The World Bank and PriceWaterhouseCoopers in 2008 reported on business taxes around the world. The 4 most successful tax reforms:
- Online filing (25% of the world’s countries have online filing for business taxes)
- Combine taxes, meaning instead of having a labor/payroll tax, property tax, etc., have one tax
- Simplify tax administration as countries that do not require special accounting books have 10% more revenue as a percentage of GDP
- Reduce tax rates and broaden the base
The United States ranked 102 out of 178 countries in Corporate Total Tax Rate ranking with a Corporate Total Tax Rate of 46.2%. The lower the ranking the better.
- Venuatu ranked #1 with a Corporate Total Tax Rate of 8.4%
- Saudi Arabia ranked #5 with 14.5%
- United Kingdom ranked #52 with 35.7%
- Japan ranked #133 with 52.0%
- France ranked #157 with 66.3%
- Gambia ranked #178 with 286.7%
To read the entire report, click on Paying Taxes 2008 The global picture.