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G20 represents over 85% of the global economy and is known for its collaborative policy actions in response to international events. Despite their collective influence, the G20 nations consist of fundamentally diverse economies, each with its own approach to business taxation.
Among the G20, Argentina and India have the highest corporate tax rates at 35%. However, these rates can vary due to progressive tax structures, affecting only certain segments of businesses. For instance, foreign companies with permanent establishments in India may face rates exceeding 40%.
The BRICS nations (Brazil, Russia, India, China, and South Africa) display a wide range of corporate tax rates. India and Brazil are at the higher end, South Africa and China fall in the middle, while Russia offers one of the lowest rates. In contrast, the G7 countries typically have mid-range corporate tax rates between 24% and 30%, with Japan being the highest at 31% and the U.S. the lowest at 21%.
Interestingly, the U.S. now has the third-lowest corporate tax rate among G20 countries, following Saudi Arabia and Russia, both at 20%. This shift is largely due to the 2018 tax reform, which lowered the corporate tax rate from 35% to 21%. The overview that we provide uses data from Trading Economics as of June 2024. Note that data for the European Union and the African Union, both G20 members, are excluded.
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