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:
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:
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:
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:
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:
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:
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.
Author Bio
Name : Heena Khan
Qualification: N.A.
Company: N.A.
Location: Sharjah, United Arab Emirates
Contact : heenakhan2663@gmail.com
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This Post is merely a general guide meant for learning purposes only. All the instructions, references, content or documents are for educational purposes only and do not constitute a legal advice. We do not accept any liabilities whatsoever for any losses caused directly or indirectly by the use/reliance of any information contained in this post or for any conclusion of the information. Prior to acting upon this post, you're suggested to seek the advice of your financial, legal, tax or professional advisers as to the risks involved may be obtained and necessary due diligence, etc may be done at your end.
