BENGALURU: Tax has been the hottest topic all the time around the world. Whether we like to admit it or not, tax payment is a responsibility of every individual. Tax is derived from a latin word “taxo” which means rate. It is a charge imposed upon an individual or a tax payer by the government or an equivalent financial body in the state to maintain a balance in the state’s economy. In the case of a failure to pay tax or evasion or resistance of collection, concerned authority is liable to punish the person according to the law.

Tax is one of the largest political and an economic issue since decades. Different people have different opinions on it. Some believe it’s a part contribution towards the country’s growth while some believe it’s intentionally imposed to access their income. Different countries have different tax rates which make different outcomes with different opinions. Let’s have a look on the 10 different countries collected from the data compiled by Business Pundit:

1. Belgium: Most of the world’s highest tax rates are imposed generally in Western European countries. Belgium is the leader in the list of highest tax rates. On an average, it has a tax rate which is 54.9 percent.

Economists believe that the country’s growing unemployment has attributed to its high tax situations. But despite, of all these, it still Belgium manages to stand relatively high in various financial measures. It ranks 18th with $392 billion gross domestic product and exports over $322 billion of goods and services every year.

Read More: Age Limit Under EPFO Pension Scheme May Be Raised To 60

'Transaction Declined': 7 Reasons-- Why and How?