Tax rates in the always fluctuate year to year, but most of the time they get increased only. Almost in every country, people have to pay tax on goods and services they are using. Many new taxes have evolved now, one which has recently been the matter of talk, GST (Goods and Services Tax). India is new to join this form of tax. The GST rates in India are from 0 to 30%, which is highest rates in the world. Here are Top 11 Highest Tax Paying Countries in the world.
France was the first to implement GST, thereafter over 140 countries have implemented GST to reduce tax evasion.
Some countries even have Dual-GST like Canada and Brazil. India follows a Canadian model, i.e. dual GST as here the two federal structure, i.e. Central and State contain the power to levy and collect the taxes. So, you may now have to pay two bills for acquiring good and services.. Let’s check it out here!
Aruba is one of the smallest countries in the world. Earlier it was a part of the Netherlands, now it is an independent country. Aruba has 1.5% turnover, which makes it the highest tax paying country in the world. It’ various taxes varies from 7-59% maximum.
Japan is the most developed country in the Asia. Its technology and electronic devices are famous around the world. The entire percentage of the collection of minimum tax is 38% and 15 to 50% for an individual.
3. United Kingdom
The United Kingdom is the oldest countries in the world as well as richest and most developed countries in the world. The collection of the individual is from 40 to 55.9% and the overall collection of tax percentage goes up to 55%.
Finland tax paid percentage is 53% overall. They had reduced their tax since 2010, till then the tax rate was 62% – the highest rates in the world. It was decline to 49% and individual tax rates go from 64% to 61.96%. Finland has the highest income per person in the world.
It was separated from the Great Britain and now became one of the Highest Tax Paying Countries of the world. The tax paid percentage is 52%. This country has strict laws and individual taxes vary from 40%.
The minimum percentage of 22% and maximum with 60% paid taxes in this country. The payroll goes up 31% and sales taxes are collected 25% by the government of Sweden. The country is one of the richest countries in the world.
Denmark’s minimum individual tax percentage is 46% and the maximum is 61%, whereas the sales and corporate tax go to 25% and 23.5%.
The highest percentage went to 72%, but was declined to 52%, but even though taxes are huge and the country is developing fast. Here, maximum tax for individual goes to 52% and 25% paid for corporate tax.
With 30,000km area and 11 million of the population, Belgium is the richest income. The tax collected is on federal based. The federal tax paid rate is up to 55%. It is one of the Highest Tax Paying Countries in the world.
Austria has the different tax schedule to collect the taxes, an individual paid taxes from 21% to 50% and married people have to give tax separately. Corporate tax is from 25 to 50%.
Greece is a country in Europe and known as the land of beaches.The minimum individual paid a tax percentage is 15% and maximum percentage collected of tax is 45%. Corporate tax and sales tax go up to 29% and 24%.