Tax Foundation | In a recent survey of 225 distinct regions for the year 2022, it was found that 142 regions have corporate tax rates that are 25 percent or less. Meanwhile, 118 of these jurisdictions impose tax rates that exceed 20 percent but don’t surpass 30 percent. The median tax rate across these 225 regions stands at 22.22 percent. Interestingly, Cameroon has set its corporate tax rate at 33 percent.
A diverse range of countries make up the list of the top 20 with the steepest corporate income tax rates. Africa leads the tally with eight nations, followed by South America with five, North America with four, Europe with two, and Oceania featuring just once.
| Country | Continent | Tax Rate |
|---|---|---|
| Comoros* | Africa | 50% |
| Puerto Rico | North America | 37.5% |
| Suriname | South America | 36% |
| Argentina | South America | 35% |
| Chad | Africa | 35% |
| Colombia | South America | 35% |
| Cuba | North America | 35% |
| Equatorial Guinea | Africa | 35% |
| Guinea | Africa | 35% |
| Malta | Europe | 35% |
| Sudan | Africa | 35% |
| Sint Maarten (Dutch part) | North America | 34.5% |
| American Samoa | Oceania | 34% |
| Brazil | South America | 34% |
| Venezuela (Bolivarian Republic of) | South America | 34% |
| Cameroon | Africa | 33% |
| Saint Kitts and Nevis | North America | 33% |
| Mozambique | Africa | 32% |
| Namibia | Africa | 32% |
| Portugal | Europe | 31.5% |
| *The normal corporate tax rate is 35 percent, which applies to both Comorian companies and foreign companies deriving Comorian-source income. However, public industrial and commercial enterprises or those where the state or certain public institutions are participants are subject to a corporate tax rate of 50 percent if their turnover exceeds 500 million Comorian francs; see Bloomberg Tax, “Country Guides: Comoros,” https://www.bloomberglaw.com/product/tax/document/25590833704.
Sources: Statutory corporate income tax rates are from OECD, “Table II.1. Statutory corporate income tax rate,” updated May 2022, https://stats.oecd.org/index.aspx?DataSetCode=Table_II1; PwC, “Worldwide Tax Summaries – Corporate Taxes,” 2022, https://taxsummaries.pwc.com/. Bloomberg Tax, “Country Guides – Corporate Tax Rates,” accessed November 2022, https://www.bloomberglaw.com/product/tax/toc_view_menu/3380; and researched individually, see Tax Foundation, “worldwide-corporate-tax-rates,” GitHub, https://github.com/TaxFoundation/worldwide-corporate-tax-rates. |
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