2. Finland: Finland is the fourth country in the list of highest tax rate imposed. Finland taxes its citizens with a rate of 46.6 percent. Despite of its taxation, it also has managed to have a stronger overall economy.

It is one of the outstandingly performing countries in terms of its economy among the entire European nations. On the list of International Monetary Fund, Finland, with $ 36,320 gross domestic product per capita, ranks 20th.

3. Germany: Germany stands next to Finland in the list with a 45 percent of tax rate. It ranks 21st in the International Monetary Fund list with a gross domestic product of $35,539.

Germany is the largest national economy in Europe. The ‘brain drain’ concept in the country has resulted in the highest rate of taxation and bureaucracy. Thousands of Germans have migrated for Austria, Switzerland and United States around years for their social benefits.

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

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