The Tax Resources Blog

Posts Tagged ‘social’

Income Tax Rates By Country

Question: Is it time to move to the number one ranking country for economic freedom?

Hong Kong’s tax rates are among the lowest in the world, and both the top Corporate Tax rate and top income tax rate were reduced by one percentage point as of July 2008. Individuals are taxed either progressively, between 2 percent and 17 percent on income adjusted for deductions and allowances, or at a flat rate of 15 percent on gross income, depending on which liability is lower. The top corporate income tax rate is 16.5 percent. In the most recent year, overall Tax Revenue as a percentage of GDP was 12.8 percent.

http://www.heritage.org/Index/Country/HongKong

Answer: Depends where you live now. Looks like a great choice compared to a lot of countries.

3.08 Federal Income Tax