Panama or Ukraine: which taxes less?

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

Level pegging: Panama and Ukraine weigh about the same on the taxpayer.

Tax Panama Ukraine Gap
Corporate income tax headline rate 0% to 25% 18% +7.0 points
Personal income tax top bracket 0% to 25% 19.5% +5.5 points
VAT standard rate 7% 20% −13.0 points

Detailed schedules

Corporate income tax

Panama

n/a

Ukraine

General rate 18%
Financial institutions Excluding insurance, from 2025 25%
Banks Temporary profit tax 50%
See the Panama page See the Ukraine page