And You Thought India’s Tax Rate Is High!

Tax rates keep on increasing annually, and are purposed to indirectly benefit the citizens of a country. Here is the list of top 10 highest tax paying countries in 2015:

Aruba(Island in Southern Caribbean Sea)

Tax Rate:58.95%

There is no payroll tax and none on the capital duty either.Employers are supposed to pay for the social security taxes of their employees.Standard VAT is set at 15%.

Sweden

Tax Rate:56.6%

People receive free education and subsidised healthcare support and public transport services.The employer contribution to social security tax is 31.42%. Capital gains are taxed at flat 30%.

Denmark

Tax Rate:55.65%

The rate has come down from 62.3% in 2008.There is no social security tax and transfer tax. Inheritance received by a spouse is not taxed, but others inheriting are taxed at 36.25 % of net worth.

Netherlands

Tax Rate:52%

The country has no payroll duty, no stamp duty, no capital tax and transfer tax is payable at 6% of the price of real property.

Japan

Tax rate:50%

This is for atleast an income of $228,880. The scheme of tax has been divided into two parts:40% marginal rate and 10% property tax.

Austria

Tax Rate:50%

Social security ranges from 17-18% and holiday bonuses are also taxed at 6%. The government believes that undeclared funds to the tune of $20 million are stashed in Swiss Accounts.

United kingdom

Tax rate:50%

It is for people having income of atleast $ 234,484. The social security tax rates are at 14% while the capital gains are 28%

Finland

Tax rate:49.2%

And the people having income $91,000 are liable to pay the tax. Its capital gain tax is 28%,municipal tax is 21% while the churches also pay tax of 1% to 2%.

Ireland

Tax rate:48%

Tax for people with the income of atleast $40,696. Some of the tax forms are social security tax of 4%, capital gain tax and tax on gifts which is from 25% to 30%.