New income tax rate for companies

The new income tax rate for companies can vary depending on the country, state, or region. Here are some recent changes to income tax rates for companies:

United States:

• The Tax Cuts and Jobs Act (TCJA) signed into law in December 2017 reduced the corporate tax rate from 35% to 21% effective January 1, 2018.
• The TCJA also introduced a new minimum tax on foreign earnings, known as the Global Intangible Low-Taxed Income (GILTI) tax, which is 10.5% of the company's foreign earnings above a certain threshold.

European Union:

• The European Union has a common corporate tax rate of 21% for large companies, but individual member states can set their own rates.
• Some EU countries have reduced their corporate tax rates in recent years, such as:
  • Ireland: 12.5% (one of the lowest rates in the EU)
  • Luxembourg: 17%
  • Netherlands: 20.5%
  • Germany: 15% (effective January 1, 2021)

Asia:

• China: 25% (effective January 1, 2019)
• Japan: 23.2% (effective April 1, 2020)
• South Korea: 22% (effective January 1, 2020)
• India: 25.17% (effective April 1, 2020)

Other regions:

• Canada: 15% (federal rate), with additional provincial rates ranging from 4% to 16.5%
• Australia: 30% (federal rate), with additional state rates ranging from 0% to 6.5%
• Brazil: 20% (federal rate), with additional state rates ranging from 4% to 12.5%

Please note that these rates are subject to change and may not reflect any recent changes or updates. It's always best to check with the relevant tax authorities or a tax professional for the most up-to-date information.