Madagascar or Panama: which taxes less?

Both tax systems side by side, headline rates and the gap between them.

Lighter: Panama, ahead by 0.2 FiScore point.

Tax Madagascar Panama Gap
Corporate income tax headline rate 20% 0% to 25% −5.0 points
Personal income tax top bracket 0% to 20% 0% to 25% −5.0 points
VAT standard rate 20% 7% +13.0 points
See the Madagascar page See the Panama page