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Top 10 Highest Tax Paying Countries in 2015

Paying tax has always been hectic for many of us. Whatsoever the circumstances maybe, high tax are always applied if you are living in a developed country. Tax rates keep on increasing annually, and are purposed to indirectly benefit the citizens of a state. Here we have compiled the list of top 10 highest tax paying countries in 2015.

Highest Tax Paying Countries

10. Austria

Austria is a federal republic and a landlocked country with an approximate population of million. It is located in Central Europe, and is one of the richest countries in the world in terms of GDP. Austria pays high amount in tax with a rate of 50% at USD74,442. This country also has high social security charges of 18%, and 6% are charged on bonus payments and the capital gain tax is 25%.

Highest Tax Paying Countries

9. Belgium

Belgium is a federal monarchy in the Western Europe. Its income tax rate is 50% percent on an income of at least USD46,900. The country is one of the most developed. The high tax is applied because of extreme social security burden. There are 11% municipal taxes and up to 33% capital gains tax.

Highest Tax Paying Countries

8. Netherlands

Netherlands is a constituent state that comprises of 12 provinces in North-Western Europe and three islands in the Caribbean. Its other lesser-known name is Holland. Netherlands pays 52% tax for at least USD70,090 income. This rate has doubled as per the last few years. Some of the tax forms are land transfer tax which is 6% and inheritance tax which is up to 40%.

Highest Tax Paying Countries

7. Denmark

Denmark is a sovereign state. It is situated in north of Europe. The tax rate of Denmark is 55.56% for people having income of at least USD76,000. Charges on gifts, online shopping, and educational costs have been increased by the government side. It has implemented taxes on dividend income by 28% and capital gains by 42%.

Highest Tax Paying Countries

6. Sweden

Sweden is a Scandinavian country in Northern Europe. In accordance to the Reputation Institute, Sweden is the second most reputable country in the world. It offers free education, sponsored healthcare facilities, and subsidized transport. An aggressive tax system by government has been one of the consequences of all such advantages. Sweden has income tax rate of 56.6%, affecting the people with income of USD81,000 or more.

Highest Tax Paying Countries

5. Ireland

Ireland is one of the countries with highest tax rate. It has 48% tax for people with income of at least USD40,696. The country has policies of higher personal tax as compared to the average of 40% in Northern Europe. Some of the tax forms are social security tax of 4%, capital gain tax, and tax on gifts which is from 25% to 30%.

Highest Tax Paying Countries

4. Finland

Finland is another country with high tax rate of 49.2%, and the people having income USD91,000 are liable to pay the tax. As per 2014 state, the country charged high amount from the rich citizens. Its capital gain tax is 28%, municipal tax is 21% while the churches also pay tax of 1% to 2%.

Highest Tax Paying Countries

3. United Kingdom

UK has tax rate of 45% for people having income of at least USD234,484.The social security tax rates are 14% while the capital gains are 28%. United Kingdom is a developed and one of the richest countries, so the people are offered with numerous economical and financial benefits.

Highest Tax Paying Countries

2. Japan

Japan is an island nation that lies in East Asia. It is often referred to as the Land of Rising Sun. Japan has tax rate of 50% for at least an income of USD228,880. It is higher than an average tax ratio applied to any other Asian. The scheme of tax has been divided into two parts: 40% marginal rate and 10% property tax.

Highest Tax Paying Countries

1. Aruba

Aruba tops our list. It is spread in an area of 33 kilometers, and is a lovely island in the southern Caribbean Sea. It is one of the four constituent countries that make the kingdom of the Netherlands, and the citizens are called as Dutch. The tax rate of Aruba is 58.95% which is applied to the people having income of at least USD171,149. Married people pay least tax up to a rate of 55.85%, while the singles have to pay 58.95%. The capital gain tax in this country is 25%.

Highest Tax Paying Countries

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