DRAFT RATES AND MONETARY AMOUNTS AND AMENDMENT OF REVENUE LAWS BILLS
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1 DRAFT RATES AND MONETARY AMOUNTS AND AMENDMENT OF REVENUE LAWS BILLS Standing Committee on Finance Presenters: National Treasury and SARS 19 April 2016
2 Contents 1. Introduction 2. Tax revenue trends and 2015/16 revenue outcome Main tax proposals - included in these draft bills 1. Personal income tax a. Partial fiscal drag relief b. Medical tax credits 2. Increase of the inclusion rate for capital gains tax 3. Transfer duties 4. Excise duties 5. Tyre levy 6. Fuel levy (Regulations) 7. Other environmentally related taxes (Regulations) 8. Additional Voluntary Disclosure Relief under the VDP 9. Other key tax proposals: (TLAB, 2016 & Carbon Tax Bill) (a) Skill development; (b) Tax treatment of Trusts; (c) Carbon tax; (d) Sugar tax 2
3 2016 tax proposals and tax legislative process Tax proposals and tax revenue trends and contained in Chapter 4 and Annexure C of the 2016 Budget Review Process after Budget is followed up with four sets of bills Revenue Laws Amendment Bill, 2016 has dealt with urgent amendments that allows for the delay in the requirement to annuitize for members belonging to Provident Funds this was an exceptional bill to amend past TLAA The Rates and Monetary Amounts and Amendment of Revenue Laws Bills, 2016 deal with changes in tax rates and monetary thresholds and the additional relief under the voluntary disclosure programme (VDP) this is a set of two bills, a money bill and administration bill The Taxation Laws Amendment Bills, to be published in July - will deal with the remaining tax proposal as announced in the 2016 Budget Review The Carbon Tax Bill will deal with the introduction of the carbon tax 3
4 Rates and Monetary Bills We are dealing with a set of two bills, as is the normal case We split the money bill (s77 bill) and the admin bill (s75 bill) Rates and Monetary Amounts and Amendment of Revenue Laws Bill Rates and Monetary Amounts and Amendment of Revenue Laws (Administration) Bil Both bills published on Budget Day 24 Feb 2016 Both bills slightly simplified and published on 12 April for further public comments These bills deal with the rates and threshold changes and Special VDP 4
5 Level and scope of taxes depends partly on expenditure requirements and the efficiency of expenditure Tax revenue is required to fund public functions Expenditure on education, health, social protection, housing, safety and security, public infrastructure (i.e. roads, & communication), etc. Each country has unique circumstances and views on the level of public spending required to fulfil those functions The overall level of tax in the economy is thus primarily a result of decisions on government expenditure The level and composition of government expenditure are the results of political choices The impact of government expenditure is largely determined by the efficiency and effectiveness of such expenditure and the quality of the public goods and services provided. To improve economic growth and ensure a sustainable tax system, the tax policy debate centres on the tax mix (direct vs. indirect taxes) (between PIT, CIT and VAT, etc. for example) and on improving the efficiency, equity, transparency and simplicity of the tax instruments 5
6 There are a variety of direct and indirect taxes in South Africa Direct Taxes (income) Personal Income Tax / Individuals Corporate Income Tax Dividend withholding tax (Previously Secondary Tax on Companies) Estate Duty Donations Tax Payroll Taxes Skills Development Levy Unemployment Insurance Fund Contributions Indirect Taxes ( consumption ) Value Added Tax (VAT) Excise Duties (Specific and Ad Valorem) Custom Duties Transfer Duties (Properties) Securities Transfer Tax (Financial transactions - shares) Environmentally-related taxes Fuel Levy Electricity levy non-renewable generation Air Passenger Departure Tax Plastic Bag Levy Tax on incandescent light bulbs Motor vehicle CO 2 emissions tax 6
7 % Ratio between direct and indirect taxes 66.0% 64.0% 62.0% 60.0% 58.0% 56.0% 54.0% 52.0% 50.0% 48.0% 46.0% 44.0% 42.0% 40.0% 38.0% 36.0% 34.0% Total Tax Revenue: Direct vs. Indirect Taxes Direct Taxes Indirect Taxes 2008/09, 62.7% 2015/16, 58.4% 1993/94, 52.6% 1993/94, 47.4% 2015/16, 41.6% 2008/09, 37.3% YEAR 7
8 Tax revenues by instrument as a % of total Tax revenue by instrument as a % of National Budget Revenue 2007/ / / / / / / / /16 Individuals 30.1% 32.0% 35.4% 33.9% 33.8% 34.5% 34.9% 36.6% 36.1% VAT 26.9% 25.3% 25.5% 27.4% 25.8% 27.0% 26.8% 27.1% 26.1% Companies 25.0% 27.2% 23.3% 19.8% 20.5% 20.0% 20.0% 19.2% 17.8% Fuel levy 4.2% 4.1% 5.0% 5.1% 4.9% 5.0% 4.9% 5.0% 5.2% Specific excise 3.3% 3.3% 3.7% 3.4% 3.4% 3.6% 3.3% 3.3% 3.3% Customs duties 4.7% 3.7% 3.4% 4.0% 4.6% 4.8% 5.0% 4.3% 4.4% STC / Dividends 3.7% 3.3% 2.7% 2.6% 3.0% 2.5% 2.0% 2.2% 2.2% Sub Total 97.9% 98.9% 98.9% 96.3% 96.1% 97.3% 96.8% 97.6% 95.1% Three (PIT, VAT, CIT) 82.0% 84.6% 84.2% 81.1% 80.1% 81.4% 81.7% 82.8% 80.1% 8
9 % PIT, CIT and VAT accounts for most of the tax revenues Tax Revenue: % of Budget Revenue --- Three main taxes 44.0% 40.0% 36.0% 32.0% Individuals VAT Companies 1999/00, 43.3% 2006/07, 29.2% 36.1% 28.0% 24.0% 26.1% 20.0% 2008/09, 27.2% 16.0% 17.8% 12.0% 8.0% 1993/94, 11.9% 1999/00, 10.6% 4.0% 0.0% YEAR 9
10 The tax to GDP ratio has increased from 24.4 % in 2009/10 to 26.3 % in 2015/16 Tax revenue by instrument as a % of GDP 2007/ / / / / / / / /16 Individuals 8.1% 8.5% 8.4% 8.3% 8.1% 8.3% 8.6% 9.2% 9.5% VAT 7.2% 6.7% 6.0% 6.7% 6.2% 6.5% 6.6% 6.8% 6.9% Companies 6.8% 7.2% 5.5% 4.9% 4.9% 4.8% 4.9% 4.8% 4.7% Fuel levy 1.1% 1.1% 1.2% 1.3% 1.2% 1.2% 1.2% 1.3% 1.4% Specific excise 0.9% 0.9% 0.9% 0.8% 0.8% 0.9% 0.8% 0.8% 0.9% Customs duties 1.3% 1.0% 0.8% 1.0% 1.1% 1.2% 1.2% 1.1% 1.1% STC / Dividends 1.0% 0.9% 0.6% 0.6% 0.7% 0.6% 0.5% 0.6% 0.6% Sub Total 26.4% 26.2% 23.4% 23.6% 23.1% 23.4% 23.8% 24.5% 25.1% Three (PIT, VAT & CIT) 22.1% 22.4% 19.9% 19.9% 19.2% 19.6% 20.1% 20.8% 21.1% Tax / GDP 27.6% 27.2% 24.4% 24.6% 24.1% 24.5% 24.9% 25.7% 26.3% Budget Rev / GDP 27.0% 26.5% 23.6% 24.5% 24.0% 24.0% 24.6% 25.1% 26.4% 10
11 % Which is a steady increase since 2009/10 and close to the highest tax-to-gdp ratio in 2007/08 Gross Tax revenue / GDP Ratio (National Government, excl. RAF & UIF) 29.0% 28.0% 27.0% 26.0% 25.0% 24.0% 23.0% 1989/90, 24.7% 1994/95, 22.8% 1998/99, 24.4% 2007/08, 27.6% 2009/10, 24.4% 2015/16, 26.3% 22.0% 21.0% 20.0% 19.0% 18.0% 17.0% 16.0% 15.0% YEAR 11
12 1995/ / / / / / / / / / / / / / / / / / / / /16 Annual percentage increase Nominal YoY growth in gross tax revenues has been slowing down since 2010/11 Percentage change in gross tax revenues 20% 18.8% 15% 10% 11.9% 8.5% 5% 0% -5% -4.2% -10% Fiscal year 12
13 2015/16 - Tax revenues lower than expected due to weaker economic growth R billion 2014/ /16 Fiscal Year Outcome Budget Review 2015 MTBPS 2015 Budget review 2016 Actual Preliminary 2015/16 Actual vs. Budget Review 2016 Actual vs Budget Review 2015 Persons and individuals Companies Value-added tax Dividend withholding tax Specific excise duties Fuel levy Customs duties Other Gross tax revenue , , , ,
14 Tax / GDP ratios and tax rates in selected countries Table 4.1 Tax burden and tax rates in selected countries Tax-to-GDP ratio Personal income tax 1 Corporate income tax Value-added tax 2 Sweden Germany Russia Brazil Spain UK Canada Turkey Australia South Africa Chile China Kenya Ghana Rwanda Highest marginal rate 2. Value-added-tax standard rate 3. In Brazil value-added-tax rates differ by subnational states 4. The national tax-to-gdp ratio for South Africa is for 2014/15 Source: OECD, Avalara VATlive, IMF and national tax authorities. Data is for 2014, or the most recent year if this is not available 14
15 The Rates and Monetary Amounts and Amendment of Revenue Laws Bills 15
16 Partial fiscal drag relief The 2016 tax proposals will raise estimated additional gross tax revenue of R18.1 billion in 2016/17 R7.6 billion from personal income taxes (only partial tax relief provided) R9.5 billion from higher excise duties, the fuel levy and environmental taxes R2 billion from higher inclusion for capital gains and transfer duties To counter the impact of inflation (fiscal drag) and to minimise the impact on those with lower incomes, the bottom three taxable income brackets have been in increased by 3.4 percent The primary rebate has been increased by 1.8 percent If both brackets and the rebates were increased by inflation it would have provided relief of R13.1 billion, instead relief of only R5.5 billion was given This results in additional revenues of R7.6 billion (R13.1 R5.5) 16
17 Only the bottom three brackets have been adjusted 17
18 Medical tax credits were adjusted upwards in line with inflation Medical tax credits were increased by 6 percent From R270 per month for the first two beneficiaries to R286 per month And from R181 to R192 per month for each additional beneficiary This will amount to tax relief of R1.1 billion for 2016/17 18
19 Fiscal drag relief of R5.5 billion and R1.1 billion in relief for medical tax credits targeted towards lower to middle income earners 19
20 percent Progressive personal income tax structure Average effective rates of personal income tax Annual taxable income (R 000s) 20
21 The inclusion rate for capital gains has been increased for individuals, trusts and corporates Capital gains effective tax rates, 2014/ / / / /17 Individuals and Special trusts (Maximum rate) 13.3% 13.7% 16.4% Companies 18.7% 18.7% 22.4% Other trusts 26.6% 27.3% 32.8% The inclusion rate for capital gains has been increased from 33.3% for to 40% individuals and special trusts and from 66.6% to 80% for companies and other trusts The maximum effective tax rate for capital gains increased slightly in 2015/16 for individuals due to the higher top marginal rate of 41 percent and has increased across the board with the higher inclusion rate in Budget
22 Transfer duties Government proposes to increase the transfer duty rate on property sales above R10 million from 11 percent to 13 percent, effective from 1 March
23 Excise duties and the fuel levy 23
24 An amount of R9.5 billion to be raised through increases in excise duties, the general fuel levy and environmental taxes Excise duty rates on alcoholic beverages increased by between 6.7% and 8% The (general) fuel levy was increased by 30c/litre, effective from the 6 th April Increase in environmental levies: incandescent globe tax, plastic bag levy and the CO2 emissions tax on new vehicles A tyre levy of R2.30 / kg net will be implemented, effective from the 1 st October This levy will replace the current fee that is collected by REDISA. In a bid to curb the surge of obesity due to overconsumption of sugar, a tax on sugar-sweetened beverages to be introduced from 1 st April
25 Increases in alcohol and tobacco excise duties, so as to maintain targeted tax burdens 25
26 Increase in the general fuel levy of 30c / litre (Regulations) Compared to prices in February of last year, the total tax (General + RAF) has decreased as a proportion of the petrol price, even though the fuel levy has increased (since petrol prices have increased) This is not the case for diesel, which had a less substantial increase in price 26
27 1994/ / / / / / / / / / / / / / / / / / / / / /16 Fuel levy as % of tax revenues Marginal increase in contribution of fuel levies to gross tax revenue 8.0% 7.4% Fuel levy as % of gross tax revenue 7.0% 6.0% 5.3% 5.0% 4.0% 4.0% 3.0% 2.0% 1.0% 0.0% Fiscal Year 27
28 1994/ / / / / / / / / / / / / / / / / / / / / /16 Fuel levy as % of GDP With a corresponding marginal increase in the fuel levy revenue as a % of GDP 2.0% Fuel levy as % GDP 1.8% 1.8% 1.6% 1.4% 1.4% 1.2% 1.0% 1.0% 0.8% 0.6% 0.4% 0.2% 0.0% Fiscal Year 28
29 Plastic bag levy & Incandescent globe tax (Regulations) Plastic bag levy This levy aims to help reduce plastic bags lading up as a waste stream. Overall, it has helped to reduce the use / consumption such bags. This levy was last increased in 2013 and was increased by 2 cents per bag, from 6 cents to 8 cents per bag, with effective from 1 April 2016, to account for inflation. Incandescent globe tax An environmental levy on incandescent light bulbs was introduced in 2009 to encourage the use of more efficient compact fluorescent bulbs and reduce electricity demand. This levy was last increased in To take account of inflation, it is proposed that the levy be increased from R4 to R6 per globe, effective 1 April
30 Motor vehicle emissions tax & tyre levy Motor vehicle emissions tax (Regulations) The motor vehicle emissions tax aims to encourage consumers to use more fuelefficient, low-carbon-emitting vehicles, and manufacturers to improve fuel efficiency. An inflationary adjustment increase was implemented, effective 1 April For passenger vehicles, this will increase the tax rate from R90 to R100 for every gram of emissions/km above 120 gco 2 /km and, for double cabs, from R125 to R140 for every gram of emissions/km in excess of 175 gco 2 /km Tyre levy The tyre levy proposed in the 2015 Budget is intended to reduce waste, while encouraging reuse, recycling and recovery, and discouraging disposal into landfills. This levy will be implemented at a rate of R2.30/kg of tyre, effective 1 October The levy will replace the current fee arrangements for tyres, as regulated by the Department of Environmental Affairs 30
31 Net revenue impact of main tax proposals 2016/17 Table 4.5 Impact of tax proposals on 2016/17 revenue R million Effect of tax proposals Total tax revenue (before tax proposals) Non-tax revenue Less: SACU 1 payments National budget revenue Provinces, social security funds and selected public entities Budget revenue (before tax proposals) Budget 2016/17 proposals Taxes on individuals and companies Personal income tax Adjustment in personal income tax structure Adjustment to medical tax credits Capital gains tax 950 Business income tax Capital gains tax Taxes on property 100 Transfer duty rate increase 100 Indirect taxes Increase in general fuel levy Increase in excise duties on tobacco products 767 Increase in alcoholic beverages Other 456 Total tax revenue (after tax proposals) Budget revenue (after tax proposals) Southern African Customs Union Source: National Treasury 31
32 Special Voluntary Disclosure Relief 32
33 Special Voluntary Disclosure Programme announced at Budget New global standard for automatic exchange of information between tax authorities will result in exchanges of information from 2017 To encourage compliance, the programme proposes a limited window period for individuals and companies to regularise their tax and exchange control affairs Applications for relief can be made between 1 October 2016 and 31 March 2017 and are made on the same basis as the existing VDP Persons may not apply if they have a pending audit or investigation in relation to foreign assets or taxes Any amounts used to fund assets disclosed to SARS under an international tax agreement will not qualify 33
34 Additional relief for offshore assets and income disclosed 50 per cent of money used to purchase offshore assets before 1 March 2015 will be included as taxable income and taxed at normal rates Investment returns earned after 1 March 2010 will be included in taxable income and taxed at normal rates Interest on tax debt will accrue from the effective date for the most recent year of assessment ending before 1 March 2010 There will be no understatement penalties if successful Application process will be an extension of the current VDP process and will permit joint tax and exchange control applications 34
35 Exchange control relief under the Special VDP Same window period exists for South African residents to disclose and regularise their exchange control contraventions that occurred before 29 February 2016 If currently under audit or pending investigation, will not qualify for Exchange Control relief under the Special VDP If administrative relief is granted, may have to pay a levy based on 29 February 2016 market value 5 per cent of leviable amount if assets are repatriated back to South Africa 10 per cent if kept offshore Levy must be paid from foreign funds, and if not enough offshore assets to pay, an additional 2 per cent will apply 35
36 Other main tax proposals NOT in Rates Bills: Other main tax proposals: To be included in the Taxation Laws Amendment Bills (TLAB) later this year; A separate Carbon Tax Bill; The sugar tax to be introduced in the Customs and Excise Act next year. 36
37 Economic growth and skills development Learnership and employment tax incentives The learnership tax incentive, introduced in 2002, aims to encourage education and work-based training. The employment tax incentive, introduced in 2014, was designed to promote the employment of young workers. Both incentives will expire towards the end of 2016 and a review is under way. Increasing the incentive for employers to provide bursaries To support skills development, government proposes to increase the fringe benefit tax exemption thresholds for bursaries provided to employees or their relatives. Education and training-based public benefit activities Government is considering expanding the list of public-benefit education and training activities to accommodate industry-based training organisations, which would exempt them from tax. 37
38 Tax treatment of trusts An important role of the tax system is to reduce inequality. Some taxpayers use trusts to avoid paying estate duty and donations tax. For example, if the founder of a trust sells his or her assets to the trust, and grants the trust an interest-free loan as payment, donations tax is not triggered and the assets are not included in his or her estate at death. To limit taxpayers ability to transfer wealth without being taxed, government proposes : to ensure that the assets transferred through a loan to a trust are included in the estate of the founder at death, and to categorise interest-free loans to trusts as donations. Further measures to limit the use of discretionary trusts for income-splitting and other tax benefits will also be considered. 38
39 Carbon Tax Bill: 2 November 2015, Media Statement The tax has been designed to ensure that its overall impact (when taking into account revenue recycling measures) will, in the initial phase, be revenue neutral, and also neutral on the price of electricity. Hence, taking into account the current state of the mining and other distressed sectors, the combined effect of the rates/exemptions in the carbon tax and the reduction in electricity levy will be designed to ensure that such sectors are not adversely affected when the tax is implemented. The tax and revenue recycling measures are also designed to be revenue neutral from a macroeconomic perspective, but will not necessarily be neutral for (scope one) companies with significant emissions. The tax-free percentage thresholds will remain fixed during the first phase, until The percentage tax-free thresholds might be reduced thereafter or may be replaced with absolute emission thresholds. Both the tax-free percentage thresholds and their subsequent replacement with absolute emission thresholds will be aligned with the proposed carbon budgets. 39
40 2016 Budget Review, 24 February 2016 Update on implementation of carbon tax The main aim of the carbon tax is to put a price on the environmental and economic damages caused by excessive emissions of greenhouse gases. A secondary aim is to change the behaviour of firms and consumers, encouraging them to use cleaner technology. Given the economic outlook, the carbon tax has been designed to ensure that its overall impact will be revenue neutral up to The draft Carbon Tax Bill was published in November 2015, with 90 comments received to date. The draft bill will be revised, taking into account public comments and further consultation. 40
41 Taxing sugar-sweetened beverages Obesity stemming from overconsumption of sugar is a global concern. Over the past 30 years the problem has grown in South Africa, which has the worst obesity ranking in sub-saharan Africa, and led to greater risk of heart disease, diabetes and cancer. The Department of Health has published a policy paper on the growing problem of obesity. Fiscal interventions such as taxes are increasingly recognised as complementary tools to help tackle this epidemic. Countries such as Denmark, Finland, France, Hungary, Ireland, Mexico and Norway have levied taxes on sugar-sweetened beverages. Government proposes to introduce such a tax on 1 April 2017 to help reduce excessive sugar intake. National Treasury will publish a concept note and draft outline of the tax base(s) and tax rate(s) by the middle of the year. 41
42 Thank You Questions 42
43 Protecting the corporate income tax base Greater attention has been paid to multinational companies that avoid or evade tax by shifting taxable income to low-tax regimes or tax havens. Such practices reduce the corporate income tax base and put domestic companies at a disadvantage. Of particular concern are: Unacceptable transfer-pricing practices, where the value or nature of crossborder transactions is manipulated to reduce overall tax liability. Treaty shopping, where related companies in different countries establish a third entity in another location to obtain tax-treaty benefits. Highly geared financing structures that reduce companies tax liabilities with excessive interest-expense deductions. 43
44 Fuel levy Fuel Levy c/litre 2016, , , , Fuel levy - petrol (Nominal) Fuel levy - petrol (Real) 0 44
45 Revenue from environmental taxes R million 2009/ / / / / / /16 1 General fuel levy 28,833 34,417 36,589 40,320 43,685 48,467 55,681 2 Air passenger departure tax Plastic bag levy Electricity levy 3,342 5,103 6,323 7,984 8,819 8,648 8,472 5 Incandescent light bulb levy CO2 Vehicle emissions tax 626 1,617 1,568 1,711 1,483 1,280 Sub Total 32,929 41,097 45,596 51,029 55,335 59,770 66,608 TOTAL Tax Revenue 598, , , , , ,283 1,069,857 Sub Total / TOTAL 5.5% 6.1% 6.1% 6.3% 6.1% 6.1% 6.2% Y-on-Y % Change 2009/ / / / / / /15 1 General fuel levy 15.9% 19.4% 6.3% 10.2% 8.3% 10.9% 14.9% 2 Air passenger departure tax 5.6% 11.8% 17.5% 14.5% 0.6% 3.2% 3.8% 3 Plastic bag levy 39.9% 36.0% 6.9% -5.1% 11.1% 3.0% 4.3% 4 Electricity levy 52.7% 23.9% 26.3% 10.5% -1.9% -2.0% 5 Incandescent light bulb levy 136.5% -4.8% -8.5% -45.5% 26.6% -42.7% 6 CO2 Vehicle emissions tax 158.4% -3.1% 9.2% -13.3% -13.7% Sub Total 29.1% 24.8% 10.9% 11.9% 8.4% 8.0% 11.4% TOTAL Tax Revenue -4.2% 12.6% 10.2% 9.6% 10.6% 9.6% 8.5% 45
46 Libya Equatorial Guinea Nigeria Chad Angola Sudan Guinea-Bissau Congo, Republic of Congo, Republic of Central African Republic Madagascar Cameroon Sierra Leone Gabon Ethiopia Algeria Comoros Egypt Uganda Rwanda São Tomé and Príncipe Burundi Tanzania Gambia Niger Mali Benin Burkina Faso Togo Ghana Cape Verde Malawi Mauritius Djibouti Guinea Senegal Vietnam Kenya Mozambique Tunisia Liberia Mauritania Swaziland Morocco South Sudan South Africa Seychelles Namibia Zimbabwe Botswana Lesotho Somalia Ivory Coast Eritrea The tax to GDP ratio is quite high compared to African countries 60 Tax to GDP ratio: African countries
47 Mexico Korea Chile Poland United States South Africa Australia Turkey Switzerland Ireland Israel Slovak Republic Japan Canada Estonia Portugal New Zealand Spain Greece United Kingdom Czech Republic Iceland Slovenia Germany Luxembourg Netherlands Hungary Norway Austria Finland Sweden Italy France Belgium Denmark And is on the lower end compared to OECD countries 60 Tax to GDP ratio: OECD countries
48 Libya Sudan Mauritius Seychelles Angola Guinea-Bissau Madagascar São Tomé and Príncipe Nigeria Botswana Egypt Ghana Liberia Burkina Faso Comoros Djibouti Eritrea Kenya Malawi Mauritania Rwanda Sierra Leone Tanzania Mozambique Swaziland Gambia Algeria Burundi Cameroon Cape Verde Equatorial Guinea Ethiopia Gabon Lesotho Niger Tunisia Vietnam Namibia Morocco Uganda Guinea Mali Somalia South Sudan Senegal South Africa Ivory Coast Congo, Republic of Benin Congo, Republic of Togo Zimbabwe Central African Republic Chad The top rate is on the upper end compared to African countries 70 Top marginal personal income tax rate: African countries
49 Czech Republic Hungary Estonia Slovak Republic Canada Finland Iceland Poland New Zealand Mexico Korea Turkey United States Chile Switzerland Japan South Africa Ireland Greece Italy Luxembourg Australia France United Kingdom Germany Norway Israel Portugal Austria Belgium Slovenia Netherlands Spain Denmark Sweden But is in the middle when compared to OECD countries 60 Top marginal personal income tax rate: OECD countries
Argentina Bahamas Barbados Bermuda Bolivia Brazil British Virgin Islands Canada Cayman Islands Chile
Americas Argentina (Banking and finance; Capital markets: Debt; Capital markets: Equity; M&A; Project Bahamas (Financial and corporate) Barbados (Financial and corporate) Bermuda (Financial and corporate)
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