In this post, we are visiting list the top 10 major economies in Africa by gross domestic product (GDP) with the highest corporate tax rates.
Corporate tax rates vary across the world and reflect the unique economic needs of every country. Countries rich in natural resources, for instance , often generate a bulk of their tax income from high corporate taxes on oil and natural gas companies, allowing other industries to work in a relatively low-tax environment.
While Africa has a number of the least competitive tax rates of any continent, there’s still a high degree of variation among the countries.
To determine how small businesses are taxed, OnDeck collated the quantity of tax small businesses pay in 200 countries. So without further ado, let’s examine the major economies in Africa where corporations have to play their part in improving the economy:
Nigeria – $30,000
While Nigeria’s economy has been affected in recent years and inflation has further affected the country, it still maintains a very high corporate tax rate at 30%.
South Africa – $28000
South Africa’s average rate for corporations has consistently hovered at the 28% mark over the past decade.
Kenya – $30,000
All East Africa has multiple entries in the list of countries with the highest corporate tax rates, however Kenya kicks off this list.
Ethiopia – $30,000
Ethiopia one of the another East African country with a really high corporate tax rate in the region.
Ghana – $25,000
Ghana’s average rate for corporations has consistently hovered at the 25% mark over the past decade.
Cote d’Ivoire – $25000
On average, the company tax rate for Cote d’Ivoire is 25.0%, roughly in line with the worldwide average.
Angola – $25,000
The government of Angola generates the bulk of its revenue from national oil and gas companies and as a result of offers low corporate tax rates.
Tanzania – $30,000
While East Africa has some of the highest corporate tax rates in Africa, there’s still a high degree of variation among countries in the region. In Tanzania, the typical tax rate is over 30%
DR Congo – $30,000
The corporate tax rate in Cameroon has increased to 30.8% and has remained at the identical level ever since, making it one among the countries with the highest corporate tax rates.