Corporate Tax Statistics 2024 – Everything You Need to Know

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Are you looking to add Corporate Tax to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Corporate Tax statistics of 2024.

My team and I scanned the entire web and collected all the most useful Corporate Tax stats on this page. You don’t need to check any other resource on the web for any Corporate Tax statistics. All are here only 🙂

How much of an impact will Corporate Tax have on your day-to-day? or the day-to-day of your business? Should you invest in Corporate Tax? We will answer all your Corporate Tax related questions here.

Please read the page carefully and don’t miss any word. 🙂

On this page, you’ll learn about the following:

Best Corporate Tax Statistics

☰ Use “CTRL+F” to quickly find statistics. There are total 58 Corporate Tax Statistics on this page 🙂

Corporate Tax Latest Statistics

  • Data Presented Percentage Distribution of Total Assets Classified by Sector, Size of Total Assets Sector, Size of Total Assets Table 2.2 Returns with Net Income. [0]
  • This dataset reports average personal income tax rates for single persons and one earner married couples with and without children, calculated at the average wage (100% AW). [1]
  • This dataset reports average personal income tax and social security contribution rates for a single person without dependent, at various multiples (67%, 100%, 133%, 167%). [1]
  • The average wage is based on a single person at 100% of average earnings, no child. [1]
  • This dataset reports marginal personal income tax and social security contribution rates for a single person without dependent, at various multiples (67%, 100%, 133%, 167%). [1]
  • Biden’s plan proposes to raise the corporate income tax rate from 21% to 28%. [2]
  • Altogether, these tax increases will raise corporate tax revenue by approximately 0.5% of GDP, according to the administration. [2]
  • Under the Tax Cuts and Jobs Act, the U.S. will collect the lowest share of corporate tax revenue as a percent of GDP of 1.3% in 2018. [2]
  • This is well below the average among other OECD countries of 2.7% (2.5% weighted by GDP). [2]
  • The Biden proposal will increase corporate tax collections to 1.8% of GDP. [2]
  • According to IRS data, pass through businesses were 92% of all businesses and accounted for 50% of net business income in 2015. [2]
  • For example, Germany’s adjusted collections as a percent of GDP is 0.9% (compared to its unadjusted value of 1.9%). [2]
  • To calculate the adjusted value, we multiply Germany’s corporate revenue collections as a percent of Germany’s net corporate capital income (13.6%) by the U.S. net corporate capital income as a percent of U.S. GDP (6.5%). [2]
  • The Tax Cuts and Jobs Act reduced the share of corporate tax revenue as a percent of GDP to roughly the same as the adjusted OECD average of 1.3%. [2]
  • On average, corporate income tax accounts for a higher share of total taxes in Africa (19.2%) and in Latin America and the Caribbean (15.6%) than in OECD countries (10%). [3]
  • statutory corporate income tax rate for all covered jurisdictions declined from 20.2% in 2020 to 20.0% in 2021, compared to 28.3% in 2000. [3]
  • The report notes that the average EATR across jurisdictions (20.4%) is 1.1 percentage points lower than the average statutory tax rate (21.5%). [3]
  • The new OECD analysis also shows that corporate income tax remains a significant source of tax revenues for governments across the globe, accounting for 14.6% of total tax revenues on average across the 93 jurisdictions in 2017 (compared to 12.1% in 2000). [4]
  • As a ratio of GDP, in 2020 tax revenue accounted for 41.3 % of GDP in the European Union and 41.8 % of GDP in the euro area. [5]
  • As a percentage of GDP, EU and euro area tax revenue increased in 2020. [5]
  • In 2020, tax revenue made up 89.3 % of total general government revenue in the European Union. [5]
  • In 2020 in the EU, taxes on production and imports accounted for 13.4 % of GDP and current taxes on income, wealth, etc. stood at 13.0 % of GDP. [5]
  • as a % of GDP decreased from 2007 to 2010, but increases were seen in the period from 2011 to 2013. [5]
  • From 2008 to 2009, the share of social contributions increased by 0.5 p.p. to 14.4 % of GDP, then decreased by 0.2 p.p. in 2010. [5]
  • Between 2011 and 2019 the share of social contributions more or less remained stable before increasing by 0.5 p.p. in 2020 to stand at 14.6 % of GDP. [5]
  • In 2020, tax revenue in the EU stood at 41.3 % of GDP, and accounted for 89.3 % of total government revenue. [5]
  • The ratio of tax revenue to GDP in the euro area was higher than in the EU, at 41.8 %. [5]
  • Among EU countries, the strongest decreases in absolute tax and social contribution revenue from 2019 to 2020 were observed by Greece (11.0 %), Croatia (9.4 %), Malta (7.4 %), Italy (6.7 %), Austria and Cyprus . [5]
  • Among EFTA countries, a strong decrease was observed for Norway . [5]
  • At the level of the EU, tax revenue decreased by 3.7 % from 2019 to 2020 or by around EUR 215 billion. [5]
  • In percentage points, the highest increases from 2019 to 2020 were recorded by Spain (from 35.4% in 2019 to 37.5 % in 2020), ahead of Portugal (from 36.7 % to 37.6 %). [5]
  • The largest decreases in the taxto GDP ratio were observed in Ireland (from 22.7 % in 2019 to 20.8 % in 2020), Luxembourg (from 40.8 % to 39.8%), Greece (from 41.9 % to 41.3 %) and Austria (from 43.1 % to 42.6 %). [5]
  • From its last spike in 2007 (40.1 % of GDP). [5]
  • The ratio for the euro area also decreased from its peak of 40.1 % in 2007 to 39.3 % of GDP in 2010. [5]
  • In 2020 the EU and euro area tax revenue increased as a percentage of GDP, which was due to a decrease in nominal GDP in 2020 as an effect of lower economic activity due to COVID. [5]
  • (remained stable at 13.0 % of GDP). [5]
  • Between 2014 and 2019, taxes on production and imports grew in line with nominal GDP, meaning that as a ratio to GDP they remained stable at 13.7 %, except for year 2017 when taxes on production and imports stood at 13.6 %. [5]
  • In 2020 the ratio decreased to 13.4 % of GDP as tax revenue specifically from taxes on products such as VAT declined faster than GDP. [5]
  • In 2020 in the EU, revenue from taxes on products accounted for about 80.9 % and VAT for around 51.7 % of the total taxes on production and imports. [5]
  • In 2020, the highest ratios of taxes on production and imports relative to GDP were recorded in Sweden (21.8 %), Croatia (18.8 %) and Hungary (18.3 %). [5]
  • as a ratio to GDP amounted to 13.0 %, while taxes on individual or household income made up the largest share of this (9.9 % of GDP). [5]
  • By far the highest importance of current taxes on income, wealth, etc. is noted for Denmark, which raised the equivalent of 30.9 % of GDP from these taxes in 2020. [5]
  • The next highest figures are recorded by Sweden, Finland, Luxembourg and Belgium, which raise 18.2 %, 16.0 %, 15.9 % and 15.8 % of GDP respectively from current taxes on income, wealth, etc. [5]
  • At the other end of the scale in 2020, Romania (4.7 % of GDP), Bulgaria (5.9 % of GDP) and Croatia (6.5 % of GDP). [5]
  • In 2020, actual social contributions accounted for the highest ratios in GDP terms in Slovenia (16.9 %), Germany (16.8 %), Czechia (15.9 %) and for the lowest ratios in Denmark (0.7 %) and Sweden (3.2 %) as well as Iceland (3.0 %). [5]
  • In 2020, in terms of GDP, they accounted for 2.5 % in both Belgium and Greece, 2.3 % in Portugal and 1.9 % in France. [5]
  • In eleven EU and EFTA countries the ratio was 0.1 % of GDP or less in 2020. [5]
  • These taxes accounted for 0.3 % of GDP in the EU in 2020. [5]
  • They range from 0.7 % of GDP in Belgium and France, 0.4 % of GDP in Spain, to being non existent in Estonia, Cyprus, Portugal, Romania, Slovakia and Sweden. [5]
  • In 2020, for the EU, this adjustment amounted to 0.1 % of GDP, with the highest ratios being registered for Denmark (0.6 %) and for France (0.5 %). [5]
  • Taxes and social contributions imposed at state and local government level made up 18.3 % of total tax and social contribution revenue in 2020 in the EU. [5]
  • The social security funds subsector was relatively important in terms of tax revenue in France (51.6 % of the total). [5]
  • followed by Slovenia (44.0 %), Slovakia (42.6 %), Germany (40.7 %), Romania (38.7 %) and Poland (37.0 %). [5]
  • In Sweden (30.6 % of the total), Iceland (29.8 %), Denmark (26.6 %) and Finland (24.6 %). [5]
  • The lowest share of central government tax and social contribution revenue was recorded by Germany (26.3 %), Switzerland (33.3 %), France (35.6 %), Spain (38.4 %), Slovenia (45.7 %), Finland and Belgium (both 47.4 %). [5]
  • + capital taxes capital transfers from general government to relevant sectors representing taxes and social contributions assessed but unlikely to be collected. [5]
  • In terms of level of tax revenue, Indicator 4 is roughly one percentage point of GDP higher than the Indicator 2 measure, although this difference varies across countries. [5]
  • According to ESA 2010, taxes and social contributions should be recorded on an accrual basis. [5]

I know you want to use Corporate Tax Software, thus we made this list of best Corporate Tax Software. We also wrote about how to learn Corporate Tax Software and how to install Corporate Tax Software. Recently we wrote how to uninstall Corporate Tax Software for newbie users. Don’t forgot to check latest Corporate Tax statistics of 2024.

Reference

  1. irs – https://www.irs.gov/statistics/soi-tax-stats-corporation-income-tax-returns-complete-report-publication-16.
  2. oecd-ilibrary – https://www.oecd-ilibrary.org/taxation/data/oecd-tax-statistics_tax-data-en.
  3. aei – https://www.aei.org/op-eds/the-biden-administrations-corporate-tax-statistic-is-misleading/.
  4. ey – https://www.ey.com/en_gl/tax-alerts/oecd-releases-corporate-tax-statistics-publication-third-edition-including-anonymized-and-aggregated-country-by-country-report-statistics.
  5. home – https://home.kpmg/us/en/home/insights/2020/07/tnf-oecd-corporate-tax-statistics-cbc-reporting-activities-multinational-enterprises.html.
  6. europa – https://ec.europa.eu/eurostat/statistics-explained/index.php/Tax_revenue_statistics.

How Useful is Corporate Tax

On one hand, corporate tax is essential for funding public services and infrastructure. By collecting tax revenue from businesses, governments can invest in education, healthcare, transportation, and other essential services that benefit society as a whole. Without corporate tax, the burden of funding these services would fall heavily on individual taxpayers, creating a more inequitable system.

Not only does corporate tax help to fund public services, but it also acts as a check on corporate power. By taxing profits, governments can ensure that businesses are contributing their fair share to society. This helps to prevent monopolies and oligopolies from exploiting consumers and workers, while also encouraging a more equitable distribution of wealth.

Furthermore, corporate tax can be seen as a way to uphold a company’s social responsibility. By paying taxes, businesses demonstrate their commitment to the communities in which they operate. This can help to build trust with customers, employees, and investors, while also fostering a positive relationship with society at large.

On the other hand, critics of corporate tax argue that it stifles economic growth and innovation. They claim that taxing business profits reduces the amount of money available for companies to invest in research and development, expansion, and job creation. This, they argue, ultimately hinders overall economic growth and deters businesses from taking risks and pursuing new opportunities.

Moreover, opponents of corporate tax point to the global nature of business today. In an interconnected world where companies can easily relocate to jurisdictions with lower tax rates, some argue that corporate tax is ineffective and leads to a race to the bottom. This can result in a loss of tax revenue for governments and cause disparities in tax rates across countries.

Despite these arguments, the debate over the usefulness of corporate tax remains complex and nuanced. While corporate tax is an important source of revenue for governments and helps to fund public services, it can also pose challenges for businesses and hinder economic growth. Finding the right balance between a fair tax system and supporting business innovation and growth is key in determining the usefulness of corporate tax in today’s society. Ultimately, it is a delicate balance that requires careful consideration and thoughtful policymaking.

In Conclusion

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