10 Countries with Highest Income Tax Rates
Bangalore: Tax is an undeniable liability of our lives. No matter how rich or how poor, one has to pay tax depending on their income.
Every country maintains a particular tax structure based on some issues that are important for that country. Usually it is corporate taxes, individual taxes and sales taxes that the government concentrates on. Here is a list of some countries with highest tax rates in the world listed by CNBC.
Highest income tax rate: 48 percent
According to KPMG, Northern Europe posses the tag of having the world's second-highest personal income tax rates, but Ireland surpassed that too with income tax rates of 48 percent, which even higher than the average 40 percent in Northern Europe.
The citizens of Ireland were expected to pay an additional 4 percent tax towards the social security. Above this, there has been increase in tax provisions which were applied for gifts and other inheritance.
Apart from this, the government has also started with homeowners’ tax which is about 100 Euros. There are huge numbers of people who are protecting against the Ireland’s government which has levied high rates of income tax.