Import tariffs, duties, and taxes add 5-25% to total import costs. Tariff rates range from 0% to 35% based on HS codes. VAT rate is 13% for most imports, 9% for agricultural products. Consumption tax applies to luxury items, alcohol, and tobacco
Independent contractors and small business owners face higher taxes but more deductions. Tax code changes yearly with new deductible expenses added and removed. Standard deduction ($13,850 in 2023) or itemized deductions available
Turkey offers VAT and customs duty exemptions for machinery investments. Minimum investment ranges from TRY 1.5M to TRY 3M depending on location. Regional incentives provide more generous support in less developed areas
Tax residency requires 183 days in Italy or specific conditions. Non-residents pay taxes only on Italian-sourced income. Companies are taxed on global income if headquarters in Italy
Federal corporate tax rate in US is 21% since 2017. Taxes are based on taxable income after deducting expenses. Effective tax rate is usually lower than statutory rate
IRS uses 7 tax brackets based on income and filing status. Tax rates increase as income moves through different brackets. Marginal tax rate is highest dollar of income taxed. Effective tax rate is total percentage of income paid in taxes