Markets
Visualizing the Countries With the Lowest Corporate Tax Rates
See this visualization first on the Voronoi app.
Countries With the Lowest Corporate Tax Rate Around the World
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.
The lowest corporate tax rates are known to be found in smaller countries to attract investment from multinational corporations and foreign firms.
In fact, multinationals sheltered $1 trillion in profits in tax havens in 2022 alone. Many of these countries have corporate taxation rates of 0%, while others have rates falling around 5%. By comparison, the global average corporate tax rate stands at 23.5%.
The above graphic, from Pranav Gavali, shows where corporate taxation rates are the lowest as of 2023.
Ranked: The Top 10 Lowest Corporate Taxation Rates
Below, we rank the countries with the lowest taxation rates for corporations, based on data from the Tax Foundation. Countries with tax rates of 0% are not included:
Rank | Country | Corporate Tax Rate 2023 | Country | Corporate Tax Rate 1980 |
---|---|---|---|---|
1 | 🇧🇧 Barbados | 5.5% | 🇭🇰 Hong Kong | 17.0% |
2 | 🇹🇲 Turkmenistan | 8.0% | 🇯🇪 Jersey | 20.0% |
3 | 🇭🇺 Hungary | 9.0% | 🇬🇬 Guernsey | 20.0% |
4 | 🇦🇪 UAE | 9.0% | 🇪🇨 Ecuador | 20.0% |
5 | 🇦🇩 Andorra | 10.0% | 🇵🇷 Puerto Rico | 22.0% |
6 | 🇧🇦 Bosnia and Herzegovina | 10.0% | 🇺🇾 Uruguay | 25.0% |
7 | 🇧🇬 Bulgaria | 10.0% | 🇧🇴 Bolivia | 30.0% |
8 | 🇽🇰 Kosovo | 10.0% | 🇸🇻 El Salvador | 30.0% |
9 | 🇰🇬 Kyrgyzstan | 10.0% | 🇵🇾 Paraguay | 30.0% |
10 | 🇵🇾 Paraguay | 10.0% | 🇲🇹 Malta | 32.5% |
Perhaps as no surprise, Barbados ranks top on the list, a tax haven where American corporations have transferred profits that exceed the country’s entire GDP.
Like the U.S., many big Canadian companies—from grocery giant Loblaws to Petro-Canada—shelter profits in the country thanks to a tax treaty signed in 1980. Overall, the Tax Justice Network estimates that $62 million in profits are shifted into the country across global multinational companies annually.
With the lowest rate in the Middle East, UAE ranks fourth on the list. For the first time ever in 2023, the country increased its corporate tax rate from 0% to 9% to better align with the international push in raising corporate tax rates. This also allows the country to diversify revenues, which are heavily concentrated in the energy sector.
Compared to 1980, tax rates have fallen across the board. We can see that in 1980, Hong Kong had the lowest rate, which stood at 17% to encourage business investment.
Overall, 91% of countries across 225 jurisdictions have corporate tax rates under 30% today.
This article was published as a part of Visual Capitalist's Creator Program, which features data-driven visuals from some of our favorite Creators around the world.
Markets
The Best U.S. Companies to Work for According to LinkedIn
We visualized the results of a LinkedIn study on the best U.S. companies to work for in 2024.
The Best U.S. Companies to Work for According to LinkedIn
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 this graphic, we list the 15 best U.S. companies to work for in 2024, according to LinkedIn data.
LinkedIn ranked companies based on eight pillars: ability to advance, skills growth, company stability, external opportunity, company affinity, gender diversity, educational background, and employee presence in the country.
To be eligible, companies must have had 5,000 or more global employees, with at least 500 in the country as of December 31, 2023.
Data and Highlights
Financial institutions dominate the ranking of the best U.S. companies to work for in 2024, with JP Morgan Chase & Co. ranking first.
Rank | Company | Industry |
---|---|---|
1 | JP Morgan Chase & Co. | Financial Services |
2 | Amazon | E-commerce |
3 | Wells Fargo | Financial Services |
4 | Deloitte | Professional Services |
5 | PwC | Professional Services |
6 | UnitedHealth Group | Healthcare |
7 | AT&T | Telecommunications |
8 | Verizon | Telecommunications |
9 | Moderna | Pharmaceuticals |
10 | Alphabet Inc. | Technology |
11 | General Motors | Automotive |
12 | Bank of America | Financial Services |
13 | Mastercard | Financial Services |
14 | Capital One | Financial Services |
15 | Northrop Grumman | Aerospace & Defense |
J.P. Morgan has a program that offers opportunities for candidates without a university degree. In fact, in 2022, 75% of job descriptions at the bank for experienced hires did not require a college degree.
Meanwhile, Deloitte and Amazon offer a variety of free training courses, including in AI.
Moderna includes in its employee package benefits to help avoid employee burnout — from subsidized commuter expenses and pop-up daycare centers, to wellness coaches.
Mastercard offers flexible work availability, with 11.5% remote and 89% hybrid options.
It’s also interesting to note that only Amazon and Alphabet made the cut from the ‘Magnificent Seven’ companies (Apple, Microsoft, Google parent Alphabet, Amazon, Nvidia, Meta Platforms, and Tesla).
See more about the best companies to work for in this infographic, which covers a separate ranking from Glassdoor.
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