Top Countries Having the Highest Tax Rates

Top Countries Having the Highest Tax Rates 

Top Countries Having the Highest Tax Rates

Where ever you choose to live in the world, you would surely like to know about the tax rates. Taxes in different counties vary and there are different tax rates for which you can always take the guidance and assistance from the best VATconsultants. There are countries with low tax rates and then there are countries with high tax countries. Every government levy taxes differently and the taxes vary. Below, we will throw some light on the top 10 countries with the highest tax rate globally. All the countries are well developed and the governments are helping in transforming the countries even more for the best of the citizens. But before that, we should see a variety of taxes which are applicable universally.

Type of Taxes:

Before discussing the highest tax rated countries, let us first know a little about the type of taxes:

    Income Tax
    VAT (Value Added Tax)
    Service Tax
    Corporate Tax
    Security Transaction Tax
    Capital Gains Tax
    Custom Duty

Above mentioned are just a few taxes which are commonly charged in countries globally. The list is quite long and few taxes are charged according to the laws of a particular country. Also, the tax rates applicable in different countries are also different. For example, in accordance with the latest tax laws in the UAE, the VAT consultants disclose that the VAT to be paid by business is 5 percent.

In this context, VAT is an indirect tax that is levied on any addition made in the business cycle starting from procurement of raw material to the final sales of the finished good.
Countries with the highest tax rates globally: Starting with the one on the 10th number, we will see the taxes increasing:

1.    Belgium:

Top Countries Having the Highest Tax Rates

A beautiful country which is being shared between Dutch-speaking Flemish and French-speaking Walloons, is a European country. The highest tax rate being charged in Western Europe is 53.7 percent. The tax collected in this country is utilized towards the welfare of the country as a whole.

2.    Austria:

Top Countries Having the Highest Tax Rates  

It is also amongst the highly developed countries in the world charging 55 percent tax from the residents here. Along with this high rate of tax, the government of Austria has a social security rate of 18 percent, payments being charged at a rate of 6 percent and lastly, capital gains tax rate is 25 percent.

3.    Denmark:

Top Countries Having the Highest Tax Rates  

In terms of GDP per capita, Denmark holds the 18th rank in the world. The tax rate hers is 55.8 percent per capita income which is used towards creating equality to give access to all the citizens to use a number of services being served through this tax income.

4.    Japan:

Top Countries Having the Highest Tax Rates  

The 3rd largest national economy in the world is Japan. A number of millionaires are residing in Japan than in any other country all across the globe. Japan has less population but despite the fact of less population the tax rate of the country is 55.95 percent. The taxes paid by you are utilized towards advancement in technological developments and automobiles.

5.    Portugal:

Top Countries Having the Highest Tax Rates  

It is a well-developed and a high-income country which is on the 45th position to hold as the largest economy. The tax that you will have to pay as a resident here is as much as 56.5 percent. The taxes that you pay are utilized towards bringing equality between high- income groups and low- income groups.

6. Sweden:

Top Countries Having the Highest Tax Rates  

It is the seventh richest country in the whole world. Sweden has shown tremendous growth with the help of the highest tax rate policy amongst all the countries in the world. The maximum income tax being charged by the Sweden government is as much as 57.1 percent.

Going on a vacation in the above-mentioned countries is so much fun but if you are in the mood of being a resident then you must think twice. The tax rates will surely make you think twice before you choose any of the above for immigration or migration purpose.

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