Recent data unveils the global variance in tax rates, spanning from notably low to notably high figures. If we talk about the lowest tax rates, they are found in smaller countries to attract investment from multinational companies. Many multinational companies have given $1 trillion for investment in those countries in 2022. Some of these countries have 0% tax rates while some have 5% tax rates. The global average corporate tax rate is 23.5%.

Based on the data from Tax Foundation, the country with the lowest tax rate is Barbados with 5.5% tax rate as of 2023. It is followed by Turkmenistan which has an 8.0% tax rate. Hungary and UAE both have 9.0% tax rate. Other countries included in the top ten list of countries with lowest tax rates are Andorra, Bosnia and Herzegovina, Bulgaria, Kosova, Kyrgyzstan and Paraguay. All these countries have a tax rate of 10.0%. If we compare these tax rates with the countries with lowest tax rates in the 1980s, Hong Kong was the country with lowest tax rate at 17.0%. In 2023, 91% of the countries across jurisdiction have a tax rate under 30%.

Now talking about the countries with highest tax rates, Comoros takes the lead with 50.0% tax rate. It is followed by Puerto Rico with 37.5% tax rate and Suriname with 36.0% tax rate. Other countries which are in the top ten list of countries with highest tax rates are Argentina, Chad, Colombia, Cuba, Equatorial Guinea, Malta and Sudan. All these countries have a tax rate of 35.0%. This list shows that countries in Africa and South America have the highest tax rates, with Malta being the only European country. If we compare these tax rates to countries with the highest tax rates in the 1980s, Ghana was at the top with 60% tax rate. Countries like India, China and the United Kingdom also had tax rates above 50%.

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