According to a Business Insider Africa article written by Victor Oluwole and based on an OnDeck report, Ethiopia is among the top ten African economies with the highest corporate tax rates.
Corporate tax rates differ around the world, according to the article, and reflect each country’s distinct economic needs. High corporate taxes on oil and natural gas companies, for example, often generate the majority of a country’s tax revenue, allowing other industries to operate in a relatively low-tax environment.
OnDeck compiled the amount of tax small businesses pay in 200 countries, revealing that Africa and South America have the highest corporate taxes, with average rates of 27.6% and 26.1 percent, respectively. Furthermore, according to OnDeck, corporate taxes are intended to generate revenue while also incentivizing certain industries. In recent decades, they have decreased around the world as more countries compete to create a favorable tax environment.
- Nigeria-$30,000, corporate tax rate at 30%
- South Africa-$28000
- Cote d’Ivoire-$25000
- DR Congo-$30,000
Source: Business Insider Africa
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