10 Countries with Highest Income Tax Rates
4. Japan
Highest income tax rate: 50 percent
Japan is the only Asian country which has the highest income tax rate. The income tax is so high that it is much higher than the Asia’s average rate of 23 percent.
The tax structure in Japan is broken into two parts, with marginal rate of 40 percent and the 10 percent towards property tax. Other than this, there is very less social security tax in Japan which is 0.6 percent and the citizens will have to pay health insurance tax of 5 percent.
5. Belgium
Highest income tax rate: 50 percent
The highest marginal tax rate in Belgium starts from $46,900 of income. Up to 13 percent is the tax on social security and 11 percent of municipal tax rates.
In Belgium, if there are nonresidents’ they will have tp pay tax of 7 percent. For expatriates, there will be 25 percent of tax on their time on business, and then the top marginal tax rate can be reduced to 40 percent.
Belgium, which has the highest tax rate of 50 percent, is 5 percentage more than the average Western European tax.
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