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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 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: 55.56% 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 the 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.
Belgium: Tax rate: 50% Taxpayers at higher annual earning took home less than 40% of their income. The social security tax rate is at 13% with an employee contribution of 35%.
Japan: Tax rate of 50% for at least 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 of 50% for people having income of at least $234,484.The social security tax rates are 14% while the capital gains are 28%.
Finland: Tax rate of 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 income of at least $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%.
Source: ABCNEWSPOINT.COM, TOP10FOR.COM