Click through to find out the 10 countries with the highest tax rates, according to the accounting firm KPMG.
10. Ireland
Highest income tax rate: 48%
Top marginal rate kicks in at EUR32,801 of taxable income.
Highest income tax rate: 48%
Top marginal rate kicks in at EUR32,801 of taxable income.
6. (Tied) United Kingdom
Highest income tax rate: 50%
Top marginal rate kicks in at GBP150,000. The top rate has been reduced to 45 percent from 6 April 2013.
Highest income tax rate: 50%
Top marginal rate kicks in at GBP150,000. The top rate has been reduced to 45 percent from 6 April 2013.
6. (Tied) Japan
Highest income tax rate: 50%
Top marginal rate (40 percent) kicks in at JPY18,000,000 of taxable income. Local inhabitant (municipal and prefectural) tax of additional 10% is also payable.
Highest income tax rate: 50%
Top marginal rate (40 percent) kicks in at JPY18,000,000 of taxable income. Local inhabitant (municipal and prefectural) tax of additional 10% is also payable.
6. (Tied) Belgium
Highest income tax rate: 50%
Top marginal rate kicks in at EUR37,330 of taxable income.
Highest income tax rate: 50%
Top marginal rate kicks in at EUR37,330 of taxable income.
6. (Tied) Austria
Highest income tax rate: 50%
Top marginal tax rate kicks in at EUR60.000 of taxable income.
Highest income tax rate: 50%
Top marginal tax rate kicks in at EUR60.000 of taxable income.
5. Finland
Highest income tax rate: 51.13%
Top marginal rate kicks in at EUR 100,000 of taxable income. Note however that municipal tax rates are significant in Finland (vary between approximately 16.25 percent and 22 percent). If the individual belongs to a Finnish church, church tax of approximately 1 percent to 2.20 percent may also be due.
Highest income tax rate: 51.13%
Top marginal rate kicks in at EUR 100,000 of taxable income. Note however that municipal tax rates are significant in Finland (vary between approximately 16.25 percent and 22 percent). If the individual belongs to a Finnish church, church tax of approximately 1 percent to 2.20 percent may also be due.
4. Netherlands
Highest income tax rate: 52%
Top marginal rate kicks in at approximately EUR55,991 of taxable income. The following assumptions have been taken:
* Dutch tax resident
* 30 percent ruling not applicable
* Subject to the Dutch social security scheme
Highest income tax rate: 52%
Top marginal rate kicks in at approximately EUR55,991 of taxable income. The following assumptions have been taken:
* Dutch tax resident
* 30 percent ruling not applicable
* Subject to the Dutch social security scheme
3. Denmark
Highest income tax rate: 55.56%
Taxation is based on categories of income and different tax rates apply to the different categories. The combined top marginal rate in the ordinary scheme, which applies to employment income and certain types of investment income, kicks in at DKK457,608 (2013). Generally, share income (dividends and capital gains) is taxed in a separate tax scheme at 27-42 percent, depending on income level, while
Highest income tax rate: 55.56%
Taxation is based on categories of income and different tax rates apply to the different categories. The combined top marginal rate in the ordinary scheme, which applies to employment income and certain types of investment income, kicks in at DKK457,608 (2013). Generally, share income (dividends and capital gains) is taxed in a separate tax scheme at 27-42 percent, depending on income level, while
2. Sweden
Highest income tax rate: 56.6%
Top marginal rate kicks in at SEK574,300 of taxable income.
Highest income tax rate: 56.6%
Top marginal rate kicks in at SEK574,300 of taxable income.
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