In this article, we are going to 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 globe and reflect the unique economic needs of every country. Countries rich in natural resources, for example, often generate a bulk of their tax revenue from high corporate taxes on oil and natural gas companies, allowing other industries to operate in a relatively low-tax environment.
While Africa has some of the least competitive tax rates of any continent, there is still a high degree of variation among the countries.
To determine how small businesses are taxed, OnDeck collated the amount of tax small businesses pay in 200 countries. So without further ado, let’s see 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 really high corporate tax rate at 30%.
South Africa – $28000
South Africa’s average tax rate for corporations has consistently hovered at the 28% mark over the past decade.
Kenya – $30,000
East Africa has multiple entries in the list of countries with the highest corporate tax rates, and Kenya kicks off this list.
Ethiopia – $30,000
Ethiopia is another East African country with a really high corporate tax rate in the region.