Which Countries Have the Highest Corporate Tax Rates in the G20?

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5 mins ago

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June 26, 2024 Graphics/Design:

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Which Countries Have the Highest Corporate Tax Rates in G20?

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

In the wake of the 1999 Asian financial crisis, government representatives from the 20 largest economies in the world decided to informally gather to coordinate policy on trade. Thus began the G20.

Together the bloc accounts for more than 85% of the world economy and has been credited with unified policy action in response to world events.

However, despite this shared affiliation, this group is still made of fundamentally different economies with varied policies towards their business entities.

For a quick overview, we visualize and rank the G20 countries by their headline corporate tax rates. Data is sourced from Trading Economics, accessed June 2024. Data for the EU and the African Union (both G20 members) has not been included.

Ranked: G20 Members by Their Corporate Tax Rates

Argentina and India have the highest corporate income tax rates, at 35% in the G20.

However, both countries have a progressive ladder for taxation, so this headline number may only apply to a smaller subset of firms. For foreign companies with a “permanent entity” in India, the rate climbs past 40%.

RankG20 MemberCorporate Tax Rate 1🇦🇷 Argentina35% 2🇮🇳 India35% 3🇧🇷 Brazil34% 4🇯🇵 Japan31% 5🇦🇺 Australia30% 6🇩🇪 Germany30% 7🇲🇽 Mexico30% 8🇨🇦 Canada27% 9🇿🇦 South Africa27% 10🇨🇳 China25% 11🇫🇷 France25% 12🇹🇷 Türkiye25% 13🇬🇧 UK25% 14🇮🇹 Italy24% 15🇰🇷 South Korea24% 16🇮🇩 Indonesia22% 17🇺🇸 U.S.21% 18🇷🇺 Russia20% 19🇸🇦 Saudi Arabia20%
Note: EU and African Union not included. Figures rounded. Data accessed June 2024.

Interestingly, BRICS countries cover the spectrum of corporate tax rates. Starting from the highest (India, Brazil) to middle of the pack (South Africa, China) to lowest (Russia).

On the other hand, most of the G7 cluster in the mid-ranges (24–30%), with Japan the highest outlier

GDP Per Capita, by G7 Country (2019-2029F)

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6 seconds ago

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June 24, 2024 Graphics/Design:

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GDP Per Capita Projections for the G7

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

GDP per capita takes the total economic output of a country in a year, and divides it by the total population, providing a measure of a country’s economic performance and living standards on a per person basis.

In this graphic, we’ve visualized GDP per capita for G7 nations, from 2019 to 2029 (forecasted). All figures come from the International Monetary Fund (IMF), and are as of April 2024.

Data and Key Takeaways

The data we used to create this graphic can also be found in the table below.

GDP per capita
(current USD)Canada
🇨🇦France
🇫🇷Germany
🇩🇪Italy
🇮🇹Japan
🇯🇵UK
🇬🇧U.S.
🇺🇸 2019$46,431$41,925$46,810$33,628$40,548$42,713$65,505 2020$43,573$40,529$46,712$31,789$40,172$40,246$64,367 2021$52,521$45,161$51,461$36,402$40,114$46,704$70,996 2022$55,613$42,306$48,756$35,043$34,005$45,730$77,192 2023$53,548$46,001$52,727$38,326$33,806$49,099$81,632 2024F$54,866$47,359$54,291$39,580$33,138$51,075$85,373 2025F$57,021$48,631$56,439$40,701$34,922$53,627$87,978 2026F$58,907$50,143$58,472$41,612$36,643$56,759$90,903 2027F$60,729$51,571$60,264$42,604$38,065$59,870$94,012 2028F$62,636$53,040$61,965$43,835$39,820$63,279$97,231 2029F$64,653$54,388$63,551$45,096$40,949$66,911$100,580

From this data, we can see that the U.S. has managed a very strong post-COVID recovery relative to its G7 peers. While Canada also saw a strong resurgence in 2021 and 2022, its GDP per capita actually fell in 2023.

This is attributed to the country’s high levels of immigration in 2023, which helped boost population by 3.2% (1,271,000 people). Because this increase outpaced economic growth, Canada’s per capita output decreased.

Looking towards the future, the IMF believes that the U.S. will reach a GDP per capita of $101,000 by 2029, which is significantly higher than any other G7 nation. It also believes that the UK will perform well in the second half of this decade, climbing from fourth to second place among this peer group of countries.

Learn More About GDP from Visual Capitalist

If you enjoyed this post, be sure to check out Ranked: The Top 6 Economies by Share of Global GDP (1980-2024).

Charted: Trust in Government Institutions by G7 Countries

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17 seconds ago

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April 30, 2024

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Trust in Government Institutions by G7 Countries

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

How much do you trust the government, and its various institutions?

It’s likely that your level of confidence probably depends on a wide range of factors, such as perceived competency, historical context, economic performance, accountability, social cohesion, and transparency.

And for these same reasons, trust levels in government institutions also change all the time, even in the world’s most developed countries: the G7.

Confidence in Government by G7 Countries (2006-2023)

This chart looks at the changes in trust in government institutions between the years 2006 and 2023, based on data from a multi-country Gallup poll.

Specifically, this dataset aggregates confidence in multiple national institutions, including the military, the judicial system, the national government, and the integrity of the electoral system.

CountryConfidence (2006)Confidence (2023)Change (p.p.) Canada57%64%+7 Britain63%63%+0 Germany55%61%+6 France54%60%+6 Japan48%59%+11 Italy41%54%+13 United States63%50%-13

What’s interesting here is that in the G7, a group of the world’s most developed economies, there is only one country bucking the general trend: the United States.

Across most G7 countries, confidence in institutions has either improved or stayed the same between 2006 and 2023. The largest percentage point (p.p.) increases occur in Italy and Japan, which saw +13 p.p. and +11 p.p. increases in trust over the time period.

In the U.S., however, confidence in government institutions has fallen by 13 p.p. over the years. What happened?

Key Figures on U.S. Trust in Institutions

In 2006, the U.S. was tied with the UK as having the highest confidence in government institutions, at 63%.

But here’s where the scores stand in 2023, across various institutions:

🇺🇸 InstitutionsConfidence (2023) Military81% Judiciary42% National Government30% Elections44% Overall49%

Based on this data, it’s clear that the U.S. lags behind in three key indicators: confidence in the national government, confidence in the justice system, and confidence in