5 Countries with the Highest Tax Rates in the World, Some 'Contribute' Half of Their Income to the State

"5 Countries with the Highest Tax Rates in the World, Some `Contribute` Half of Their Income to the Country"

"Dream - One of the significant sources of income that governments in various countries rely on is tax. This levy can sometimes become the largest revenue for a country, the use of which is necessary to finance development and other national interests. An example of tax usage by a country is the provision of adequate health facilities, education subsidies, funding for infrastructure development, and various other public services."

5 Countries with the Highest Taxes in the World

The determination of the amount and type of tax varies from country to country. There is even the term tax heaven for countries that provide many incentives. However, here are five countries with the highest tax rates in the world.

5 Negara dengan Pajak Tertinggi di Dunia

"5. Austria"

According to Nomad Capitalist, Austria is the 15th richest country in the world in terms of GDP per capita. The country has a well-developed social market economy and a high standard of living.

The highest marginal tax rate in this country reaches 55 percent. In addition to the high income tax rate, this country has a social security rate of 18 percent, bonus payments are charged at a rate of 6 percent, and capital gains tax is 27.5 percent.

5 Countries with the Highest Tax Rates in the World, Some 'Contribute' Half of Their Income to the State

"4. Denmark"

"Denmark has a developed economy. The country ranks 9th in the world in terms of Gross Domestic Product (GDP) per capita and 6th in nominal GDP per capita."

"With a very small population, the Danish government imposes a total tax rate equivalent to 56 percent of per capita income to meet the needs of its residents."

The translation of "3. Jepang" to English is "3. Japan".

"Japan is the country with the third largest national economy in the world, after the United States and China in terms of GDP."

"In terms of purchasing power parity, this Land of the Cherry Blossom also has the fourth largest national economy in the world, after the United States, China, and India. However, the economic progress and standard of living of its people must be endured by its residents with the imposition of the highest marginal tax rate in Japan, which reaches 55.97 percent."

"2. Finland"

"Finland has the highest taxes in Europe and the second highest taxes in the world. The high tax rates make this small country with a population of 5.5 million people one of the countries with the highest taxes. Just imagine, Finland's highest marginal tax rate reaches 56.95 percent. Finland also has one of the highest capital gains taxes."

"1. Ivory Coast"

"People living in Ivory Coast give more than half of their income, or 60 percent, to the government. Located in West Africa, Ivory Coast is on the list of countries with the highest income tax rates in the world."

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