Income Tax returns: These are the top 5 tax imposing countries
Top 5 tax imposing countries: The salary that you see on your employment letter is never what you receive in hand. The reason is of course taxes. Consultancy firm CapRelo, as reported by Business Insider, studied tax rates and take home salaries in 40 countries and revealed five countries where citizens pay highest taxes on their salary:
Denmark
Practical tax rate: 56%
Average pre-tax salary: $64,310
Average post-tax salary: $28,227
(Image source: Reuters)
Sweden
Practical tax rate: 52%
Average pre-tax salary: $46,804
Average post-tax salary: $22,410
(Image source: Reuters)
Belgium
Practical tax rate: 45%
Average pre-tax salary: $47,674
Average post-tax salary: $26,221
(Image source: Reuters)
Austria
Practical tax rate: 42%
Average pre-tax salary: $45,819
Average post-tax salary: $26,575
(Image source: Reuters)
The Netherlands
Practical tax rate: 41%
Average pre-tax salary: $51,669
Average post-tax salary: $30,562
(Image source: Pixabay)