In 2024, the European Union (EU) tax system continues to exhibit significant diversity, reflecting the unique economic conditions and policy preferences of its members. Despite efforts to harmonise some aspects of taxation, tax rates and approaches to taxation vary widely across the EU.
Corporate income tax
EU corporate tax rates in 2024 range from less than 10 per cent in some jurisdictions to more than 30 per cent in others. For example, Ireland maintains one of the lowest corporate tax rates in the EU at 12.5 per cent, which helps to attract international companies. At the same time, France and Germany have some of the highest rates, reflecting their socially oriented approach to fiscal policy.
Income tax for individuals
Income tax for individuals also varies widely. Some countries, such as Belgium and Denmark, have high top rates exceeding 50 per cent, while others, such as Bulgaria and the Czech Republic, apply lower rates not exceeding 20 per cent. These differences reflect the diversity of national approaches to spreading the tax burden across different segments of the population.
Social contributions
Social contributions that finance social security systems, including pensions, health insurance and unemployment benefits, also vary considerably. In countries such as Sweden and France, total social contributions can be quite high, while in other countries such as Malta and Cyprus they are lower. It is important to note that social contributions may be levied on both employers and employees, depending on the country.
Value added tax (VAT)
VAT is an indirect tax that is levied on most goods and services in the EU. Standard VAT rates range from 17 per cent in Luxembourg to 27 per cent in Hungary, although many countries apply reduced rates to certain goods and services such as food, books and medical services. VAT harmonisation within the EU provides common rules for its collection, but leaves room for national differences in rates.
In conclusion, the EU tax system in 2024 remains complex and diverse, reflecting the balance between the pursuit of economic growth, social protection and sustainability of public finances. The diversity of tax systems across the EU emphasises the importance of national sovereignty in tax policy, but also illustrates the complexities faced by companies and individuals operating across borders within the EU. While the EU seeks to harmonise certain aspects of taxation to facilitate trade and investment, national differences remain significant, requiring businesses and investors to plan carefully and consult with experts to optimise tax liabilities. Below, lawyers and tax advisors from RUE provide country-by-country information on European taxation.
Taxes in Albania 2024
Albania’s tax system in 2024 continues to develop in line with international standards and best practices, aiming to create a favourable environment for business and investment. Albania is endeavouring to simplify tax administration, reduce tax rates for certain categories of taxpayers and introduce digital technologies in tax administration.
Corporate Tax
Corporate tax in Albania remains competitive with other countries in the region and is aimed at encouraging investment in key sectors of the economy. The tax rate for legal entities is fixed, but incentives and exemptions may be applied for investments in certain industries or regions that promote economic development.
Value Added Tax (VAT)
VAT is an important source of tax revenue in Albania. The VAT rate is standardised, but a reduced rate can be set for certain goods and services of key importance for the national economy. The VAT refund process for exporters is constantly simplified to stimulate foreign trade activity.
Tax on Income of Individuals
The personal income tax in Albania provides for a progressive taxation scale, providing reduced rates for low-income earners and increased rates for high-income earners. This is aimed at ensuring social justice and income redistribution.
Social Contributions and Real Estate Taxes
Social contributions remain a significant element of the tax system, providing funding for the social protection system. Property and land taxes are also adapted to stimulate the development of the real estate market and optimise the use of land resources.
Digitalisation of Tax Administration
Albania is actively introducing digital technologies into tax administration in an effort to simplify tax planning, declaration and payment. This includes the introduction of electronic declaration and payment systems, as well as improved access to tax information for taxpayers.
Conclusion
Albania’s tax system in 2024 continues to adapt to global trends and national economic objectives. Improving tax administration, stimulating investment and supporting economic development remain key priorities in the country’s tax policy.
Taxes in Andorra 2024
As a microstate with a highly developed economy and one of the lowest tax rates in Europe, Andorra continues to attract international investment and business initiatives. In 2024, Andorra’s tax system remains balanced and innovative, offering a favourable environment for entrepreneurship and private investment.
Corporate Taxation
Andorra’s corporate tax rate remains one of the lowest in Europe, making the country attractive to international business. The tax system provides favourable conditions for certain sectors of the economy, including innovative technologies and environmentally sustainable production.
Taxation of Individuals
Andorra offers a progressive taxation scale for individuals, ensuring social justice and stimulating economic activity among the population. Tax rates remain competitive, with a low threshold for entry into the tax system.
Value Added Tax (VAT)
VAT in Andorra is characterised by one of the lowest rates in Europe, which helps to stimulate consumption and support the local market. The VAT system is flexible and adapted to the needs of small and medium-sized businesses.
Investment Incentives
Andorra continues to offer a variety of investment incentives, including tax incentives for foreign investors and support for start-ups. These measures are aimed at attracting capital and developing the innovative sector of the economy.
Digitalisation of the Tax System
The country is actively developing digital tax infrastructure, offering electronic services to simplify tax administration and improve the efficiency of tax control. This includes electronic declaration and payment of taxes, as well as online access to tax information.
Conclusion
In 2024, Andorra’s tax system continues to be one of the most attractive in Europe, combining low tax rates, progressive taxation and investment incentives. These factors contribute to creating a favourable business climate and encouraging international investment, strengthening Andorra’s economic position on the international stage.
Taxes in Austria 2024
In 2024, Austria’s tax system includes a number of significant changes and updates to improve tax efficiency and fairness, as well as to stimulate economic growth and innovation.
Changes in the taxation of cryptocurrencies
Austria has made adjustments to the taxation of income from cryptocurrencies such as steaking, airdrops, bounties and hardforks. These gains are now not recognised for tax purposes at the time of receipt, but only upon subsequent sale. In addition, when one cryptocurrency is exchanged for another, the transaction does not result in taxation. A rule has also been introduced that when units of the same cryptocurrency are purchased in succession, a weighted average value in euros is applied to calculate the cost price.
New rules for filing tax returns
An automated quota system for tax consultants has been introduced, according to which tax returns (income tax, corporate tax, VAT and valuation returns) must be filed no later than 31 March of the second calendar year following the reporting period. This innovation is aimed at providing legal certainty and simplifying the process of filing tax returns.
Income tax on profit of legal entities
The corporate tax rate in Austria is 23% from 2024. However, dividends and capital gains paid to an Austrian holding company are exempt from corporate tax if certain conditions are met, such as a direct investment of at least 10% in a foreign company and a minimum holding period of one year.
Taxation of individuals
A progressive tax scale has been introduced for individuals, ranging from 0% for income up to €11,693 and up to 55% for income over €1,000,000. Particular attention is paid to social justice and the promotion of economic participation through various tax incentives, such as a full tax credit for the self-employed of €4,500 per year and the possibility of utilising a 15% income tax credit on investments in certain assets.
These updates reflect Austria’s commitment to a modern, flexible and fair tax system that can adapt to changing economic conditions and technological progress. They aim to support business development, innovation and fair taxation.
Key aspects of taxation in Austria in 2024:
- Changes in Cryptocurrency Taxation: New rules have been introduced to account for cryptocurrency income in order to simplify and ensure fairness of taxation in this fast-growing field.
- New rules for filing tax returns: Introduction of an automated quota system for tax declarations aimed at simplifying tax administration.
- Corporate income tax: The corporate tax rate is 23 per cent from 2024, with exemptions for dividends and capital gains paid to Austrian holding companies under certain conditions.
- Taxation of individuals: A progressive tax scale for individuals, with tax exemptions and incentives for the self-employed and investments in certain assets.
These changes and updates reflect Austria’s endeavour to ensure efficient and fair taxation while stimulating economic development and innovation. They offer both businesses and individuals benefits through a modern and flexible tax system adapted to current economic and technological conditions.
Taxes in Belgium 2024
The Belgian tax system continues to evolve in 2024, including a number of changes and updates to strengthen tax fairness and combat tax evasion. Below are the key aspects of Belgian taxation for 2024 based on available information.
Progressive income tax scale
Belgium applies a progressive income tax scale where the rates increase according to the level of income. For 2024 (for 2023 incomes), the tax rates start at 25% for incomes up to €15,200 and go up to 50% for incomes above €46,440. There is also a tax deduction that allows a portion of income to be excluded from the tax base, reducing the overall tax burden.
Changes in the federal budget and tax measures
As part of the federal budget for 2024, the Belgian government has introduced several important tax measures. In particular, it has decided to temporarily reduce the use of tax assets in the current basket system from 70% to 40% (above the €1 million threshold) until the introduction of the Global Minimum Tax (Pillar 2) system. The interest deduction regime for loans for large companies will also be abolished, leaving it available only to SMEs.
Belgian Cayman Tax tightening
Particular attention is given to tightening the Belgian Cayman tax to further limit the scope for tax evasion through tax havens. In particular, an exit tax is proposed, which would mean that a fictitious dividend from the liquidation of a legal entity is attributed to the founder upon emigration from Belgium. Measures are also proposed to tighten the substance requirements and introduce minimum shareholdings for independent persons in investment institutions and funds to avoid the application of the Cayman tax.
Taxation of non-residents
Belgium also levies tax on non-residents on income derived from Belgian sources. These taxes are based on Belgian source income and may be subject to progressive tax rates similar to those applicable to residents.
These changes emphasise the Belgian government’s commitment to creating a fairer and more efficient tax system aimed at stimulating economic growth and preventing tax evasion. Important highlights include a progressive income tax scale, temporary tax measures in anticipation of the introduction of the Global Minimum Tax, tax tightening to combat tax havens, and special tax rules for non-residents.
Taxes in Bosnia and Herzegovina 2024
In 2024, Bosnia and Herzegovina’s tax system continues to offer a comprehensive approach to taxation, including both direct and indirect taxes administered at the level of the country and its regions. Based on available information, here are the main aspects of taxation in Bosnia and Herzegovina for 2024:
VAT system
Bosnia and Herzegovina has a unified VAT system that replaces sales taxes at the entity level. The indirect tax authority is responsible for calculating and collecting VAT. The VAT rate is 17 per cent and it applies to most goods and services. The VAT paid by companies on their purchases is deducted from the VAT charged on the provision of goods and services, so that companies only pay the difference between the VAT collected and the VAT paid. Final consumers in the supply chain bear the full cost of VAT.
Main provisions
Most goods and services are subject to VAT, but there are exemptions and special schemes for small companies, farmers, travel agencies, suppliers of second-hand goods, art and antiques, and goods sold at public auctions. Some activities are exempt from VAT, including postal services, medical and educational services, social welfare and sports services, and financial and money services.
Taxes in Bulgaria 2024
In 2024, Bulgaria’s tax system continues to offer a stable and attractive environment for both businesses and individuals, emphasising the structure of flat tax rates for different types of taxes. Below is a detailed overview based on the latest legislative updates and policy decisions.
Corporate income tax
Bulgaria has introduced significant changes to the Corporate Income Tax Act, establishing a minimum effective tax rate of 15 per cent for large Bulgarian groups and Bulgarian members of foreign large corporate groups. This change, effective from 1 January 2024, is in line with the European Union directive on guaranteeing a global minimum tax level for multinational enterprises and large-scale national groups. The directive targets entities in Bulgaria that are members of MNE groups or large-scale national groups with annual revenues exceeding EUR 750 million in the consolidated financial statements of the parent company for at least two of the four financial years immediately preceding the current financial year. This measure aims to address taxation where the effective tax rate is below 15%.
Personal income tax
Bulgaria maintains a flat tax rate of 10% on personal income, including various types of income such as income from employment, business activities and other sources. The system allows a number of tax exemptions and deductions aimed at supporting persons with disabilities, personal contributions to voluntary social security and insurance, pension insurance, donations, young families, children and non-cash payments.
Social insurance and health insurance
Bulgaria’s tax system also includes comprehensive social security and health insurance contributions, with rates and obligations specified for both employers and employees. These contributions cover a wide range of social and health benefits, providing a safety net for the working population.
VAT system
The standard VAT rate in Bulgaria remains at 20% for most goods and services. Special VAT schemes and reduced rates apply to certain goods and services, including a reduced rate for tourism-related activities. The VAT system is designed so that it is not a cost to businesses as they can deduct the VAT paid on their purchases from the VAT charged on supplies. End consumers in the supply chain bear the full cost of VAT. In addition, recent amendments have been made to tax laws, including aspects related to electricity contributions, VAT and corporate income tax, ensuring that the system adapts to both local and global economic conditions.
Local taxes and levies
Local taxes and fees in Bulgaria, such as property tax and vehicle tax, are determined by municipal councils and may vary by location. The system offers flexibility and autonomy at the local government level to address specific municipal needs and priorities.
Bulgaria’s tax regime in 2024 continues to be characterised by its simplicity, competitive rates and compliance with international standards. The introduction of a 15% corporate tax for large groups is a significant step towards global tax reform efforts, while the flat income tax rate and VAT system provide clarity and predictability for taxpayers. For businesses and individuals, Bulgaria offers a tax environment conducive to economic activity and investment, balancing the promotion of growth and fair taxation.
Taxes in Croatia 2024
In 2024, Croatia’s tax system continues to offer a balanced approach to taxation, combining the stimulation of economic growth with a fair distribution of tax liabilities between corporate and individual taxpayers. Below is an overview of the main aspects of taxation in Croatia, including corporate tax rates, personal income tax, social tax and VAT.
Corporate income tax
In Croatia, the corporate income tax rate is 20%. This rate applies to the company’s net profit after deducting allowable expenses and depreciation. A reduced rate may apply for small businesses whose annual income does not exceed the statutory threshold.
Income tax for individuals
Income tax in Croatia has a progressive scale, which is divided into several tax bands with different rates. This means that the higher the income, the higher the tax rate to be paid. The tax rates may vary depending on the annual income, taking into account various tax exemptions and deductions available for certain categories of taxpayers, such as families with children or persons investing in pension insurance.
Social tax
In Croatia, employers and employees are obliged to make social security contributions that cover pension, health, work accident and unemployment insurance. The total social tax rate is defined as a percentage of the employee’s salary, with part of the contributions paid by the employer and part by the employee.
Value added tax (VAT)
The VAT rate in Croatia is 25 per cent for most goods and services. There are also reduced VAT rates for certain categories of goods and services, such as food, medical products, books and educational services, which makes the VAT system more flexible and adaptable to different economic conditions and needs of society.
Croatia continues to develop its tax system with the aim of creating a favourable economic environment for business development and providing social support to the population. Understanding and correctly applying tax rates and rules allows individual taxpayers and companies to optimise their taxes.
Corporate income tax
In many countries, including Croatia, corporate tax is paid on the net profits of the company. The standard corporate income tax rate is often in the range of 15% to 25%, but can vary depending on country-specific policies and the size of the business’s income.
Income tax for individuals
Income tax for individuals is usually on a progressive scale, where the tax rate increases according to the individual’s income. In countries with a progressive tax system, there may be various tax exemptions and deductions, for example, for families with children or contributions to pension insurance.
Social tax
Social tax includes contributions to pension insurance, health insurance, work accident insurance and unemployment insurance. Contributions are usually shared between employer and employee and are calculated as a percentage of wages.
Value added tax (VAT)
The standard VAT rate in European countries is often between 19% and 25%. In Croatia, as in other countries, there may be reduced VAT rates for certain categories of goods and services, such as food, medical products and educational services.
For the most up-to-date information on taxation in Croatia in 2024, it is advisable to consult official sources and consult local tax specialists.
Taxes in Cyprus 2024
Taxation in Cyprus in 2024 is a unique system that combines attractive rates for investors and entrepreneurs with strict but fair tax compliance requirements. In this article, we look at key aspects of taxation in Cyprus, including corporate income tax, personal income tax, social tax rate and VAT.
Corporate income tax
Cyprus has a corporate income tax rate of 12.5%, which is one of the lowest rates in the European Union. This rate applies to a company’s net profits, making Cyprus an attractive place to do business, especially for international companies seeking to maximise their profitability. It is important to note that special tax exemptions may apply for certain types of income such as dividends, interest and income from intellectual property rights.
Income tax for individuals
Income tax for individuals in Cyprus varies depending on the level of income. Tax rates start at 0% for incomes up to a certain threshold and can reach up to 35% for high incomes. Cyprus offers a number of tax benefits for residents, including incentives for new residents and special incentives for highly skilled professionals, making it an attractive place to work and live.
Social tax rate
Social insurance in Cyprus is compulsory and covers a wide range of social guarantees, including pensions, unemployment benefits and health insurance. In 2024, the total social tax rate is around 20.5% of wages, with the employer’s share being around 8.3%, the employee’s share around 8.3% and the remainder being covered by state social insurance.
VAT
The rate of Value Added Tax (VAT) in Cyprus varies depending on the type of goods and services. The basic VAT rate is 19%, which applies to most goods and services. There are also reduced VAT rates, such as 9% and 5%, which apply to certain categories of goods and services, including medical services, tourist services and certain foodstuffs.
Conclusion
Cyprus’ tax system remains one of the most attractive in the European Union due to its low corporate tax rates, favourable conditions for individuals and companies, as well as reasonable levels of VAT and social contributions. These factors make Cyprus an attractive destination for international business and investment, as well as for those seeking favourable working and living conditions.
Taxes in Czech Republic 2024
Taxation in the Czech Republic in 2024 continues to maintain a balanced approach between stimulating economic growth and providing the necessary revenues to the state budget. In this article, we look at key aspects of taxation in the Czech Republic, including income tax rates, personal income tax, social tax and VAT, using business language and focusing on the changes coming into force in 2024.
Corporate income tax
The corporate income tax rate in the Czech Republic remains relatively stable at 19%. This rate applies to a company’s net profit after deducting all allowable expenses and depreciation. The Czech Republic offers a number of tax incentives for certain types of businesses, including start-ups and research and development companies, emphasising the country’s commitment to foster innovation and technological development.
Income tax for individuals
In 2024, personal income tax in the Czech Republic continues to operate on a progressive scale, where tax rates increase depending on the level of income. The rates range from 15% to 23% for the highest incomes. This change is aimed at ensuring greater social justice and increasing state budget revenues to finance public needs.
Social tax rate
Social tax in the Czech Republic covers unemployment insurance, pension insurance and health insurance. In total, the social tax rate for employers is about 34%, while employees contribute about 11% of their earnings. These contributions are a key element of social protection of citizens and financing of social programmes.
VAT
Value Added Tax (VAT) rates in the Czech Republic in 2024 remain varied to take into account different types of goods and services. The main VAT rate is 21%, which applies to most goods and services. There are also reduced VAT rates of 15% and 10%, which apply to certain categories of goods and services such as food, books and medical products. This differentiation of VAT rates emphasises the government’s desire to maintain the affordability of basic goods and services.
Conclusion
The Czech Republic continues to pursue a balanced approach to taxation, aiming to create a favourable environment for business while at the same time ensuring social protection for the population. Stable corporate income tax rates, a progressive personal income tax scale, and reasonable social tax and VAT rates make the Czech Republic’s tax system one of the most balanced in Europe, helping to attract investment and maintain social stability.
Taxes in Denmark 2024
Taxation in Denmark in 2024 continues to reflect the principles of social democracy, striving to ensure a high level of social protection and quality of life for all citizens. The Danish tax system is complex, but it is designed to be fair and transparent, with a focus on supporting social welfare and sustainable development. In this article, we will look at the key elements of taxation in Denmark, including company tax, personal income tax, social contributions and VAT, using business language.
Corporate income tax
In 2024, the corporate income tax rate in Denmark remains at 22 per cent. This rate applies to all companies incorporated in Denmark on their global income. Danish legislation provides for various tax incentives to encourage investment in certain sectors of the economy, such as research and development, which supports innovation and sustainable development.
Income tax for individuals
Personal income taxation in Denmark is characterised by high rates and a progressive scale, which means that the higher the income, the higher the tax rate. In 2024, rates range from approximately 37 per cent to over 55 per cent on the highest incomes. Despite the apparent strictness, the system provides for a number of exemptions and deductions, such as for compulsory social insurance and contributions to pension funds, which reduces the tax burden on citizens.
Social contributions
In Denmark, social contributions are mainly paid by the state through general taxes rather than through separate contributions from employers and employees. However, there are some specific contributions, such as labour insurance contributions, which are a small part of wages. This system of financing social security through general taxation enables the provision of a high level of social services, including health care, education and social support.
VAT
VAT (Value Added Tax) in Denmark is 25 per cent, which is one of the highest VAT rates in the world. This tax applies to all goods and services and is a key source of revenue to finance public expenditure. Despite the high rate, the VAT system in Denmark is assessed as an efficient and transparent tax administration tool.
Conclusion
Denmark’s tax system in 2024 continues to maintain high standards of social welfare and sustainable development. Although tax rates in Denmark are considered among the highest in the world, they contribute to an equitable and just society with a high standard of living. The system provides various business incentives and individual incentives, thereby ensuring balanced and efficient taxation.
Taxes in Estonia 2024
Estonia, known for its innovative approach to taxation and the digital economy, continues to attract the attention of investors and entrepreneurs from around the world. In 2024, Estonia’s tax system retains its core principles centred on simplicity and efficiency, while offering a range of incentives for business development and investment. In this article, we will look at key aspects of taxation in Estonia, including corporate income tax, personal income tax, social tax and VAT, using business language.
Corporate income tax
One of the most unique features of the Estonian tax system is the approach to taxation of corporate profits. In Estonia, income tax is not paid on profits earned by a company, but on profits distributed in the form of dividends. In 2024, the tax rate on distributed profits is 20 per cent, applied to a ratio of 1/0.8 of the distribution amount. This approach favours reinvestment of profits and supports sustainable development of companies.
Income tax for individuals
Personal income tax in Estonia is also characterised by its simplicity and transparency. In 2024, there is a progressive tax scale, where the basic rate is 20 per cent for income below a certain threshold and increases to 40 per cent for income above that threshold. Estonia offers a number of tax deductions, including deductions for education, medical expenses and pension fund contributions, which helps to reduce the tax burden on individuals.
Social tax
Social tax in Estonia finances the health care and social security system. In 2024, the social tax rate is 33% of wages, where the minimum contribution base is set by the government. This tax is mainly paid by employers, which emphasises the social responsibility of businesses to provide social guarantees to their employees.
VAT
The value added tax (VAT) rate in Estonia in 2024 is 20 per cent for most goods and services. There are also reduced VAT rates of 9% and 0%, which apply to certain goods and services, such as books, medical products and certain types of foodstuffs, as well as to the export of goods. This helps to support certain industries and strengthen economic growth.
Conclusion
The Estonian tax system in 2024 continues to demonstrate its efficiency and innovative approach to taxation. The unique model of taxation of corporate profits, progressive income tax scale for individuals, as well as simple and clear social tax and VAT rates create favourable conditions for business, investment and social development. Estonia continues to be an example of successfully combining innovation economy with social responsibility.
Taxes in Finland 2024
In 2024, Finland’s tax system continues to emphasise the strengths of the Nordic model, combining high tax rates with extensive social services and investments in the public good. Finland ranks among the world’s leading countries in terms of quality of life, and its tax policy contributes significantly to this. Let’s take a closer look at the main components of Finland’s tax system in 2024, using business language.
Corporate income tax
Finland proposes a competitive corporate income tax rate of 20 per cent in 2024. This rate applies to a company’s net profit after deducting all allowable expenses. The country strives to maintain an attractive investment climate by offering various tax incentives for research and development and start-ups, which stimulates innovation and economic growth.
Income tax for individuals
Finland uses a progressive personal income tax scale, where tax rates increase with income. In 2024, the rates range from about 6% for low incomes to about 31.25% for high incomes. Additionally, municipal taxes may apply, with an average rate of about 20 per cent. The system provides for various deductions and exemptions, including for social security and pension contributions, which reduces the overall tax burden.
Social tax rate
Social contributions in Finland finance a wide range of social services, including health care, education and social security. Employers are obliged to pay social contributions in 2024, the amount of which depends on various factors, including the salary of employees. The general rate of social contributions for employers is approximately 2% to 25%, depending on the type of insurance and other conditions.
VAT
Value Added Tax (VAT) in Finland in 2024 remains an important source of revenue for the state budget. The basic VAT rate is 24 per cent. Reduced rates are available for certain goods and services: 14 per cent on food and animal feed, 10 per cent on books, medicines, magazines, cultural and sporting events, and passenger transport. These measures are aimed at supporting cultural development and healthy lifestyles of the population.
Conclusion
Finland’s tax system in 2024 continues to ensure a high level of social services and investments in the public good through fair and efficient tax rates. A progressive income tax scale, competitive corporate income tax rates, social contributions and VAT contribute to creating a favourable business climate and maintaining a high quality of life for citizens. Finland continues to be a successful example of combining social responsibility and economic efficiency.
Taxes in France 2024
France’s 2024 tax system continues to demonstrate a complex mix of tax rates and rules designed to ensure social equity, stimulate economic growth and maintain public services at a high level. The country applies a variety of tax rates, including corporate income tax, personal income tax, social contributions and VAT. Let us examine these aspects in more detail, using business language.
Corporate income tax
In France, the corporate income tax rate in 2024 is around 25 per cent for most companies, reflecting a continuing trend to reduce the tax burden to strengthen the business environment and attract foreign investment. For small businesses with turnover below a certain threshold, favourable rates are in place to support SMEs and promote job creation.
Income tax for individuals
France applies a progressive personal income tax scale, which ranges from about 11 per cent for low incomes to 45 per cent for incomes above a certain threshold in 2024. In addition, an additional tax may be imposed on ultra-high incomes. The progressive system aims to ensure a fair distribution of the tax burden, with various deductions and exemptions to reduce the overall tax burden.
Social contributions
Social contributions in France cover a wide range of social guarantees, including pensions, health insurance and unemployment benefits. In 2024, the total social contribution rate for employers is a significant proportion of employees’ salaries, while employees also contribute their share from their salaries. This system contributes to ensuring a high level of social protection for all segments of the population.
VAT
The value added tax (VAT) rate in France in 2024 remains at 20 per cent for most goods and services, which is the standard rate. Reduced VAT rates apply to certain categories of goods and services, including food, books and medical products, as well as cultural and educational services. These measures are aimed at supporting the accessibility of important goods and services for all segments of the population.
Conclusion
France’s tax system in 2024 continues to demonstrate a balance between providing the necessary funding for public services and creating a favourable environment for economic development. Although tax rates in France remain relatively high compared to some other countries, they contribute to maintaining a high level of social protection and quality of life, which is a key priority of French tax policy.
Taxes in Germany 2024
In 2024, Germany’s tax system continues to maintain its reputation as one of the most developed and complex in the world. In
an effort to balance the need to fund a wide range of social and infrastructure projects with creating a favourable environment for business and investment, Germany applies a variety of tax rates and rules. Let’s take a detailed look at the main aspects of taxation in Germany in 2024, using business language.
Corporate income tax
The corporate tax rate in Germany remains relatively stable at around 15% at the federal level, to which is added a trade tax (Gewerbesteuer) that varies from municipality to municipality, typically increasing the overall rate to around 30-33%. This provides companies with a relatively predictable tax burden while promoting local economic development.
Income tax for individuals
German income tax for individuals in 2024 continues to apply a progressive tax scale, where rates start at 14% for low incomes and go up to 45% for incomes above a certain threshold. In addition, an additional “wealth tax” (Reichensteuer) is applied for ultra-high incomes. The system provides for a number of exemptions and deductions, such as for education and social insurance, allowing for a reduced tax base.
Social contributions
The social insurance system in Germany is financed by social contributions equally distributed between employers and employees. The total rate of social contributions includes pension, health, unemployment and care insurance, amounting to about 40 per cent of wages, of which half is paid by the employer and the other half by the employee. This ensures a high level of social protection for the population.
VAT
The value added tax (VAT) rate in Germany in 2024 remains at 19% for most goods and services, which is the standard rate. A reduced rate of 7 per cent applies to certain goods and services, including food, books and magazines, which helps to keep cultural and basic products affordable for the population.
Conclusion
Germany’s tax system in 2024 continues to provide funding for the country’s vast social and infrastructure network, while fuelling economic growth and innovation. A balanced approach to taxation of both individuals and companies supports social justice and offers incentives for business and investment, keeping the German economy stable and prosperous.
Taxes in Greece 2024
In recent years, Greece has introduced a number of tax reforms aimed at stimulating economic growth and attracting foreign investment. In 2024, Greece’s tax system continues on this course, offering both local and foreign entrepreneurs an attractive business environment. In this article, we take an in-depth look at key aspects of taxation in Greece, including corporate tax rates, personal income tax, social tax and VAT.
Corporate income tax
In 2024, the corporate income tax rate in Greece is 24%. This rate applies to the net income of companies registered in Greece and remains unchanged from the previous year, emphasising the stability of Greek tax policy. Tax incentives and subsidies may be granted to encourage investment and business development in certain sectors and regions.
Income tax for individuals
Personal income taxation in Greece in 2024 remains progressive, i.e. the tax rate increases with the taxpayer’s income. Tax rates start at 9% for incomes up to €10,000 and can reach up to 44% for incomes over €40,000. This system promotes social justice by imposing higher rates on taxpayers with higher incomes.
Social tax
Social contributions in Greece are mandatory and are paid by both employers and employees. In 2024, the overall level of social contributions for employees is approximately 16 per cent, while employers contribute approximately 24 per cent of an employee’s gross salary. These contributions are used to finance state social programmes, including pensions, health insurance and unemployment insurance.
Value added tax (VAT)
The VAT rate in Greece in 2024 varies depending on the type of goods and services. The basic VAT rate is 24%, which applies to most goods and services. There are also reduced VAT rates: 13% applies to certain foodstuffs, hotel services and energy, while a 6% rate is provided for medicines, books and certain medical services. This separation of rates allows the social and economic importance of different categories of goods and services to be taken into account.
Conclusion
Greece’s tax system in 2024 is a balanced mix of business incentives and social responsibility. Stable corporate tax rates, progressive taxation of individuals, mandatory social contributions and differentiated VAT rates create a predictable and fair tax environment. This favours both the development of local businesses and the attraction of foreign investors wishing to operate in Greece.
Taxes in Hungary 2024
Hungary continues to demonstrate its commitment to creating a favourable economic climate for business and investment through its tax policy in 2024. The country is renowned for having one of the most competitive tax systems in the European Union, making it attractive to foreign investors. In this article, we look at key aspects of tax regulation in Hungary, including corporate income tax, personal income tax, social contributions and VAT.
Corporate income tax
Hungary’s corporate tax rate in 2024 remains one of the lowest in Europe at 9 per cent. This makes Hungary one of the most attractive places to do business on the continent. The low corporate tax rate aims to stimulate investment and development of businesses of all sizes.
Income tax for individuals
Hungary applies a flat personal income tax rate of 15 per cent in 2024. This simplifies tax administration and ensures transparency for taxpayers. The flat income tax rate supports the average and high income of the population, thus favouring consumption and economic growth.
Social tax
Social contributions in Hungary are important for financing the social protection system, including pensions, health care and unemployment insurance. In 2024, the overall level of social contributions paid by employers is reduced to 13 per cent. The reduction of social contribution rates is part of the government’s strategy to reduce labour taxes and increase employment.
Value added tax (VAT)
VAT in Hungary remains one of the highest in the European Union, with a basic rate of 27% in 2024. However, there are reduced rates for certain goods and services: 5% applies to medical products and services, books and some food products, while 18% applies to the hospitality industry and some food products. The reduced VAT rates are aimed at supporting certain sectors of the economy and social policy.
Conclusion
Hungary’s tax system in 2024 continues to be one of the most competitive in Europe thanks to low corporate tax rates, flat personal income tax rates, lower social contribution rates and differentiated VAT rates. These measures not only help to attract foreign investment, but also support the development of local businesses, creating favourable conditions for economic growth and improving living standards in the country.
Taxes in Iceland 2024
Iceland continues to attract the attention of the international business community due to its transparent and efficient tax system. In 2024, the country maintains its reputation as one of the most stable and predictable tax regimes in the world. Let’s take a look at the key aspects of taxation in Iceland, including corporate income tax, personal income tax, social contributions and VAT, which are crucial for doing business in the country.
Corporate income tax
In 2024, the corporate tax rate in Iceland remains at 20 per cent. This is a relatively competitive rate that fosters a favourable investment environment for local and foreign companies. The Icelandic government aims to maintain the country’s competitiveness as an investment centre while ensuring adequate funding for public services.
Income tax for individuals
Personal income taxation in Iceland in 2024 continues to apply a progressive taxation scale. Rates range from 31.45% to 46% depending on the level of income. This provides a balanced approach to the distribution of the tax burden, where higher incomes are subject to higher rates. This system promotes social justice and provides a significant contribution to the state budget.
Social tax
Social contributions in Iceland are compulsory for all employers and self-employed persons. In 2024, the social contribution rate is approximately 6.35 per cent of gross wages. These contributions finance a wide range of social programmes, including pensions, health insurance and unemployment insurance, which contributes to social protection.
Value added tax (VAT)
Iceland has two main VAT rates: the standard rate is 24% and the reduced rate is 11%. The reduced rate applies to certain goods and services, including food, hotel services, books and magazines. The VAT system is designed to ensure fair and efficient taxation while supporting sectors of social and economic importance.
Conclusion
Iceland’s tax system in 2024 continues to provide a sustainable and predictable business environment. A fair and competitive tax structure helps to stimulate economic growth, attract investment and provide social protection for the population. Iceland remains an attractive destination for entrepreneurs and investors who value a transparent, stable and efficient tax system.
Taxes in Ireland 2024
Ireland continues to build on its reputation as one of the world’s leading financial and technology centres, offering competitive tax rates and a favourable business environment. In 2024, Ireland’s tax system remains attractive to foreign investment while ensuring a fair distribution of the tax burden. Let’s take a look at the main aspects of taxation in Ireland, including corporate income tax, personal income tax, social tax and VAT.
Corporate income tax
Ireland maintains its competitive corporate tax rate of 12.5 per cent for trading income in 2024. This rate is one of the lowest in the European Union and is a key factor in attracting multinational companies to locate their operations in Ireland. For non-trading income, such as property income, a higher rate applies.
Income tax for individuals
Personal income taxation in Ireland remains progressive, with rates varying from 20% to 40% depending on the level of income. The system also provides for various exemptions and deductions that can reduce the tax burden for individuals and families. Additionally, there is the Universal Social Charge (USC), which is levied in addition to the basic income tax.
Social tax
In Ireland, employers and employees pay Pay Related Social Insurance (PRSI), which funds various social programmes including pensions, sickness and unemployment benefits. In 2024, PRSI rates remain relatively low compared to other European countries, which helps to maintain healthy levels of employment and entrepreneurial activity.
Value added tax (VAT)
The standard rate of VAT in Ireland in 2024 is 23%. However, there are reduced rates for certain goods and services, such as 13.5% for construction services, tourism and certain food products, and even 9% for newspapers and sporting events. These measures are designed to support certain sectors of the economy and facilitate access to cultural and educational resources.
Conclusion
Ireland’s tax system in 2024 continues to provide a favourable environment for business and investment, while maintaining principles of fairness and social protection. Competitive corporate tax rates, progressive personal income taxation, reasonable social contributions and a flexible VAT system make Ireland one of the most attractive jurisdictions for international business.
Taxes in Italy 2024
Italy, with its diverse economy and strategic position in Europe, continues to attract the attention of international investors and entrepreneurs. In 2024, the Italian tax system demonstrates a strong commitment to optimising the tax burden to stimulate economic growth and support businesses. In this article, we look at key aspects of taxation in Italy, including corporate income tax, personal income tax, social contributions and VAT, which are important for anyone doing business in the country.
Corporate income tax
The corporate income tax rate in Italy in 2024 is 24%. In addition, regions may levy an additional regional tax on productive activities (IRAP), the rate of which varies but is typically around 3.9%. These rates emphasise Italy’s commitment to attracting investment in the manufacturing sector and supporting entrepreneurship at the local level.
Income tax for individuals
Italy applies a progressive income tax scale for individuals, ranging from 23% to 43% in 2024, depending on the level of income. The tax system also provides for a number of exemptions and deductions aimed at reducing the tax burden for certain categories of the population, including families with children, and at supporting socially important expenditures such as education and medical services.
Social tax
Social contributions in Italy are a significant part of the tax burden for both employers and employees. Contributions paid by employers average about 30 per cent of an employee’s gross salary, while employees contribute about 10 per cent. These contributions finance a wide range of social programmes, including pensions, health care and insurance against accidents at work.
Value added tax (VAT)
The standard VAT rate in Italy in 2024 is 22%, which corresponds to the European Union average. There are also reduced rates for certain goods and services: 10% for food, medicines and tourist services and 4% for essential goods, including food and books. These measures are aimed at supporting consumption and stimulating certain sectors of the economy.
Conclusion
In 2024, Italy’s tax system continues to strive for a balance between stimulating economic growth and providing the necessary funding for public services and social support. Competitive corporate tax rates, progressive personal income taxation, significant social contributions and a balanced VAT system create a complex and multidimensional tax environment. Understanding these aspects of taxation is critical to doing business successfully in Italy and can help optimise the tax burden for companies and individual entrepreneurs.
Taxes in Latvia 2024
Latvia, located in the heart of the Baltic Sea region, continues to attract the attention of the international business community due to its open economy and favourable tax policy. In 2024, Latvia offers a comprehensive tax environment that promotes growth and innovation, while ensuring social responsibility and support. Let’s take a look at key aspects of taxation in Latvia, including corporate income tax, personal income tax, social contributions and VAT.
Corporate income tax
In 2024, Latvia retains an innovative corporate income tax system where tax is paid only on profit distribution. The corporate income tax rate on profit distribution is 20 per cent. This system is aimed at incentivising reinvestment of profits and supporting sustainable development of companies.
Income tax for individuals
Personal income taxation in Latvia is also characterised by a progressive rate scale. In 2024, tax rates vary from 20% to 31% depending on the level of the taxpayer’s income. This system ensures a balanced distribution of the tax burden, promoting social justice and support for low-income groups of the population.
Social tax
Social contributions in Latvia cover pension insurance, health care, unemployment insurance and other social guarantees. In 2024, the total level of social contributions is about 35.09 per cent, of which the employee pays 11 per cent of gross wages and the employer 24.09 per cent. This provides funding for essential social programmes and services.
Value added tax (VAT)
The standard VAT rate in Latvia in 2024 is 21%. Reduced rates are provided for certain goods and services: 12% for medical goods and services, books and periodicals, and hotel services. This favours the availability of cultural and educational goods, as well as the development of the tourism sector of the economy.
Conclusion
Latvia’s tax system in 2024 continues to support business and investment through innovative tax mechanisms and incentives. The corporate income tax system, progressive personal income tax, reasonable social contributions and balanced VAT create favourable conditions for business development and attract foreign investors. Latvia demonstrates how a balanced tax policy can promote economic growth while ensuring social protection and support for the population.
Taxes in Liechtenstein 2024
Liechtenstein, a small principality in the heart of Europe, continues to attract global investment thanks to its favourable tax policy, political stability and innovative economy. In 2024, Liechtenstein’s tax system remains one of the most attractive in the world, offering favourable conditions for both local and foreign entrepreneurs and investors. Let’s take a look at key aspects of taxation in Liechtenstein, including corporate income tax, personal income tax, social contributions and VAT.
Corporate income tax
Liechtenstein offers one of the lowest corporate tax rates in Europe at 12.5 per cent of net income. This rate makes the Principality attractive to international companies seeking to optimise their tax liabilities and improve the efficiency of their operations.
Income tax for individuals
In Liechtenstein, personal income tax varies according to income and ranges from 1% to 8%. The taxation system is designed to ensure a fair distribution of the tax burden while incentivising highly qualified professionals and entrepreneurs to work and reside in the Principality.
Social tax
Social contributions in Liechtenstein include pension, disability and unemployment insurance. The overall level of social contributions is relatively low compared to other European countries and amounts to about 11 per cent of wages, which is shared between employer and employee. This contributes to creating a favourable working environment and maintaining a high level of social protection.
Value added tax (VAT)
Liechtenstein applies VAT at a rate that is one of the lowest in Europe, with a rate of 7.7 per cent in 2024. This rate applies to many goods and services, providing additional revenue for the state budget while not imposing an excessive tax burden on consumers and businesses.
Conclusion
Liechtenstein’s tax system in 2024 continues to support sustainable economic growth and attract foreign investment. The combination of low tax rates, a fair social contribution system and a favourable VAT makes the Principality one of the most attractive financial centres in the world. For entrepreneurs and investors, Liechtenstein offers unique business development opportunities in a stable and supportive environment.
Taxes in Lithuania 2024
Lithuania continues to establish itself as one of the most attractive business destinations in Europe thanks to its transparent tax system and stimulating economic policy. In 2024, the country offers a simplified and efficient tax structure aimed at supporting both local and foreign entrepreneurship. Let’s take a look at the main tax rates, including corporate income tax, personal income tax, social contributions and VAT, that are important for doing business in Lithuania.
Corporate income tax
In 2024, the corporate income tax rate in Lithuania is 15%, which supports the country’s international competitiveness. A reduced rate of 0-5% is provided for small enterprises whose annual turnover does not exceed a certain threshold. This favours the development of small and medium-sized businesses, which are a key driver of the country’s economic growth.
Income tax for individuals
Lithuania applies a progressive income tax scale for individuals, where rates vary from 20% to 32% depending on the level of income. The progressive taxation system ensures a fair distribution of the tax burden by imposing higher rates on those who earn more.
Social tax
Social contributions in Lithuania finance the pension system, health insurance, unemployment insurance and other social guarantees. In 2024, the total level of social contributions is about 31.18 per cent, of which the majority is borne by the employer. This underlines Lithuania’s commitment to ensuring a high level of social protection for its citizens.
Value added tax (VAT)
The standard VAT rate in Lithuania in 2024 is 21%. Reduced rates of 9% and 5% are provided for certain goods and services, which includes medical products and services, books, press and some food products. The reduced VAT rates contribute to the affordability of important goods and services for the population.
Conclusion
Lithuania’s tax system in 2024 continues to offer a favourable environment for business development, with a special focus on supporting innovation and entrepreneurship. The combination of competitive tax rates, progressive income taxation, social contributions aimed at ensuring social protection, and a flexible VAT system creates an attractive economic environment for local and foreign investors. Lithuania demonstrates how effective tax policy can contribute to sustainable economic growth and social well-being.
Taxes in Luxembourg 2024
Luxembourg, known for its stability, innovative economy and favourable tax regime, continues to attract global companies and investors. In 2024, the country maintains its position as one of Europe’s leading financial centres by offering competitive tax incentives and a transparent tax system. Let’s take a closer look at the key elements of taxation in Luxembourg, including corporate income tax, personal income tax, social contributions and VAT.
Corporate income tax
In 2024, Luxembourg’s corporate income tax rate is 17%, making it one of the most attractive jurisdictions for corporate taxation in Europe. Municipal income tax and a contribution in favour of the Chamber of Commerce are added to this rate, resulting in a total rate that can reach approximately 24.94% depending on the location of the company in Luxembourg.
Income tax for individuals
Personal income tax in Luxembourg remains progressive, with rates ranging from 0% to 42% depending on income. The tax system provides for various exemptions and deductions, allowing taxpayers to reduce their tax burden. The progressive scale and the incentives provided contribute to a fair distribution of the tax burden.
Social tax
Social contributions in Luxembourg finance an extensive social security system, including pensions, health insurance and unemployment benefits. In 2024, the overall level of social contributions for employees is about 12.45 per cent of wages, while employers contribute about 15.6 per cent. These contributions ensure a high level of social protection for all Luxembourg citizens.
Value added tax (VAT)
Luxembourg’s VAT rate remains one of the lowest in the European Union, which favours consumption and investment. In 2024, the standard VAT rate is 17%. There are also reduced rates: 14%, 8% and a super-reduced rate of 3%, which apply to certain goods and services, including food, medical goods and services, and cultural and educational activities.
Conclusion
Luxembourg’s tax system in 2024 continues to offer a favourable environment for doing business and attracting investment. The combination of low corporate taxes, progressive income taxation, reasonable social contributions and competitive VAT creates a favourable economic environment for companies and individual entrepreneurs. Luxembourg confirms its reputation as one of the leading financial centres by offering a stable and attractive tax policy.
Taxes in Malta 2024
Malta continues to strengthen its reputation as one of the key business hubs in the Mediterranean region due to its attractive tax system, stable economy and strategic location. In 2024, the Maltese tax system offers a number of incentives for businesses and investors, emphasising its openness to international business and investment. In this article, we look at the main aspects of taxation in Malta, including corporate income tax, personal income tax, social contributions and VAT.
Corporate income tax
Malta has a corporate income tax rate of 35 per cent. However, the local tax refund system allows a significant reduction in the effective tax rate for foreign investors and companies with international operations. The refund system provides for the refund of a significant portion of the corporate income tax paid, making the effective rate one of the lowest in the European Union.
Income tax for individuals
Malta offers a progressive income tax scale for individuals with rates ranging from 0% to 35%, depending on the level of income. The system provides for various exemptions and deductions to reduce the tax burden, especially for families and low-income earners.
Social tax
Social contributions in Malta finance a wide range of social services, including pensions, health care and unemployment benefits. In 2024, the standard contribution rate is around 10 per cent of wages for employees and 10 per cent for employers, contributing to a sustainable social protection system.
Value added tax (VAT)
The standard VAT rate in Malta in 2024 is 18%, which is within the range of standard VAT rates in the European Union. There are also reduced rates of 7% and 5% for certain goods and services, including tourist accommodation, books and medical devices, as well as a zero rate for certain foodstuffs, medicines and educational services.
Conclusion
Malta’s tax system in 2024 continues to attract business and investment by offering competitive rates, incentivising tax mechanisms and a wide range of social guarantees. With a flexible and investment-oriented tax policy, Malta confirms its status as an attractive jurisdiction for international business, contributing to the development and diversification of its economy.
Taxes in Montenegro 2024
Montenegro, in its endeavour to attract foreign investment and stimulate economic growth, continues to offer one of the most attractive tax systems in the region. In 2024, Montenegro’s tax policy is focused on supporting entrepreneurship, simplifying tax administration and creating a favourable investment environment. In this article, we look at the main aspects of taxation in Montenegro, including corporate income tax, personal income tax, social contributions and VAT.
Corporate income tax
The corporate tax rate in Montenegro in 2024 is 9 per cent, which is one of the lowest rates in Europe. This competitive rate is designed to stimulate investment activity and support the development of local businesses, making the country attractive to foreign investors.
Income tax for individuals
Income tax for individuals in Montenegro is also characterised by simplicity and transparency. A flat rate of 9 per cent applies to most personal income in 2024. This policy provides clarity and predictability for residents and non-residents earning income in Montenegro.
Social tax
Social contributions in Montenegro cover pensions, health care, unemployment insurance and other social programmes. In 2024, the total level of social contributions is about 24.8 per cent of wages, of which the employee contributes about 15 per cent and the employer about 9.8 per cent. These contributions contribute to the strengthening of social protection and the provision of quality social services.
Value added tax (VAT)
VAT in Montenegro in 2024 maintains the standard rate of 21% for most goods and services. A reduced rate of 7 per cent applies to certain categories of goods such as food, medical goods and services, educational services and books, which helps to reduce the cost of living and support cultural development.
Conclusion
Montenegro offers one of the most attractive tax systems in Europe, focused on stimulating economic growth and attracting foreign investment. Low corporate tax rates, simplified income taxation, reasonable social contributions and a flexible VAT system create a favourable environment for business and sustainable development. Thus, Montenegro confirms its status as an attractive jurisdiction for international business and investment.
Taxes in Netherlands 2024
The Netherlands is known for its attractive business environment and innovative approach to taxation, making the country one of Europe’s key financial and corporate centres. In 2024, the Dutch tax system continues to offer a favourable environment for local and international businesses, while supporting social responsibility and sustainable economic development. Let’s take a look at key aspects of taxation in the Netherlands, including corporate income tax, personal income tax, social contributions and VAT.
Corporate income tax
In 2024, the Dutch corporate tax rate is 15% for profits up to €395,000 and 25.8% for profits above this threshold. These rates confirm the Netherlands’ commitment to maintaining the country’s international competitiveness and providing a favourable environment for businesses of all sizes.
Income tax for individuals
Income tax in the Netherlands is applied on a progressive scale, which ensures fair taxation depending on the level of income. In 2024, rates range from 37.07% for incomes up to EUR 69,398 and 49.5% for incomes above this amount. This system helps to spread the tax burden and support social programmes.
Social tax
Social contributions in the Netherlands finance a wide range of public services, including pensions, health insurance and unemployment benefits. In 2024, the total rate of social contributions is approximately 27.65% of wages, which is shared between employer and employee, providing a high level of social protection.
Value added tax (VAT)
The standard VAT rate in the Netherlands in 2024 remains at 21% for most goods and services. There are also reduced rates of 9% for essential goods, including food, books and medical products, as well as certain services, aimed at supporting the availability of important goods and services to all segments of the population.
Conclusion
The Dutch tax system in 2024 continues to foster a favourable economic environment for business, while maintaining a high level of social protection and sustainable development. Through a balanced approach to taxation, the Netherlands confirms its reputation as an attractive place to do business, offering both local and foreign companies incentives for growth and development.
Taxes in Macedonia 2024
North Macedonia has been actively working in recent years to create a favourable environment for doing business, including through reforming the tax system. In 2024, the country offers attractive tax rates for corporations and individual entrepreneurs, emphasising its openness to investment and entrepreneurial activity. Let’s take a look at the key elements of taxation in Northern Macedonia, including corporate income tax, personal income tax, social contributions and VAT.
Corporate income tax
The corporate income tax rate in Northern Macedonia in 2024 is 10 per cent, which is one of the lowest rates in Europe. This rate applies to all legal entities and emphasises the country’s commitment to attract foreign investment and stimulate economic development.
Income tax for individuals
Personal income taxation in Northern Macedonia is also characterised by attractive conditions. In 2024 there is a progressive taxation scale, with rates ranging from 10% to 18% for incomes above a certain threshold. This system favours a fair distribution of the tax burden among the population.
Social tax
Social contributions in Northern Macedonia finance the pension system, health care, unemployment insurance and other social programmes. In 2024, the total level of social contributions is about 27.8 per cent of gross wages, of which a significant part is borne by the employer. These contributions are a key element of social protection for employees.
Value added tax (VAT)
The VAT rate in Northern Macedonia in 2024 remains at 18% for most goods and services, which is in line with the European average. There are also reduced rates of 5% for certain categories of goods, such as food, medicines and health services, which contributes to the affordability of basic goods for the population.
Conclusion
The tax system in North Macedonia in 2024 creates favourable conditions for the development of both local and foreign businesses. Low corporate tax rates, progressive income taxation, reasonable social contributions and a flexible VAT system support economic growth and attract investments. Thus, North Macedonia confirms its status as one of the most attractive countries for doing business in the region.
Taxes in Norway 2024
Norway continues to demonstrate the stability and attractiveness of its tax system for businesses and individual entrepreneurs. In 2024, the country maintains a balanced approach to taxation, combining the need to fund a wide range of social programmes with the creation of a favourable environment for businesses. Let’s take a look at key aspects of taxation in Norway, including corporate income tax, personal income tax, social contributions and VAT.
Corporate income tax
Norway’s corporate tax rate in 2024 is 22 per cent. This rate is relatively low for Nordic countries and is aimed at supporting entrepreneurial activity and attracting foreign investment. Norway also offers a number of tax exemptions and incentives for certain industries, such as research and development, which favours innovation and technological development.
Income tax for individuals
Income taxation of individuals in Norway is characterised by a progressive scale, with rates ranging from 22% to 38.4% depending on the level of income. The tax system provides for a number of deductions and exemptions aimed at reducing the tax burden for certain categories of the population, such as families with children and persons investing in pension funds.
Social tax
Social contributions in Norway finance the social security system, including pensions, health insurance, unemployment benefits and other social programmes. In 2024, the general level of social contributions for employers is around 14.1 per cent and for the self-employed varies according to income, but remains within similar percentage rates.
Value added tax (VAT)
The VAT rate in Norway in 2024 is 25% for most goods and services, which is the standard rate for Scandinavian countries. There are also reduced rates: 15% for food and 12% for transport, cultural and sports services, as well as some other categories of goods and services. These measures are aimed at supporting certain sectors of the economy and facilitating access to basic products and services.
Conclusion
Norway’s tax system in 2024 continues to provide a stable and predictable business environment, combining fair taxation with effective funding for social programmes. The country focuses on supporting innovation, entrepreneurship and attracting foreign investment, which makes Norway an internationally attractive business destination.
Taxes in Poland 2024
Poland continues to demonstrate its commitment to creating favourable conditions for business and investment through an efficient and fair tax system. In 2024, the country’s tax policy is adapted to modern economic realities, offering a comprehensive approach to taxation that promotes growth and innovation. The main aspects of taxation in Poland include corporate income tax, personal income tax, social contributions and VAT.
Corporate income tax
In 2024, the corporate income tax rate in Poland is 19% for most companies, emphasising the country’s commitment to maintaining a competitive tax climate for business. For small and medium-sized enterprises (SMEs) meeting certain criteria, there is a reduced rate of 9%, which favours the development and growth of this segment of the economy.
Income tax for individuals
Poland applies a progressive income tax scale for individuals, with rates of 17% and 32% depending on the level of income. In 2024, a system of tax deductions and exemptions aimed at reducing the tax burden for certain categories of the population, including families with children and persons investing in pension insurance, continues to apply.
Social tax
Social contributions in Poland include pension insurance, health insurance, unemployment insurance and insurance against accidents at work. In 2024, the total level of social contributions for employees is approximately 13.71% of wages, while employers contribute approximately 20.48%. These contributions provide funding for essential social programmes and services.
Value added tax (VAT)
The standard VAT rate in Poland in 2024 remains at 23% for most goods and services. Reduced VAT rates of 8% and 5% apply to certain goods and services, including foodstuffs, medical goods and services, books and magazines. This differentiation of rates is aimed at supporting the affordability of basic goods and services for the population.
Conclusion
In 2024, Poland’s tax system continues to contribute to the development of the economy, offering a balanced and competitive environment for business and investment. The pursuit of innovation and support for entrepreneurship, combined with efficient tax administration and social responsibility, make Poland attractive for local and foreign companies. The Polish government demonstrates readiness for dialogue with the business community and adaptation of tax policy to changing economic conditions, which ensures favourable prospects for further economic growth and development.
Taxes in Portugal 2024
In 2024, Portugal continues to demonstrate its commitment to creating a favourable business climate and attracting foreign investment through an efficient and balanced tax policy. The country offers competitive tax rates and incentives to support both local and international businesses, while ensuring adequate funding for public and social programmes. Let’s take a look at the key aspects of taxation in Portugal, including corporate income tax, personal income tax, social contributions and VAT.
Corporate income tax
The corporate tax rate in Portugal in 2024 is 21%. This is a relatively competitive rate compared to other European Union countries, making Portugal an attractive place to do business. In addition, the country has special tax regimes for start-ups and research and development companies, providing additional tax incentives and opportunities to reduce the overall tax burden.
Income tax for individuals
Personal income tax in Portugal is applied on a progressive scale, with rates ranging from 14.5% to 48% depending on the level of income. There are also various exemptions and deductions provided to reduce the tax burden for certain categories of people, including families with children and those investing in pension insurance.
Social tax
Social contributions in Portugal are compulsory for all employed persons and are aimed at financing the pension, health and unemployment insurance systems. In 2024, the total level of social contributions is about 34.75 per cent, of which 23.75 per cent is contributed by the employer and 11 per cent by the employee. This provides substantial support for the social protection of the population.
Value added tax (VAT)
The VAT rate in Portugal in 2024 remains at 23% for most goods and services. There are also reduced rates of 13% and 6% for certain goods and services, including food, medical products and cultural events. These measures aim to support the affordability of essential goods and services for the general population.
Conclusion
Portugal’s tax system in 2024 continues to foster sustainable economic development and attract foreign investment, offering a balanced and competitive business environment. The country focuses on supporting innovation, fostering entrepreneurship and providing a high level of social protection, making Portugal attractive to the international business community and investors.
Taxes in Romania 2024
Romania continues to demonstrate its commitment to creating a favourable economic and tax environment to support business and attract foreign investment. In 2024, the country’s tax system is adapted to modern challenges, aiming to stimulate economic growth and innovation. The main aspects of taxation in Romania include corporate income tax, personal income tax, social contributions and VAT, each of which plays a key role in the country’s overall tax strategy.
Corporate income tax
In 2024, Romania’s corporate income tax rate is 16%, confirming the country’s commitment to maintaining a competitive tax climate for business. For micro-enterprises with an annual turnover below a certain threshold, there is a special rate of 1% or 3% of turnover, depending on the number of employees. This measure is aimed at supporting small and medium-sized businesses, which are the key engine of the country’s economic growth.
Income tax for individuals
Personal income tax in Romania remains at 10 per cent in 2024, reflecting a commitment to a simple and transparent tax system. This rate applies to most types of income, including wages and salaries, business income and investment income. This approach ensures predictability and fairness of taxation for the population.
Social tax
Social contributions in Romania finance the social security system, including pension, health and unemployment insurance. In 2024, the overall level of social contributions for employees is about 35 per cent, which includes contributions from both employees and employers. These contributions are an important element of social policy aimed at protecting and supporting workers.
Value added tax (VAT)
The standard VAT rate in Romania in 2024 is 19%, which is in line with many European countries. In addition, reduced rates of 9% and 5% are provided for certain categories of goods and services, such as food, medical products and services, books and magazines, and tourism and cultural services. These measures contribute to supporting consumption and the development of key economic sectors.
Conclusion
In 2024, Romania’s tax policy continues to foster a favourable business environment, stimulating economic growth and innovative development. Balanced corporate tax rates, low income tax, social contributions aimed at social protection and a flexible VAT system create an attractive environment for doing business in Romania. The government continues to work on improving the tax system, ensuring its adaptation to current economic conditions and business needs.
Taxes in Serbia 2024
Serbia continues to attract the attention of the international business community due to its dynamic economy and favourable tax environment. The country maintains its position as one of the key economic centres of South Eastern Europe in 2024, offering comprehensive tax incentives to support both local and foreign businesses. In this article, we look at key aspects of taxation in Serbia, including corporate income tax, personal income tax, social contributions and VAT.
Corporate income tax
Serbia’s corporate tax rate in 2024 is 15%, underlining the country’s commitment to attract investment and support business development. This rate is one of the most competitive in the region, making Serbia attractive to international companies looking to optimise their tax liabilities.
Income tax for individuals
Income tax for individuals in Serbia varies according to the level of income, using a progressive tax scale. In 2024, income tax rates remain in the range from 10% to a maximum of 15% for the highest incomes. This system favours a fair distribution of the tax burden among the population, while providing incentives to increase income.
Social tax
Social contributions in Serbia finance the social protection system, including pensions, health care and unemployment insurance. In 2024, the total rate of social contributions is about 37 per cent of gross wages, distributed between the employer (about 17 per cent) and the employee (about 20 per cent). These contributions are an important element in ensuring social stability and protection of the population.
Value added tax (VAT)
The VAT rate in Serbia in 2024 remains at 20 per cent for most goods and services, which is in line with European Union standards. Reduced rates of 10 per cent are provided for certain goods and services, including food, medical services and educational services, which helps to support the affordability of important goods and services for the population.
Conclusion
In 2024, Serbia’s tax policy continues to foster a favourable environment for doing business, while providing the necessary funding for social programmes and services. The country offers competitive tax rates, incentives and investment support, which makes Serbia attractive for entrepreneurs and investors from various countries. The Serbian Government demonstrates its willingness to further improve the tax system, adapting it to changing economic conditions and business needs.
Taxes in Slovakia 2024
Slovakia continues to strengthen its position as one of the most dynamic economies in Central Europe, offering a favourable tax environment for business and investment. In 2024, the country is introducing a number of tax initiatives and reforms to support economic growth and attract foreign investment, while maintaining sound public finances. Let’s take a look at the key aspects of taxation in Slovakia, including corporate income tax, personal income tax, social contributions and VAT.
Corporate income tax
In 2024, the corporate income tax rate in Slovakia is 21 per cent. This rate supports the competitiveness of the Slovak economy by encouraging business development and expansion locally and internationally. Slovakia also offers a number of tax exemptions and incentives for investments in certain industries and technologies, which favours the innovative development of the economy.
Income tax for individuals
Personal income tax in Slovakia in 2024 continues to be applied on a progressive scale, with rates of 19 per cent for income up to a certain threshold and 25 per cent for income above that threshold. This system ensures a fair distribution of the tax burden and promotes social solidarity.
Social tax
Social contributions in Slovakia finance the social security system, including pensions, health care and unemployment benefits. In 2024, the overall level of social contributions is about 35 per cent of gross wages, which is shared between employers and employees. These contributions are a key element of Slovakia’s social policy aimed at ensuring the protection and support of the working population.
Value added tax (VAT)
The VAT rate in Slovakia in 2024 remains at 20 per cent for most goods and services, which is in line with the European Union average. Reduced VAT rates, including 10 per cent, apply to certain categories of goods and services, such as medical products, books and certain foodstuffs, thus contributing to the accessibility of vital goods and services for all segments of the population.
Conclusion
In 2024, Slovakia demonstrates its commitment to creating a favourable business environment and sustainable economic development through an efficient and balanced tax system. The country offers competitive tax rates and incentives that favour investment, innovation and economic growth. Slovakia continues to strengthen its position as an attractive business destination in Central Europe by offering transparent and predictable tax conditions for local and foreign companies.
Taxes in Slovenia 2024
In 2024, Slovenia continues to demonstrate its commitment to creating a favourable tax environment conducive to economic growth and attractive for business. The country is committed to optimising the tax system, introducing tax incentives for innovation and sustainable development, while ensuring social protection and support for citizens. Let’s take a look at the key aspects of taxation in Slovenia, including corporate income tax, personal income tax, social contributions and VAT.
Corporate income tax
Slovenia’s corporate tax rate in 2024 is 19 per cent, which supports the country’s international competitiveness. At the same time, there are various tax incentives for investments in research and development, environmentally friendly technologies and job creation, which stimulates innovation and sustainable economic development.
Income tax for individuals
Personal income tax in Slovenia is applied on a progressive scale with rates ranging from 16 per cent to 50 per cent, which ensures a fair distribution of the tax burden. The tax system includes various deductions and exemptions, e.g. for families with children, donors and pension insurance investments, which contributes to social support of the population.
Social tax
Social contributions in Slovenia finance a wide range of social programmes, including pensions, health care, unemployment insurance and maternity. In 2024, the total level of social contributions is about 38.2 per cent of gross wages, where the employee’s share is about 22.1 per cent and the employer’s share is about 16.1 per cent. This ensures a high level of social protection for all categories of employees.
Value added tax (VAT)
The VAT rate in Slovenia in 2024 remains at 22% for most goods and services, which is in line with European standards. There are also reduced VAT rates of 9.5 per cent for certain goods and services, such as food, books and medical devices, contributing to the availability of basic goods to the population.
Conclusion
Slovenia in 2024 continues to establish itself as a country with a favourable tax regime that encourages business development and investment, while supporting high standards of social protection. The country’s tax policy aims to create conditions for sustainable economic growth, innovation and attracting foreign investors, emphasising the desire to balance economic efficiency and social responsibility.
Taxes in Spain 2024
Spain continues to adapt to global and European economic challenges, making adjustments to its tax system to stimulate business growth and attract investment. In 2024, the country is proposing an updated set of tax rates and regulations to support economic development and social stability. Let’s take a look at key aspects of taxation in Spain, including corporate income tax, personal income tax, social contributions and VAT.
Corporate income tax
In 2024, the corporate tax rate in Spain is 25%. A reduced rate of 20% is provided for small and medium-sized enterprises (SMEs) that meet certain criteria in terms of turnover and number of employees. Additional tax incentives are also being introduced to encourage investment in research and development, clean technology and job creation.
Income tax for individuals
Personal income tax in Spain is applied on a progressive scale, with rates ranging from 19% to 47%, depending on the level of income. This reflects the desire to distribute the tax burden fairly and to support the middle class and low-income population through various tax deductions and exemptions.
Social tax
Social contributions in Spain, paid by both employers and employees, finance the social security system, including pensions, health insurance and unemployment benefits. In 2024, the overall level of social contributions is around 30-35 per cent of gross wages, highlighting the importance of social support in the country.
Value added tax (VAT)
The standard VAT rate in Spain in 2024 remains at 21%. Reduced rates of 10% and a super-reduced rate of 4% apply to certain categories of goods and services, such as food, medical goods and services, books and magazines. These measures are aimed at supporting the affordability of basic goods and services for the population.
Conclusion
Spain’s tax system in 2024 is a balanced mechanism aimed at supporting economic development, investment and social protection of citizens. The country continues to adapt to changing economic conditions, seeking to create a sustainable and attractive environment for business and life. The Spanish Government has demonstrated a willingness to engage in dialogue with the business community and to innovate in tax policy, which contributes to strengthening the country’s economic potential.
Taxes in Sweden 2024
In 2024, Sweden continues to follow its tradition of strict but fair tax policies that ensure a high level of social guarantees and support for the country’s infrastructure. Within this article, we will look at a detailed overview of Sweden’s tax system, including income tax, income tax, social contributions and VAT.
Corporate income tax
In 2024, the corporate income tax rate in Sweden is 20.6 per cent. This rate applies to a company’s net income, both to income earned domestically and to certain types of income earned from abroad, depending on the double tax treaties Sweden has with other countries. Companies incorporated in Sweden are taxed on worldwide income, while non-resident companies are taxed only on income derived from sources in Sweden. It is important to note that the Swedish tax system offers various types of deductions that can reduce a company’s taxable income, including operating expenses, depreciation of assets and interest on business loans.
Income tax for individuals
Income tax for Swedish residents varies according to income and is calculated on a progressive scale. In 2024, income up to SEK 614,000 is only subject to municipal tax, the average rate of which is 32%. For incomes above this amount, an additional national tax of 20 per cent applies. Non-residents working in Sweden are taxed at a flat rate of 25%.
Social contributions
Social contributions in Sweden are levied on employers and amount to 31.42 per cent of the employee’s salary for persons aged between 15 and 65. For persons over 65 years of age, the social contribution rate is reduced to 10.21 per cent. This is an important element in the financing of the Swedish social security system.
VAT
The standard VAT rate in Sweden is 25% and applies to most goods and services. There are also preferential rates: 12% for food and some services, such as hotel services, and 6% for books, newspapers and domestic passenger transport. These rates make VAT an important source of revenue for the government and a key element of the Swedish tax system.
Conclusion: Sweden has one of the most developed tax systems in the world, providing a high level of social protection and quality public services. The introduction and adjustment of tax rates in 2024 reflects the government’s commitment to maintaining these standards while ensuring the country’s international competitiveness. It is important that both local and foreign entrepreneurs and employees are aware of the current tax requirements and plan their activities with these changes in mind.
Taxes in Switzerland 2024
In 2024, the Swiss tax system continues to demonstrate its uniqueness due to the country’s decentralised structure, where taxes are levied at the federal, cantonal and communal levels. This creates a complex and tiered tax system for both individuals and businesses.
Corporate income tax
At the federal level, corporate income tax (CIT) is levied at a flat rate of 8.5% on after-tax profits, resulting in a pre-tax income tax rate of approximately 7.83%. In addition to the federal CIT, each canton sets its own income and capital tax rates for companies at the cantonal and communal levels. The overall range of maximum CIT rates on pre-tax income at the federal, cantonal and communal levels varies from 11.9% to 21.0%, depending on the location of the company in a particular canton.
Income tax for individuals
Personal income tax in Switzerland is levied at both federal and cantonal level, subject to a variety of allowable deductions. The Swiss tax system provides for different rates and deductions for single taxpayers and families with children, as well as opportunities to reduce the tax burden through various allowable expenses such as commuting, workplace meals, alimony, charitable contributions, daycare and medical expenses. Switzerland also has bilateral tax treaties with more than 80 countries to avoid double taxation.
VAT
As of 1 January 2024, new VAT rates have been introduced in Switzerland: the standard rate has been increased to 8.1%, the reduced rate to 2.6%, and the special rate for the accommodation sector to 3.8%. This change was adopted to finance old-age and survivors insurance.
Social contributions and additional taxes
The Swiss tax system also includes property and wealth taxes, including property tax and income tax on the deemed rental value of real estate. Property tax rates vary by canton and generally range from 0.2% to 0.3% of the assessed value of the property. In addition, persons owning real estate or other assets in Switzerland may be liable to pay a wealth tax calculated on the basis of net wealth, subject to the deductibility of provable debts.
Conclusion
Switzerland’s tax system in 2024 continues to balance the need to fund public and cantonal services with the desire to maintain the country’s competitiveness as an attractive place to do business. Due to its tiered tax structure, the tax burden can vary significantly depending on the location of a company or home, highlighting the importance of careful planning and consultation with tax professionals to optimise tax liabilities.
FREQUENTLY ASKED QUESTIONS
Which European country has the lowest dividend tax for non-residents in 2024?
In 2024, the lowest dividend tax rate for non-residents in Europe is observed in Georgia, where it is 5%. This information emphasises the attractiveness of Georgia for foreign investors in terms of dividend taxation. Within the European Union, the lowest dividend tax rate for non-residents is offered by Cyprus, where the rate is 0% under certain conditions, for example, if royalties are earned on rights used within Cyprus. This makes Cyprus a favourable choice for foreign investors in terms of dividend taxation.
Which European country has the highest dividend tax for non-residents in 2024?
The highest tax on dividends for non-residents is in Ireland, where the rate is 25%. This high rate emphasises Ireland's strict approach to taxing foreign investors on dividends.
Which country in Europe will have the lowest VAT in 2024?
In 2024, the lowest standard value added tax (VAT) in Europe is offered by Switzerland with a rate of 8.1 per cent. This marks Switzerland as the country with the lowest standard VAT rate among European countries, including members of the European Union and other European countries. It should be noted that Switzerland is not a member of the European Union, but its VAT is the lowest among all European countries for 2024.
In the context of the European Union, the lowest standard rate of VAT is offered in Luxembourg at 17 per cent, making it the least burdensome in the EU in terms of standard VAT on goods and services.
Which country in Europe will have the highest VAT in 2024?
In 2024, the highest standard VAT in Europe is set in Hungary at 27 per cent. This puts Hungary in first place among European countries in terms of standard value added tax.
Which country in Europe has the lowest social tax in 2024?
Social contributions in European Union countries typically include pension contributions, unemployment insurance, health insurance and sometimes other forms of social security. These rates can vary widely from country to country and depend on many factors, including income, type of employment, and even the individual characteristics of the employee or employer.
The Czech Republic stands out among EU countries due to its tax policy, offering self-employed EU citizens the benefit of a flat tax rate of 15%, which can be further reduced by applying a lump-sum tax deduction, resulting in an effective tax rate of 6-9% for self-employed entrepreneurs. This makes the Czech Republic attractive for self-employed EU citizens.
Georgia, although not a member of the European Union, is noteworthy for its territorial taxation system, where income earned outside the country is in most cases not taxed. Individuals with annual income up to 500,000 Georgian lari (approximately USD 194,000) are subject to a 1% tax rate.
Also, among the countries with interesting tax policies, Malta stands out, offering foreign nationals the option of paying an annual flat fee and exempting them from taxation on foreign income that is not remitted to Malta. This may make Malta an attractive choice for those looking for a country with low social contributions and income taxes.
Which European country has the lowest personal income tax in 2024?
In 2024, the lowest personal income tax rates in Europe are offered by Bulgaria, Romania, Serbia, and Montenegro, where the rate is 10%. These countries apply a flat tax system, which makes them attractive to international entrepreneurs and individuals looking for low-tax countries.
These data highlight the diversity of tax systems in Europe and can serve as important information for individuals considering relocating or investing in different European countries. It is important to consider not only income tax rates, but also other tax liabilities and the overall tax and legal environment in the country.
Which European country has the highest personal income tax in 2024?
In 2024, the countries with the highest personal income tax rates in Europe are Denmark (55.9%), France (55.4%), and Austria (55%). These countries apply progressive tax systems, where the tax rate increases with the taxpayer's income. Rates may vary depending on different income thresholds and applicable deductions.
Denmark stands out among European countries for having the highest top income tax rate, emphasising the country's commitment to social equality and financing an extensive social security system through tax collections.
France and Austria also show high income tax rates, reflecting their approach to social security and income distribution. These countries make efforts to provide social protection to citizens through the taxation system.
Which country in Europe has the lowest average salary in 2024?
Kosovo has the lowest average wage in Europe in 2024. According to data published on Wikipedia, the minimum wage in Kosovo is 170 euros for workers under 65 and 130 euros for young people under 35. These figures reflect the low level of income in the country compared to other European states.
In 2024, the lowest average wages in the European Union, according to available data, are in Bulgaria. Statistics from Eurostat indicate that Bulgaria is in the group of countries with a national minimum wage below PPS (purchasing power standard) 1000, reflecting the low level of wages in the country compared to other EU members
This information highlights the large differences in wage levels between countries in Europe, with some countries such as Luxembourg, Denmark and Switzerland having significantly higher average wages. The gap in living standards and incomes between the eastern and western parts of Europe remains marked, with individual countries seeking to raise minimum wages and improve the living conditions of their citizens.
Which European country has the highest average salary in 2024?
Luxembourg offers the highest average salary in Europe in 2024 when considering European Union countries. This follows from the general context, where Luxembourg is often mentioned in various sources as a country with high wages supported by a strong financial sector and high living standards.
In addition, in the context of Europe as a whole, countries like Switzerland and Iceland also stand out with high wages due to their developed economies, high living standards and labour market specifics. However, it should be taken into account that high wages in these countries are also accompanied by a high standard of living and taxation, which may affect the real purchasing power of the population.
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