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Visualizing the Countries With the Lowest Corporate Tax Rates

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See this visualization first on the Voronoi app.

This circle graphic shows the countries with the lowest tax rates in 2023.

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:

RankCountryCorporate Tax Rate
2023
CountryCorporate Tax Rate
1980
1🇧🇧 Barbados5.5%🇭🇰 Hong Kong17.0%
2🇹🇲 Turkmenistan8.0%🇯🇪 Jersey20.0%
3🇭🇺 Hungary9.0%🇬🇬 Guernsey20.0%
4🇦🇪 UAE9.0%🇪🇨 Ecuador20.0%
5🇦🇩 Andorra10.0%🇵🇷 Puerto Rico22.0%
6🇧🇦 Bosnia and Herzegovina10.0%🇺🇾 Uruguay25.0%
7🇧🇬 Bulgaria10.0%🇧🇴 Bolivia30.0%
8🇽🇰 Kosovo10.0%🇸🇻 El Salvador30.0%
9🇰🇬 Kyrgyzstan10.0%🇵🇾 Paraguay30.0%
10🇵🇾 Paraguay10.0%🇲🇹 Malta32.5%

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.

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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.

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The Top 10 States by Real GDP Growth in 2023

This graphic shows the states with the highest real GDP growth rate in 2023, largely propelled by the oil and gas boom.

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The Top 10 States by Real GDP Growth in 2023

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.

Fueled by strong consumer spending and a resilient job market, the U.S. economy expanded faster than expected in 2023, with a real GDP growth rate of 2.5%.

Oil-rich states were among the strongest performers in the country as production boomed. Much of this was due to the war in Ukraine driving up the price of oil, spurring companies to boost output. Other sectors, such as retail trade, also played a key role in driving growth amid robust consumer demand.

This graphic shows the fastest growing states by real GDP, based on data from the Bureau of Economic Analysis.

 

 

Strongest State Economies in 2023

As the world’s largest oil producer, the U.S. hit a historic 12.9 million barrels per day in crude oil production in 2023—more than any other country ever.

Given these tailwinds, the top five fastest-growing states by real GDP in 2023 were all powered by the mining, quarrying, and oil and gas extraction sector. Below, we show the strongest state economies by real GDP growth last year:

RankStateReal GDP Growth
2023 YoY
Real GDP 2023
1North Dakota+5.9%$58B
2Texas+5.7%$2.0T
3Wyoming+5.4%$39B
4Alaska+5.3%$53B
5Oklahoma+5.3%$202B
6Nebraska+5.2%$144B
7Florida+5.0%$1.3T
8Washington+4.8%$672B
9West Virginia+4.7%$80B
10Kansas+4.3%$182B
U.S.+2.5%$22.4T

North Dakota witnessed the highest growth, with real GDP rising by 5.9%.

As the third largest oil-producing state, it also has one of the strongest job markets in the country. In February 2024, the state’s unemployment rate was 2.0%, significantly lower than the national average of 3.9%.

Falling in second is Texas, whose economy surged to $2 trillion in inflation-adjusted terms. In 2023, the oil and gas industry generated about $72 million per day in local and state taxes in addition to state royalties. Roughly half of U.S. crude oil exports are shipped from Corpus Christi Bay, a port along the Texas coastline.

As the seventh-fastest growing state, Florida’s economy was largely supported by retail trade, its biggest driver. Moreover, Florida boasted the highest growth rates nationwide in both personal and property income, rising at 7.0% and 8.8%, respectively, over the year.

By contrast, some of the slowest growing states were Delaware, Mississippi, and New York, each with a real GDP growth rate falling below 1%.

 

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