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Map of the world showing national-level sales tax / VAT rates as of October 2019. A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the tax burden falls differently on different groups in each country and sub-national unit.
In July 1974, Labour Chancellor Denis Healey reduced the standard rate of VAT from 10% to 8% but introduced a new higher rate of 12.5% for petrol and some luxury goods. [4] [7] [9] In November 1974, Healey doubled the higher rate of VAT to 25%. [7] Healey reduced the higher rate to 12.5% in April 1976. [7] [9] [10]
Taxation in Scotland today involves payments that are required to be made to three different levels of government: to the UK government, to the Scottish Government and to local government. Currently 32.4% of taxation collected in Scotland is in the form of taxes under the control of the Scottish parliament and 67.6% of all taxation collected in ...
Global map of countries by tariff rate, applied, weighted mean, all products (%), 2021, according to World Bank. This is a list of countries by tariff rate. The list includes sovereign states and self-governing dependent territories based upon the ISO standard ISO 3166-1. Import duty refers to taxes levied on imported goods, capital and ...
The current standard rate for VAT in the United Kingdom since 2011 is 20%. Some goods and services have a reduced rate of 5% or are zero-rated (0%). [ 95 ] Others may be exempt.
In the budget of April 1975 the higher rate was extended to a wide range of "luxury" goods. In the budget of April 1976 the 25 per cent higher rate was reduced to 12.5 per cent. On 18 June 1979, the higher rate was scrapped and VAT set at a single rate of 15 per cent.
The quoted income tax rate is, except where noted, the top rate of tax: most jurisdictions have lower rate of taxes for low levels of income. Some countries also have lower rates of corporation tax for smaller companies. In 1980, the top rates of most European countries were above 60%. Today most European countries have rates below 50%. [1]
[1] [2] The Revenue Scotland and Tax Powers Act (RSTPA) 2014, which established the legal basis for the operation of Revenue Scotland, was passed by the Scottish Parliament in August 2014. [3] [4] Revenue Scotland was founded on 1 January 2015, becoming the first Scotland-wide tax collection system in more than 300 years. [5] [6]