciled in Malta, and structures Rules 2014, Malta Retirement However, subject to (including transfers by way persons who are ordinarily Programme Rules, Highly certain conditions, of inheritance) of shares and resident but not domiciled in Qualified Persons Rules and any income exceeding immovable property, ECO-tax, Malta (or vice versa) are also other rules benefit from a €60,000 is taxed at import duties, exise tax and taxed on any income remitted special flat rate (for income the flat rate of 35% motor vehicle registration tax. to Malta. Witholding tax of tax) of 15% subject to certain No municpality or local taxes. 25% to 35% is charged on conditions. Dividends and No inheritance tax certain taxable income paid capital gains derived by a to non-residents – subject to company from a participating certain conditions. Exemptions holding are exempt from tax are provided on royalties, by virtue of the Participation interest and capital gains on Exemption. Malta has a certain share transfers derived comprehensive system of by non-residents (refer also to double taxation relief – Malta miscellaneous paragraph) has over 70 treaties as well as a very flexible system of unilateral relief Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Mauritius 15% 15% 15% Income, VAT, at Income derived from Annual allowance: 5%-50% Effective tax rate of 3% for source, PAYE, Import duties, Mauritius. Foreign Tax on diminishing balance or cost global business. Tax holiday Fiscal year end: and Registration duties Credit available method, as applicable. for Freeport operators, Global 30.06.2017 Headquarters and treasury management 30% 0-35% Additional 0% on food and Income Tax; VAT; import General withholding rate During 2017, taxpayers with States may impose payroll tax 10% shall be withheld medicines. 16% duties; social security and 25%, lower rates applicable a gross revenue under 100 (average of 2.5%), property Fiscal year end: on dividend income. general rate; certain housing contributions; on certain specific entries; million Mx Cy are accelerated taxes, hotel occupancy tax 31.12.2017 Such withholding may exemptions apply excise tax an alcohol, fuel, dividend 10%; interest 4.9% depreciation, while all energy be reduced to 5% tobacco, telecommunications, to 35%. Tax treaties allow projects may also qualify for when the distribution gambling, certain calorie lower rates such accelerated depreciation of profits generated foods, and energising in 2014, 2015, and beverages 2016, takes place in 2019 or afterwards. This benefit is phased out if the distribution takes place in 2017 or 2018 Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Morocco 8.75%-37% 10%-38% 7%-20% Corporate; Individual; VAT; Dividends, interest and There are two methods, the Local taxes; registration fees royalties paid to non-residents linear and the Accelerated Fiscal year end: and stamp duty are subject to a withholding method (degressive) with the 31.12.2017 tax of 10% at the Individual rates ranging from: excluding VAT. • 1.5% – for the property the depreciation period is three or four years; • 2% – for the property the depreciation period is five or six years; • 3% – for the property the depreciation period is more than six years Mozambique Standard rate – 32% 10%-32% 17% Personal income, corporate Final withholding tax Under straight-line method income, local tax on real (Corporate income tax/ rates from 2% to 50%. Fiscal year end: estate, municipal transfer, Capital gains on shares – Under the declining-balance 31.12.2017 VAT, stamp duty, excise and 32%, Individual income tax/ method rates are increased by import duties Dividends/Interest /Royalties 50% or 100% or 150% – 20%, Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Netherlands 20%-25% 36.55%-52% 6%-21% Income, payroll, inheritance Income taxes on effectively Dependent on economic Participation exemption for and gift, VAT, custom duties, connected income and on period of use. Rented out real active companies. Fiscal unity Fiscal year end: excise duties, environmental property on estates located property depreciation up to for groups. R&D-activities may 31.12.2017 taxes, transfer tax, municipal within the . recent value, real property use benefit a 5% effective tax rate taxes, landlord tax Withholding tax of 15% within the company of up to and a rebate on wage tax for on dividends 50% of recent value. Goodwill R&D costs. Expats with special depreciation period minimal skills enjoy a 30% deduction 10 years. Cars and inventory on income tax minimal 5 years 28% Progressive rates up 15% Goods and Income, goods and services, Withholding tax 15%-30% Numerous rates ranging from Local authorities impose to 33% Services Tax tax, fringe benefits tax, import on interest, dividends and 1.5% to 100%. Methods property taxes (rates) on Fiscal year end: and excise duties, property tax royalties. As an alternative to available include straight-line property located in their 31.03.2017 payment of withholding tax and diminishing value. region. Excise duties are on interest, non-residents Depreciation cannot be imposed by New Zealand can elect to pay a 2% levy on claimed on buildings Customs and all other interest earned from deposits taxes are collected by the with approved financial Department. institutions. Withholding tax Certain residential property rate can be reduced to 10%, capital gains are taxed 5% or 0% in instances where special criteria are met Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Nicaragua 30% 15-30% General 15% Income Taxes, VAT, import Consultancy, technical Buildings – 5%-10%, Municipal tax(1%-2% duties, social security, land services, fees the tax is 20% Transportation – 12.5%-20%, of income) and property Fiscal year end: and building transfer, excise of the total received. Capital Computer Equipment – 20% taxes 1% 31.12.2017 tax on alcohol, fuel, tobacco, gains tax is 10%, and certain -50% telecommunications, gambling economic activities tax is 15% Nigeria Company Income Personal Income 5% Income Tax, Education Tax a) WHT applicable Many methods and rates but Export Free Zones are tax Tax – 30% Tax (7%-24%) after Capital Gain Tax b) Companies Tax 6% of generally the straight-line incentive areas. Tax incentives Fiscal year end: Education Tax – 2% consolidated relief of Stamp Duties, Import Duty, Income derived from Nigeria method. Some Companies for agro-processing industries 31.12.2017 Petroleum Profits Tax N200,000 plus 20% Industrial Training Fund apply reducing balance depending on location, – 65.75%-85% Gross Income Witholding Tax method Sectorial Incentives are also Witholding Tax (WHT) Witholding Tax (WHT) Capital Allowances (Initial available etc i) Construction i) Construction 15%-95%); (Annual – 10%- Double Taxation Agreements Contract – 2.5% Contract – 2.5% 15%); Investment Allowance with , ii) Contract Others ii) Contract Others, (10%-15%) Pakistan, Belgium, France, – 5% Professional Fees, Canada, and The iii) Royalties, Commission – 5% Netherlands. Professional Fees, iii) Royalties, Interests, Commission, Interests, Rent Dividend – 10% Rent Dividend – 10% Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Norway 24% 24%-47% 10%-25% Income, wealth, estate, payroll, Income taxes etc. on Rates from 2%-30% Some special rates etc. for duties on , VAT income from permanent Northern part of Norway and Fiscal year end: establishment – on same Svalbard 31.12.2017 basis as Norwegian citizens. Withholding tax of 28.75% on dividends Oman 12% above No individual taxation NA Corporate Tax, withholding tax Witholding tax@10% subject Concept of Pool of assets Social Insurance at 11% 30,000 Omani Rial to double taxation agreements method and based on Written and 7.5% by employer and Fiscal year end: with respective countries Down Value Method employee respectively on 31.12.2017 the gross emoluments. 5% taxes on hotel and restaurant bills. 4% on hotels, motels, tourism, and restaurants. 5% on lease agreements payable by landlords. General rate of Customs duty 5% Pakistan Generally 32% General income Sales tax at 17% Federal: Income, sales and Income tax on Pakistan 15%-30% Almost all taxes are withheld (Islamic 0.5%-25% customs provincial; Property source. Dividends 10%. at source. Exemption for Republic of) and professional tax capital Royalty and technical services small companies. Important gains, excise duty, stamp duty, 15% of gross amount. transactions must be made Fiscal year end: capital value tax, wealth tax, Shipping income 8% of value. through banks. Tax incentives 30.06.2017 payroll tax and social security Air transport income 3%of for exporters. Special tax rules value. Media persons 10%. for insurance and petroleum Other payments 30% of value companies (including interest at 30%) Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Panama 25% Below US$11,000 = 0 7% Income, Sales, Payroll, Capital Withholding Tax of 10%-20% Straight Line, Buildings Social contribution: Above US$11,000 up to Gains, Land Transfer, Tourism, on Dividends 30 years, Other Assets Employee: 9.75% Fiscal year end: US $50,000 = 15% Social Security, Import Duties, 3-10 years Employer: 12.25% 31.12.2017 Over US$50,000 = Real Estate Transfer, Profits, US$5,850 + 25% Hotel Accommodation Tax, Liquor, Tobacco, Municipal Tax Papua New 30%-48% 25%-42% 10% DWT, Excise, FCWHT, Import WHT 10%-17% for Dividends, 2 methods – straight line and Tax incentives for Agriculture, Guinea Duties, Income, Payroll, Social FCWHT (Foreign Contractors), diminishing value. Rates from Fishing, Infrastructure, Security, Stamp Duty, Training Interest, Management Fees, 2.5%-30% Manufacturing, Tourism Fiscal year end: Levy, VAT Offshore Leases, Royalties 31.12.2017 Peru 28% 8%-30% 18% Goods and Income, general sales, excise Tax on income from Peru General, straight-line Small companies can Services Tax duties, real estate property, sources. 30% withholding method. Buildings – 5%, subscribe to a special regime Fiscal year end: 9% extraordinary solidarity tax on dividend, interest vehicles – 20%, computer 31.12.2017 social security and royalties and 4.1% equipment – 25%, machinery of distributed profits and equipment – 10%-20% Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Philippines 30% of taxable 5-32% on net 12% Income, withholding, VAT Non-resident foreign Depreciation method must Local government units (LGUs) income; Minimum income less personal and percentage, estate and corporation and individuals are reflect the pattern in which levy taxes and impose local Fiscal year end: corporate income exemptions gifts, fringe benefits, payroll, taxed on their Philippine- the asset’s future economic licence fees; LGUs assess 31.12.2017 tax (MCIT) equal to improperly accumulated sourced income; 30% of gross benefits are expected to realty, mining and amusement 2% of gross income earning tax, capital gains, income for corporations; 25% be consumed. Possible taxes; Fiscal and non-fiscal beginning in the documentary stamp tax, of income for non-resident methods include: straight-line, incentives are available in 4th taxable year of import and excise tax alien not engaged in business; diminishing balance and sum- Special Economic Zones and operations is imposed non-resident alien engaged in of-the years digit for certain business industries when a company has business is taxed in the same registered with the Board of no or negative taxable manner as residents Investments income or when the amount of MCIT is greater than the normal income tax 19% 18%-32% 5%-23% Income taxes, withholding, Income tax on Polish-source Straight-line, accelerated Under the new regulations the 0% or Non-taxation VAT, civil law activities tax, income. Withholding tax methods or reducing balance companies classified as large- Fiscal year end: for cross-border inheritance and donations, of19% on dividends, 20% on depreciation.Buildings – sized enterprises are obliged 31.12.2017 transactions excise duties,custom duties, intangible services, interest 1.5%-10%, tangible assets to send the Standard Audit File local taxes (i.a.real estate) and royalties. Tax exemptions – 7%-30%. Individual rates on VAT in XML format starting and reductions are envisaged may be chosen from the 25th August 2016. when particular conditions This is a monthly obligation, are met even if the presents the VAT returns on a quarterly basis Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Portugal 1.Resident entities 1. Personal Mainland: Standard Personal income, corporate Exemption or reduction of the Depreciation tax rates International Business Centre and permanent income tax: 23%; Intermediate income, local tax on real withholding tax rate could be according to Portuguese of Madeira (IBCM) provides Fiscal year end: establishment of non Mainland: 13%; Reduced 6% estate, municipal transfer, possible by applying a Double Law (Decree- Law 25/09): attractive conditions for: 31.12.2017 resident entities: 14,5%-48% Madeira Island: VAT, stamp duty, excise and Tax Treaty (DTT) between 2%-33.33% Registration of ships and Mainland: 21%. Madeira Island: Standard 22%; import duties, WHT. The and other countries. yachts; holding companies; 2. Resident entities 13,41%-48% Intermediate 12%; Municipal Surchage (this Remuneration of board shareholders operations (non- and permanent Azores Island: Reduced 5% tax rate is established by members, commissions, residents): WHT exemption establishment of 11,6%-38,4% Azores Island: local Municipal) and a State services, dividends, interest, in respect of payments of non resident entities, 2. Surtax: Standard 18%; Surchage (3%-7%) can be royalties: 25% dividends, interests, royalties certified as small or 1-3,5% Intermediate 9%; apply in the CIT calculation as and services; other benefits: medium companies: Reduced 4% well as Autonomous Taxation stamp duty; property tax (IMI) Mainland: 17% (for (10%-70%). and property transfer tax (IMT) the first € 15,000 – 80% reduction of taxable income) and 21% (for the remaining taxable income). 3. International Business Centre of Madeira (IBCM): 5% Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Puerto Rico 20%-39% 7%-33% (Qualified VAT was repealed. Income (including alternative Taxed on their Puerto Rico Straight and accelarated Generally 0% to 7% dividends and long SUT will continue minimum tax), gift, estate, source income or effectively method are available for real preferential tax rates Fiscal year end: term capital gains at 10.5% tax rate. sales and use, excise, payroll, connected income (rates and incentives for manufacturing, 30.06.2017 is 15%) Combined SUT rate property (real and personal), varies depending on the tourism, agriculture, renewable 11.5%. Business gross receipt, alcoholic circumstances), branch profit energy, export services to Business and beverage, construction tax tax, excise tax from related and foreign invididuals who professional manufacturer become Puerto Rico residents designated services continue at 4% tax rate. Qatar 1) 10% on foreign There is no personal VAT is Not Applicable Corporate Tax, Custom Duty A 7% withholding tax applies Straight line method: A retention of 3% of the partner share of profit. income tax on to commissions, brokerage Buildings – 5%, Ships & boats contract value or the final Fiscal year end: 2) 35% rate applies to employees salaries & fees, directors fees, Interest – 10%, Drilling Instruments – payment (whichever is higher) 31.12.2017 oil & gas operations wages (subject to certain exceptions) 15%, Airplanes & helicopters applies to payments made & for other services performed – 20%, Trade Marks & to a branch registered for a in whole or in part in the State Patents-Amortised over the life particular project (temporary of Qatar. A 5% withholding time of asset not exceeding branch) tax applies to Royalties & 15%.Written Down Value Technical Service Fees Method: Computer & software – 33.33%, Machinery, plant, equipments, electrical devices, cars, vehicles, truck & cranes – 20%, Furntiure, fixtures & fittings & other assets – 15% Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Romania 3%/2%/1% Total 16% 5%, 9% and 20% Income, payroll, real estate, Income taxes on income from Three methods: straight- Local authorities impose revenues (depending import duties, stamp duties, Romania. Range 10.5-16% line declining-balance and property taxes on property Fiscal year end: on number of capital gains, excise, VAT *Dividends: 5%withholding tax accelerated; mainly straight- located in their regions 31.12.2017 employees) or 16% + 5.5% Health Fund line. Useful lives from 2 to (tax on buildings, land, etc) on profit 60 years 20% 9%-35% 10%-18% Income, VAT, social security, Income taxes on income Several methods but mainly capital assets, transport tax, from sources within Russia, straight-line and rates ranging Fiscal year end: water tax, mining operation withholding tax of 20%, from 1 year to 100 years 31.12.2017 tax. Local taxes may be dividends 15%. Withholding imposed tax on income is 30% for individuals Saudi Arabia 2.5% Zakat – – Zakat, income tax, profit tax, Income taxes on Saudi source 5% on buildings on a reduced Social contributions withholding tax income (20%). Withholding tax balance basis. 25% on for Saudi citizens Fiscal year end: of 5%-20%. 5% on dividends vehicles on reducing balance. (employee 9%) 31.12.2017 25% on equipment on (employer 11%) reducing balance Health contributions paid by the employer Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Serbia 15% 10-15% The standard rate is Income, VAT, Property, Payroll Non-residents are taxed Straight-line basis with rates Dividends paid to a non- 20% with a reduced – social security and tax on only on income generated ranging from 2.5%-30% for resident are subject to a 20% Fiscal year end: rate of 10% salaries, Capital gains, Import in . Capital gains for tax purposes. For accounting withholding tax unless the rate 30.11.2017 duties, Withholding tax, Stamp nonresidents are subject to purposes, companies can is reduced under a tax treaty. duty, Transfer Tax, Copyright, a 20% tax (based on the tax choose any method which Payments made to a person inheritance ) is in accordance IAS while resident in a preferential tax rates can be based on are subject to a management’s estimate 25% withholding tax 17% 2%-22% 7% Goods and Income, goods and services, Exemption from tax on certain Straight-line ranging from No capital gains tax. Services Tax property, stamp duty, road interest income. Withholding 1 to 16 years. 5 years write- No . Group relief Fiscal year end: tax, foreign workers/skill tax at 10% on royalties; 15% off for intellectual property and carry back of current 31.03.2017 development levies, duties on on interest or other lump sum rights. One year write-off years’ tax losses and capital film hire, betting/sweepstakes, payments for use of movable for automation/computer allowances available. private lotteries, import and . 17% on technical equipment and approved cost- Partial tax exemption excise fee and management fee sharing agreement for R&D on first $300,000 of for services rendered in activities 3 years write-off for chargeable income Singapore. Non-resident plant and machinery employees (excluding company directors) assessed at 15% flat rate or resident rates, whichever is higher Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

South Africa 28% 18%-41% 14% Income tax, capital gains tax, Income from a source within Straight line method. 15% withholding tax on dividends withholding tax, or deemed to arise within Industrial buildings – 2% to dividends paid by corporations. Fiscal year end: donations tax, estate duty, South Africa is taxable. 10% depending on date of Long Term Insurance 31.03.2017 customs and excise duty, All dividends paid to non- construction. New commercial Policyholder Fund: 28 or 30% VAT, payroll taxes, transfer residents are subject to a buildings – 5% Plant, Trust Rates: 41% duty, securities transfer tax, final withholding tax of 15% machinery and other assets – Skills Development Levy – air passenger tax, diamond which may be altered by the the rates differ depending on 1% of payroll in excess of R export levy and mineral, provisions of a double taxation the type of asset. Refer section 500,000 petroleum resource royalty agreement. Withholding tax 11(e), 12B, 12C, 12D, 12DA, and International Oil Pollution on royalties – 15% effective 12E(1) of the Income Tax Act. Compensation Fund (IOPCF) from 1 January 2015 Levy (previously 12%), which may be altered by the provisions of a double taxation agreement. Witholding tax on interest from a South African Source and Trust distributed interest _ 15% effective from 1 March 2015, which may be altered by the provisions of a double taxation treaty Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Spain 25% 19% and 45% 4%-10%-21% Income, wealth, VAT, Interest and dividends – 19% Several methods may be Urban property, rural and inheritance and gifts, transfers Royalties – 24% applied. Rates: Buildings – lands, business activities tax, Fiscal year end: and transactions, social from 1% to 3%, other assets Municipal location tax 31.12.2017 security and health insurance, – from 8% to 25% special taxes (alcohol, tobacco, hydrocarbons, etc) Sweden 22% 27%-60% 6%-25% Income, estate, wealth, excise Income taxes on effectively Machinery and equipment No corporate tax on dividends duties, payroll, VAT, import connected income for – 30%, declining balance from unlisted companies. Fiscal year end: duties, land registration et al individuals at 25%, and for method, building – 2%-5%, No corporate tax on capital 31.12.2017 corporations with a permanent straight-line method gain when selling an unlisted establishment at 22%. company Withholding tax at 15%-30% on dividends; estate taxes on property located within Sweden Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Switzerland 7.8%-27% 6%-40% 8% Income, wealth, VAT, excise, Income taxes on effectively Numerous methods and rates Each canton may impose its import duties, stamp duty, connected income; inheritance ranging from 3% to 40% own direct taxes. Tax incentive Fiscal year end: inheritance and gifts, etc and property taxes on property programs available for new 31.12.2017 located within . and existing companies Withholding tax on dividends depending on business of 35% location. Special provisions for holding, domiciliary, trading and service companies. (Under review). Tax based on consumption rather than income for individuals under certain conditions Taiwan (Republic 17% 5%-45% 5% Income, VAT, payroll, land Income taxes on effectively Straight-line, declining Certain capital gain of China) value tax, estate and gifts, connected income. Withholding balance, working hour transactions are totally/ import duties taxes of 10% – 20% on methods, depreciable lives partially tax-free. Tax Fiscal year end: interest, dividends and royalties prescribed by government incentive programmes 31.12.2017 15%-20% 5%-35% 7% VAT, stamp duties, custom Tax on income derived Depreciation must be based Certain capital gain duties, excise tax, petroleum in Thailand source, 15% on the historical cost of an transactions are totally/ Fiscal year end: income tax and local taxes withholding tax on interest and asset acquired, using generally partially tax-free. Tax 30.09.2017 royalty, 10% withholding tax accepted accounting methods. incentive programmes on dividends The depreciation period must not be less than the prescribed period applicable to each fixed asset type Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Tunisia Standard rate: 25% 15%-35% 6%-12%-18% Income, VAT, payroll, social Tax on Tunisian sources Straight-line and declining 100% of the exporting activity Financial security, import duties, income. Withholding tax of balance methods. Rates vary income is deductible from total Fiscal year end: Institution and consumption duty, Capital from 5% to 15%. These from 2% to 33.33%. Possible taxable income up until 31 31.12.2017 telecommunications: gains, motor vehicle tax, revenues having supported accelerated rate method in December 2013. Benefits from 35% registration duties, the withholding tax are waived special cases exportations realised on or after stamp duties, local taxes from any supplemental 1 January 2014 will be subject Withholding tax on dividends income tax payment to corporate income tax at a rate of 10%. Income stemming from investments carried out in regional development zones is fully deductible from the taxable income during the first ten years of activity but, for subsequent business years, only 50% is deductible from the tax base 2%-20% 15%-35% 1%-8%-18% Income, VAT, estate, sales, Income taxes on effectively Straight-line and reducing Sundry municipality taxes, payroll, import duties, stamp connected income. Estate balance method ranging operation permit taxes, Fiscal year end: duties, special communication, taxes and property taxes on from 2% to 50% advertisement taxes, etc 31.12.2017 special consumption property located within Turkey. Withholding tax of 5%-20% on interest, dividends, rents and royalties Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Uganda 30% 10-40% 18% Income tax, VAT, Excise Duty, Income tax from Ugandan Straight line and reducing Numerous tax incentives Customs duty, Import duty, sources, WHT 2%-15% balance methods. WDV rates are available for investors Fiscal year end: Stamp Duty, Transfer taxes depending on the income range from 20%-40% depending on the industry 30.06.2017 source 18% 18% 20%, 7% (medicines Corporate Profits Tax, Single The basic rate is 18%. The Depreciation methods: Favourable tax treatment and medical Tax (4 groups), Personal tax applies to the income Straight-line method; for agricultural companies Fiscal year end: equipment), 0% Income Tax, Unified Social payable to non-resident Declining balance method; ( 4th group). Payers 31.12.2017 Contribution, Land Tax, VAT, entities that was derived from Accelerated declining balance of this tax are exempt from Excise Tax, Property Tax, sources within Ukraine. For method (for machinery and paying Corporate Profits Tax Environmental tax WHT purposes such income vehicles only); Cumulative and Land Tax (except for land includes, inter alia, the method; Production method plots used not for production following items: of agricultural goods) • Interests; • Dividends; • Royalties • Other income, except for the income obtained from sell of goods and provision of services United Arab NIL except Foreign NIL NIL 5% Import duty NIL Option to decide any method Hotel service and Emirates Banks and Oil No import duty in and rates entertainment attract 5% companies are subject zone area Taxes. 30% sales tax on Fiscal year end: to 20% and 50% tax Alcohol 31.12.2017 respectively on profit Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

United Kingdom 20% reducing to 19% Tax on income is 20% Income (corporate and Individuals are normally Generally 18% or 8% on plant Tax incentives for research from 1 April 2017 between 20%-45% (5% on fuel, power personal), capital gains, taxed on UK source income. and machinery on a reducing & development, theatre, Fiscal year end: Tax on dividends is and building inheritance taxes, VAT, import Withholding taxes apply to balance basis. Allowances of film, some TV productions 05.04.2017 between 0% conversion work for duties, excise duties, stamp payments including certain 100% are available for the and video games. Reduced and 38.1%. residential use, and duties, national insurance and royalties and interest and first £200,000 from 1 January corporation tax rate for UK Tax on capital selected healthcare certain other industry specific earnings of entertainers 2016, and for some energy patent profits. Remittance gains is between products) taxes (insurance premium, and sportsmen. Income tax or environmental basis can apply to non-UK 10% and 28%. some residential property is normally limited to the equipment source income and gains Inheritance tax is 40% owned by companies, landfill, witholding tax, although not of non-domiciles. Separate climate change levy, etc) for income from UK real rules apply in Scotland for estate. Trusts are taxable some taxes on all UK source income,as are companies except for dividends. Capital gains other than gains on residential property, and assets used for business purposes in the UK, are not taxed on non-residents but inheritance tax is due on UK assets Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

United States 15%-35% federal 15%-39.6% (General Sales tax may be Income, alternative minimum Income taxes on effectively Numerous methods ranging Each of the 50 states (and income tax rate for qualified imposed at the state tax, gifts, capital gains, social connected income. Estate from 3 years to 40 years; up some jurisdictions within each Fiscal year end: dividends and certain and local level security/self employment tax, taxes apply to U.S. to $500,000 can be expensed state) may impose its own 30.09.2017 capital gains is 20% ) medicare, net investment assets U.S. Withholding tax immediately, subject to certain income, estate, sales, payroll State and local income tax, estate, sales, of 30% on interest, dividends limitations. and other taxes income taxes may excise, payroll, user fees, and royalties and up to 39.6% Buildings can be depreciated also apply. Social import duties, etc. on share of income from U.S. but not land security/medicare/self partnerships employment tax. Net investment income tax may also apply Uruguay 25% Revenues of work: 10%-22% – Revenues of companies and Tax imposed on assets and Generally straight-line Dividends are 7%. Incentives 10%-30%/Other individuals. activities within Uruguay of based on probable useful to the investment in assets Fiscal year end: Revenues: 3%-12% – VAT companies and individuals. life. Buildings 2%, Vehicles and declaration of promoted 31.12.2017 – Tax on assets for companies Withholding tax of 3%-12% 10%-20%, Intangible probable activities. Municipalities and and individuals. useful life or 10% provinces may impose taxes – Payroll on buildings and vehicles. – Excise Some Double Agreements apply – – 12.50% Sales, land transfer, road tax, No income tax, capital gains Not applicable since no Business licence, work permit excise, import and stamp tax or payroll taxation income tax and immigration fees for Fiscal year end: duties residents 31.12.2017 Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous

Venezuela 15%-34% 6%-34% 8%-17% VAT, payroll, social security, Tax imposed on income from Generally straight-line based Municipalities may levy excise, customs, excise duties resources and activities within on probable useful life gross receipts taxes. Branch Fiscal year end: Venezuela. Withholding tax of profits tax on the permanent 31.12.2017 34% on interest, rents and establishment of foreign royalties companies is 35%. Lower tax rates apply to certain industrial activities. Dividends are not tax exempt Vietnam 20% 5%-35% for 5%-10% Income, VAT, excise, import – Non-residents are taxed 20%, Straight-line methods, declining Preferential corporate tax employment and export tariffs, land use right foreign contractor withholding balance method and unit- rates 10%-17% applies for Fiscal year end: business income; transfer, special consumption, tax – VAT: 2%-5%, CIT: 0.1%- of-output method. Buildings investment incentive sectors 31.12.2017 0.1%-25% for other natural resources, 10% on turnover – 5%-15%, machinery – and regions income environmental protection 20%-25%, other fixed assets – 10%-18%