The countries that make the most from taxes

0
Showing 1 of 7

THE COUNTRIES WITH THE BIGGEST TAX BILLS

Ever wondered how much tax your government rakes in compared to others around the world? A new survey from the OECD has ranked the 34 countries with the highest tax bills as a percentage of GDP. Note that this isn’t the tax paid by individuals, but includes all corporate and state taxes as well.

 

34: MEXICO – 19.5%

MexicoThe country with the lowest tax bill of all those ranked is Mexico, with an average tax-to-GDP ratio of 19.5%. Latin America’s second-largest economy is making significant tax changes to reduce its reliance on oil revenues – which has been bad news for many workers’ pockets. For example, over the past two years it has hiked the top income tax bracket to 35% and introduced an 8% junk food tax.

33: CHILE – 19.8%

ChileNext on the list is Chile, where the various taxes make up 19.8% of GDP. That’s slightly lower than the country’s biggest earner, the export of copper, which makes up 20% of its income.

32: SOUTH KOREA – 24.6%

South KoriaSouth Korea’s tax bill has increased slightly from 24.3% in 2013 to 24.6% in the latest analysis. As an insight into the nation’s tax system, companies face corporation tax of up to 24% depending on how much profit they make, while for individuals the highest rate of income tax is 41.8%.

31: UNITED STATES – 26%

United statesThe US features surprisingly low down on the list, with an average tax rate of 26%. However, the nation’s true tax bill might be slightly higher as the country doesn’t impose a national VAT on goods and services, instead charging different rates of retail sales taxes.

Facebook Comments
Share.

About Author

Bhupendra is a designer and author who has a love for creativity and enjoys experimenting with various techniques in both print and web. Do visiting Oyethanks.com for exciting infotainment.

Comments are closed.