Which country has the lowest tax rates in the world? The answer is below.

The World Economic Forum recently released its Global Report on the world's economies.

The group analyzed data including levels of corruption, inflation, and policy stability to make a profile for every country in the world.

One of the parameters for the report is the taxes policy of each country.

These are the 14 countries with the lowest tax rates:


14. Luxembourg 20.1%

Luxembourg is famed for its low tax rates, coming under fire late in 2014 when journalists revealed the extent of the country's private tax arrangements with major global companies.



13. Croatia: 20%

The country joined the European Union in 2013, cutting taxes in the same year.



12. Armenia: 19.9%

Armenia has low taxes but geopolitics continue to cause "uncertainty, instability, and declining perceptions of security," according to the WEF.



11. Zambia: 18.6%

Taxes may be low, but Zambia struggles with corruption, inflation and access to financing, according to the WEF, which keeps it low down in the overall competitiveness rankings.



10. Singapore: 18.4%

With such low tax rates, Singapore has become an important base of operations for companies looking to access the Asian market.



9. Georgia: 16.4%

Georgia embraced a low tax model after the fall of the Soviet Union, repeatedly slashing the number of taxes and their rates.



8. United Arab Emirates: 15.9%

Despite its low rate and high ranking, the UAE comes only fifth in the Middle East region, showing how low taxes in that part of the world are.



7. Saudi Arabia: 15%

The Middle Eastern Kingdom has announced plans to shore up its public finances with borrowing and cost cutting in the wake of low oil prices.



6. Lesotho: 13.6%

Unlike many of the other countries on the list, Lesotho is one of the poorest in the world, and has the lowest taxes of any African country.



5. Bahrain: 13.5%

The country is less oil-rich than some of its neighbours, but has still struggled with the "uncertain future of energy prices after recent falls," according to the WEF.



4. Kuwait: 13%

The emirate last year rejected an IMF suggestion that it should introduce a business profit tax to address its fiscal shortfall.



3. Macedonia 12.9%

Macedonia has incredibly low tax rates, but loses out in the overall rankings for lack of policy stability and companies' access to financing.



2. Qatar: 11.3%

Qatar, which comes in at 18th for overall competitiveness, manages to edge out the region's other oil-rich states but still comes second for low taxes.



1. Brunei: 8.7%

Brunei, one of the smallest countries in the WEF report with fewer than 500,000 inhabitants, is also one of the most competitive, coming in at 58th overall.