There are only two sure things in life: death and taxes. But paying taxes is important for a few reasons. Among the many, publicly funded services funded by taxes in the United States are the military, public education, infrastructure such as roads and parks, police and fire departments, as well as retirement and health services such as Social Security and Medicare. Taxes are what a country needs to survive.
Below is a ranking of the highest taxed countries by income taxes, corporate taxes, and sales taxes.
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Tax Systems Are Unique To Each Country
Sales taxes, income taxes, property taxes, inheritance taxes, excise taxes, etc. Also, tax rates and regulations vary a lot from country to country, and even within the same country. U.S. states charge some form of income tax, but the rate can vary from 1% to 13.3% depending on the state. There are also seven states (Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming) that don’t collect any state income tax, and two more (New Hampshire and Tennessee) that tax interest and dividends, but not wages and salaries.
U.S. states have a state sales tax too, but some don’t. Those states that don’t have a sales tax or an income tax can raise other taxes to make up for the deficit, like raising property taxes. Lastly, most governments that levy taxes charge different rates depending on the amount of income or what kind of goods they tax. If you make $40k a year, you’ll probably pay 12% in income taxes, but if you make $200k, you’ll probably pay 25% or more. Taxes on basic needs like groceries are typically lower than taxes on luxury items such as tobacco products or new cars. This article compares three main types of taxes: personal income tax, corporate tax, and sales tax.
Countries With The Highest Personal Income Taxes
- Ivory Coast – 60%
- Finland – 56.95%
- Japan – 55.97%
- Denmark – 55.90%
- Austria – 55.00%
- Sweden – 52.90%
- Aruba – 52.00%
- Belgium – 50.00% (tie)
- Israel – 50.00% (tie)
- Slovenia – 50.00% (tie)
Countries With The Highest Corporate Tax Rates
- Puerto Rico – 37.5%
- Suriname – 36.0%
- Chad – 35.0% (tie)
- Equatorial Guinea – 35.0% (tie)
- Guinea – 35.0% (tie)
- Iraq – 35.0% (tie)
- Malta – 35.0% (tie)
- Sudan – 35.0% (tie)
- Zambia – 35.0% (tie)
- Brazil – 34.0% (tie)
- Venezuela – 34.0% (tie)
Some countries, like Barbados (5.5%), Uzbekistan (7.5%), Hungary (9.0%), and Montenegro (9.0%) have very low corporate taxes – but others, like Vanuatu, Bermuda, and Bahrain, don’t have any at all.
Countries With The Highest Sales Taxes
- Bhutan – 50%
- Hungary – 27%
- Croatia – 25% (tie)
- Denmark – 25% (tie)
- Norway – 25% (tie)
- Sweden – 25% (tie)
- Finland – 24% (tie)
- Greece – 24% (tie)
- Iceland – 23% (tie)
- Poland – 23% (tie)
- Portugal – 23% (tie)
Finally, the highest sales tax rates are found in Bhutan, with rates up to 50%. Next is Hungary, which has a standard rate of 27%, followed by Croatia, Denmark, Norway, and Sweden, all with standard rates of 25%.
What Are Tax Havens?
Tax havens are countries that offer very low tax rates for foreign investors. By attracting a large amount of capital inflow and imposing fees, charges, and low tax rates, tax havens generate government revenue. Luxembourg, Cayman Islands, Isle of Man, Jersey, Ireland, Mauritius, Bermuda, Monaco, Switzerland, and the Bahamas rank among the top ten tax havens in the world.
Full List Of Countries Ranked By Tax Rates
| Country | Income Tax | Sales Tax | Corporate Tax |
|---|---|---|---|
| Ivory Coast | 60% | 18% | 25% |
| Finland | 56% | 24% | 20% |
| Japan | 55% | 10% | 30% |
| Austria | 55% | 20% | 25% |
| Denmark | 55% | 25% | 22% |
| Sweden | 52% | 25% | 20% |
| Aruba | 52% | 3% | 25% |
| Belgium | 50% | 21% | 25% |
| Israel | 50% | 17% | 23% |
| Slovenia | 50% | 22% | 19% |
| Netherlands | 49% | 21% | 25% |
| Portugal | 48% | 23% | 21% |
| Ireland | 48% | 23% | 12% |
| Spain | 47% | 21% | 25% |
| Iceland | 46% | 24% | 20% |
| China | 45% | 13% | 25% |
| Germany | 45% | 19% | 30% |
| United Kingdom | 45% | 20% | 19% |
| France | 45% | 20% | 26% |
| South Africa | 45% | 15% | 28% |
| South Korea | 45% | 10% | 25% |
| Australia | 45% | 10% | 30% |
| Luxembourg | 45% | 17% | 24% |
| Greece | 44% | 24% | 24% |
| Italy | 43% | 22% | 24% |
| India | 42% | 18% | 25% |
| Papua New Guinea | 42% | 10% | 30% |
| Turkey | 40% | 18% | 25% |
| Uganda | 40% | 18% | 30% |
| Taiwan | 40% | 5% | 20% |
| Chile | 40% | 19% | 27% |
| Senegal | 40% | 18% | 30% |
| Zimbabwe | 40% | 14% | 24% |
| Guinea | 40% | 14% | 35% |
| Switzerland | 40% | 7% | 14% |
| Republic Of The Congo | 40% | 18% | 28% |
| Mauritania | 40% | 16% | 25% |
| Colombia | 39% | 19% | 31% |
| New Zealand | 39% | 15% | 28% |
| Morocco | 38% | 20% | 31% |
| Norway | 38% | 25% | 22% |
| Suriname | 38% | 10% | 36% |
| United States | 37% | 0% | 21% |
| Zambia | 37% | 16% | 35% |
| Namibia | 37% | 15% | 32% |
| Uruguay | 36% | 22% | 25% |
| Pakistan | 35% | 17% | 29% |
| Mexico | 35% | 16% | 30% |
| Ethiopia | 35% | 15% | 30% |
| Philippines | 35% | 12% | 30% |
| Vietnam | 35% | 10% | 20% |
| Thailand | 35% | 7% | 20% |
| Argentina | 35% | 21% | 25% |
| Algeria | 35% | 19% | 26% |
| Cameroon | 35% | 19% | 33% |
| Ecuador | 35% | 12% | 25% |
| Tunisia | 35% | 19% | 15% |
| Gabon | 35% | 18% | 30% |
| Equatorial Guinea | 35% | 15% | 35% |
| Cyprus | 35% | 19% | 12% |
| Malta | 35% | 18% | 35% |
| Venezuela | 34% | 16% | 34% |
| Canada | 33% | 5% | 26% |
| Puerto Rico | 33% | 0% | 37% |
| Poland | 32% | 23% | 19% |
| Mozambique | 32% | 17% | 32% |
| Latvia | 31% | 21% | 20% |
| Indonesia | 30% | 10% | 22% |
| Tanzania | 30% | 18% | 30% |
| Kenya | 30% | 16% | 30% |
| Peru | 30% | 18% | 29% |
| Malaysia | 30% | 10% | 24% |
| Ghana | 30% | 13% | 25% |
| Malawi | 30% | 16% | 30% |
| Chad | 30% | 18% | 35% |
| Rwanda | 30% | 18% | 30% |
| Jordan | 30% | 16% | 20% |
| Nicaragua | 30% | 15% | 30% |
| El Salvador | 30% | 13% | 30% |
| Croatia | 30% | 25% | 18% |
| Jamaica | 30% | 15% | 25% |
| Gambia | 30% | 15% | 27% |
| Lesotho | 30% | 15% | 25% |
| Barbados | 28% | 17% | 5% |
| Brazil | 27% | 17% | 34% |
| Samoa | 27% | 15% | 27% |
| Bangladesh | 25% | 15% | 32% |
| Egypt | 25% | 14% | 22% |
| Myanmar | 25% | 5% | 25% |
| Angola | 25% | 14% | 25% |
| Dominican Republic | 25% | 18% | 28% |
| Honduras | 25% | 15% | 25% |
| Azerbaijan | 25% | 18% | 20% |
| Laos | 25% | 10% | 20% |
| Slovakia | 25% | 20% | 21% |
| Lebanon | 25% | 11% | 17% |
| Costa Rica | 25% | 9% | 30% |
| Panama | 25% | 7% | 25% |
| Botswana | 25% | 12% | 22% |
| Trinidad And Tobago | 25% | 12% | 30% |
| Nigeria | 24% | 7% | 30% |
| Sri Lanka | 24% | 8% | 24% |
| Czech Republic | 23% | 21% | 19% |
| Albania | 23% | 20% | 15% |
| Syria | 22% | 0% | 28% |
| Singapore | 22% | 7% | 17% |
| Armenia | 22% | 20% | 18% |
| Liechtenstein | 22% | 7% | 12% |
| Afghanistan | 20% | 10% | 20% |
| Madagascar | 20% | 20% | 20% |
| Cambodia | 20% | 10% | 20% |
| Georgia | 20% | 18% | 15% |
| Lithuania | 20% | 21% | 15% |
| Estonia | 20% | 20% | 20% |
| Fiji | 20% | 9% | 20% |
| Isle Of Man | 20% | 20% | 0% |
| Ukraine | 18% | 20% | 18% |
| Sudan | 15% | 17% | 35% |
| Iraq | 15% | 0% | 35% |
| Yemen | 15% | 5% | 20% |
| Hungary | 15% | 27% | 9% |
| Sierra Leone | 15% | 15% | 30% |
| Hong Kong | 15% | 0% | 16% |
| Mauritius | 15% | 15% | 15% |
| Seychelles | 15% | 15% | 33% |
| Russia | 13% | 20% | 20% |
| Bolivia | 13% | 13% | 25% |
| Tajikistan | 13% | 18% | 0% |
| Belarus | 13% | 20% | 18% |
| Uzbekistan | 12% | 15% | 7% |
| Moldova | 12% | 20% | 12% |
| Macau | 12% | 0% | 12% |
| Romania | 10% | 19% | 16% |
| Kazakhstan | 10% | 12% | 20% |
| Serbia | 10% | 20% | 15% |
| Libya | 10% | 0% | 20% |
| Bulgaria | 10% | 20% | 10% |
| Mongolia | 10% | 10% | 25% |
| Bosnia And Herzegovina | 10% | 17% | 10% |
| Montenegro | 9% | 21% | 9% |
| Guatemala | 7% | 12% | 25% |
| Saudi Arabia | 0% | 15% | 20% |
| United Arab Emirates | 0% | 5% | 0% |
| Oman | 0% | 5% | 15% |
| Kuwait | 0% | 0% | 15% |
| Qatar | 0% | 0% | 10% |
| Bahrain | 0% | 5% | 0% |
| Brunei | 0% | 0% | 18% |
| Bahamas | 0% | 12% | 0% |
| Cayman Islands | 0% | 0% | 0% |
| Bermuda | 0% | 0% | 0% |
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