The Income Tax system exists in every corner of the world, and it is the most important pillar of any nation. Do you know how much tax you pay and how much tax people pay in other countries of the world, and people which countries pay the most tax? You will find answers to these questions in this article.
If we talk about India, The highest tax rate for individuals who earn between Rs 2 crore (Rs 20 million) and Rs 5 (Rs 50 million) crore is 39%. For individuals who have an annual income of more than Rs 5 crore, the tax rate is 42.74%
On the basis of principle of public responsibility, contributions of wealthier citizens provide the minimum provisions for the poorer population.
In 2020, the highest income earners in Sweden paid a whopping 57.19%, making it the highest tax paying country in the world. Generally, income taxes are higher in the Nordic countries.
Although taxes are high in these countries, we cannot argue the fact that the governments of these countries also provide their citizens the best in class public facilities and infrastructure. And the cleanliness maintained is reflection of the tax utilisation.
Source : Yahoo