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Highest Taxed Countries 2024
Snapshot
The highest personal income tax rates in 2021-23 were found in Ivory Coast (60%), Finland (56.95%), and Denmark (56.00%).
Bhutan has the highest sales tax at 50%, followed by Hungary (27%), with Croatia, Denmark, Norway, and Sweden tied at 25%.
Tax havens, such as Luxembourg and the Cayman Islands, attract foreign investors with low tax rates and gain revenue through fees and charges.
As the old adage goes, only two things in life are certain: death and taxes. Taxes can be a financial burden, but paying taxes is important for several reasons. Taxes are used to fund all manner of publicly-funded services including the military, public education, infrastructure such as roads and parks, police and fire departments, and public retirement and health programs such as Social Security and Medicare in the United States. Simply put, taxes provide the funds that a country needs to survive.
No two national tax systems are alike
Taxes come in many forms, including sales tax, income tax, property tax, inheritance and estate taxes, excise tax, and more. Tax rates and regulations also vary greatly from country to country, and even within different parts of the same country. For example, most U.S. states charge some form of income tax, but an individual state's income tax rate may be anywhere from 1% to 13.3%. Moreover, seven states (Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming) do not collect any state income tax at all, and two more (New Hampshire and Tennessee) tax interest and dividend income, but not wages or salaries.
Similarly, most U.S. states charge a state sales tax, but some do not. However, states without a sales tax or an income tax may add or raise other taxes to make up for the deficit, such as implementing higher property tax rates. Finally, most governments that levy taxes charge different percentages based upon the amount of income or type of goods being taxed. For example, a person who makes $40k a year may pay 12% in income taxes while their next-door neighbor, who makes $200k, pays 25% or more. Similarly, sales of basic needs such as groceries are typically taxed at a much lower rate than sales of luxury items such as tobacco products or a new car. In this article, we’ll explore countries in terms of three main types of taxes: personal income tax, corporate tax, and sales tax.
Top 10 Countries with the Highest Personal Income Tax Rates - Trading Economics 2021-23:
Top 10 Countries with the Highest Corporate Taxes - Trading Economics 2022-23:
Country | Corporate Tax 2023 |
|---|---|
| Puerto Rico | 37.5% |
| Suriname | 36% |
| Guinea | 35% |
| Colombia | 35% |
| Argentina | 35% |
| Equatorial Guinea | 35% |
| Malta | 35% |
| Chad | 35% |
| Sudan | 35% |
| India | 34.94% |
Barbados (5.5%), United Arab Emirates (9%), Hungary (9.0%), and Montenegro (9.0%) have very low corporate rates, and several countries, such as Vanuatu, Bermuda, and Bahrain have no corporate tax at all.
Top 12 Countries with the Highest Sales Taxes - Trading Economics 2023:
Finally, let’s look at sales tax rates. The highest rates are found in Bhutan, with rates up to 50%. Next is Hungary, which has a standard rate of 27%. In third place is a logjam of Croatia, Denmark, Norway, and Sweden, all with standard rates of 25%.
Tax Havens
Countries that offer very low tax rates for foreign investors are called tax havens. Tax havens generate government revenue by attracting a generous amount of capital inflow and imposing fees, charges, and low tax rates. The world's top ten tax havens are Luxembourg, Cayman Islands, Isle of Man, Jersey, Ireland, Germany, the Netherlands, England, Switzerland, and the Bahamas.
Source
In the top taxed country lists, some countries had more recent data available than others, within the range of 2021-2023. For countries with the highest income taxes, since taxation is usually not linear, the highest rate in each country was used as a basis for the ratings.
- Many displayed tax rates are in fact ranges that change according to the taxpayer's income level or other factors. See the Additional Details column for full information.
Country | Personal Income Tax 2023 (%) | Sales Tax 2023 (%) | Corporate Tax 2023 (%) |
|---|---|---|---|
| Finland | 57.3% | 24% | 20% |
| Japan | 55.95% | 10% | 30.62% |
| Denmark | 55.9% | 25% | 22% |
| Austria | 55% | 20% | 23% |
| Sweden | 52.3% | 25% | 20.6% |
| Aruba | 52% | 4% | 25% |
| Belgium | 50% | 21% | 25% |
| Israel | 50% | 17% | 23% |
| Slovenia | 50% | 22% | 22% |
| Netherlands | 49.5% | 21% | 25.8% |
| Portugal | 48% | 23% | 21% |
| Spain | 47% | 21% | 25% |
| Iceland | 46.25% | 24% | 20% |
| China | 45% | 13% | 25% |
| Germany | 45% | 19% | 30% |
| United Kingdom | 45% | 20% | 25% |
| France | 45% | 20% | 25% |
| South Africa | 45% | 15% | 27% |
| South Korea | 45% | 10% | 24% |
| Australia | 45% | 10% | 30% |
| Greece | 44% | 24% | 22% |
| Italy | 43% | 22% | 24% |
| Senegal | 43% | 18% | 30% |
| India | 42.74% | 18% | 34.94% |
| Papua New Guinea | 42% | 10% | 30% |
| Luxembourg | 42% | 17% | 24.94% |
| Zimbabwe | 41.2% | 14.5% | 24.72% |
| DR Congo | 40% | 16% | 30% |
| Turkey | 40% | 20% | 25% |
| Uganda | 40% | 18% | 30% |
| Taiwan | 40% | 5% | 20% |
| Chile | 40% | 19% | 27% |
| Guinea | 40% | 18% | 35% |
| Switzerland | 40% | 8.1% | 14.6% |
| Republic of the Congo | 40% | 18.9% | 28% |
| Ireland | 40% | 23% | 12.5% |
| Mauritania | 40% | 16% | 25% |
| Norway | 39.6% | 25% | 22% |
| Colombia | 39% | 19% | 35% |
| New Zealand | 39% | 15% | 28% |
| Cameroon | 38.5% | 19.25% | 33% |
| Morocco | 38% | 20% | 32% |
| Suriname | 38% | 10% | 36% |
| Zambia | 37.5% | 16% | 30% |
| United States | 37% | - | 21% |
| Ecuador | 37% | 12% | 25% |
| Namibia | 37% | 15% | 32% |
| Uruguay | 36% | 22% | 25% |
| Indonesia | 35% | 11% | 22% |
| Pakistan | 35% | 17% | 29% |
| Ethiopia | 35% | 15% | 30% |
| Mexico | 35% | 16% | 30% |
| Philippines | 35% | 12% | 25% |
| Vietnam | 35% | 10% | 20% |
| Thailand | 35% | 7% | 20% |
| Algeria | 35% | 19% | 26% |
| Argentina | 35% | 15% | 35% |
| Malawi | 35% | 16.5% | 30% |
| Tunisia | 35% | 19% | 15% |
| Gabon | 35% | 18% | 30% |
| Equatorial Guinea | 35% | 15% | 35% |
| Cyprus | 35% | 19% | 12.5% |
| Malta | 35% | 18% | 35% |
| Venezuela | 34% | 16% | 34% |
| Canada | 33% | 5% | 26.5% |
| Puerto Rico | 33% | - | 37.5% |
| Eswatini | 33% | 15% | 27.5% |
| Poland | 32% | 23% | 19% |
| Mozambique | 32% | 16% | 32% |
| Latvia | 31% | 21% | 20% |
| Tanzania | 30% | 18% | 30% |
| Kenya | 30% | 16% | 30% |
| Malaysia | 30% | 10% | 24% |
| Ghana | 30% | 15% | 25% |
| Peru | 30% | 18% | 29.5% |
| Chad | 30% | 18% | 35% |
| Rwanda | 30% | 18% | 30% |
| Jordan | 30% | 16% | 20% |
| Nicaragua | 30% | 15% | 30% |
| El Salvador | 30% | 13% | 30% |
| Croatia | 30% | 25% | 18% |
| Jamaica | 30% | 15% | 25% |
| Gambia | 30% | 15% | 27% |
| Lesotho | 30% | 15% | 25% |
| Barbados | 28.5% | 17.5% | 5.5% |
| Brazil | 27.5% | 17% | 34% |
| Egypt | 27.5% | 14% | 22.5% |
| Samoa | 27% | 15% | 27% |
| Bangladesh | 25% | 15% | 27.5% |
| Myanmar | 25% | 5% | 22% |
| Angola | 25% | 14% | 25% |
| Dominican Republic | 25% | 18% | 27% |
| Honduras | 25% | 15% | 25% |
| Azerbaijan | 25% | 18% | 20% |
| Laos | 25% | 10% | 20% |
| Lebanon | 25% | 11% | 17% |
| Slovakia | 25% | 20% | 21% |
| Costa Rica | 25% | 13% | 30% |
| Panama | 25% | 7% | 25% |
| Botswana | 25% | 14% | 22% |
| Trinidad and Tobago | 25% | 18% | 30% |
| Nigeria | 24% | 7.5% | 30% |
| Czech Republic | 23% | 21% | 21% |
| Albania | 23% | 20% | 15% |
| Liechtenstein | 22.4% | 8.1% | 12.5% |
| Syria | 22% | - | 28% |
| Singapore | 22% | 7% | 17% |
| Afghanistan | 20% | 10% | 20% |
| Madagascar | 20% | 20% | 20% |
| Cambodia | 20% | 10% | 20% |
| Georgia | 20% | 18% | 15% |
| Mongolia | 20% | 10% | 25% |
| Armenia | 20% | 21% | 18% |
| Lithuania | 20% | 21% | 15% |
| Estonia | 20% | 22% | 20% |
| Fiji | 20% | 15% | 20% |
| Isle of Man | 20% | 20% | - |
| Ukraine | 18% | 20% | 18% |
| Sri Lanka | 18% | 18% | 30% |
| Sudan | 15% | 17% | 35% |
| Iraq | 15% | - | 15% |
| Hungary | 15% | 27% | 9% |
| Sierra Leone | 15% | 15% | 25% |
| Hong Kong | 15% | - | 16.5% |
| Mauritius | 15% | 15% | 15% |
| Seychelles | 15% | 15% | 33% |
| Russia | 13% | 20% | 20% |
| Bolivia | 13% | 13% | 25% |
| Belarus | 13% | 20% | 20% |
| Uzbekistan | 12% | 15% | 15% |
| Tajikistan | 12% | 15% | - |
| Moldova | 12% | 20% | 12% |
| Macau | 12% | - | 12% |
| Kazakhstan | 10% | 12% | 20% |
| Romania | 10% | 19% | 16% |
| Libya | 10% | - | 20% |
| Bulgaria | 10% | 20% | 10% |
| Serbia | 10% | 20% | 15% |
| Bosnia and Herzegovina | 10% | 17% | 10% |
| Montenegro | 9% | 21% | 9% |
| Guatemala | 7% | 12% | 25% |
| Iran | - | 9% | - |
| Saudi Arabia | - | 15% | 20% |
| Ivory Coast | - | 18% | 25% |
| Nepal | - | 13% | - |
| Niger | - | 19% | - |
| Mali | - | 18% | - |
| Burkina Faso | - | 18% | - |
| Somalia | - | 10% | - |
| Benin | - | 18% | - |
| Burundi | - | 18% | - |
| Haiti | - | 10% | - |
| United Arab Emirates | - | 5% | 9% |
| Kyrgyzstan | - | 12% | - |
| Central African Republic | - | 19% | - |
| Oman | - | 5% | 15% |
| Kuwait | - | - | 15% |
| Qatar | - | - | 10% |
| Bahrain | - | 10% | - |
| Guyana | - | 14% | - |
| Solomon Islands | - | 10% | - |
| Bhutan | - | 50% | - |
| Cape Verde | - | 15% | - |
| Brunei | - | - | 18.5% |
| Belize | - | 12.5% | - |
| Bahamas | - | 12% | - |
| Vanuatu | - | 15% | - |
| Saint Lucia | - | 15% | - |
| Micronesia | - | 5% | 21% |
Which country has the highest personal taxes in the world?
Finland has the highest personal taxes, with the lowest marginal tax rate of 57.3%.
Which country has the highest corporate tax rate?
Puerto Rico has the highest corporate tax rate, with a rate of 37.5%.
Which country has the highest sales tax?
Bhutan has the highest sales tax, with a rate of 50%.
- List of Countries by Corporate Tax Rate - Trading Economics
- List of Countries by Personal Income Tax Rate - Trading Economics
- List of Countries by Sales Tax Rate - Trading Economics
- Corporate Tax Rates Around the World - Tax Foundation
- Individual Income Tax Rates Table - KPMG
- Corporate Tax Rates Table - KPMG
- Countries With the Highest Single and Family Income Tax Rates - Investopedia
- Countries by Tax Rates - Wiki