These Are The 9 Countries With The Highest Income Taxes In The World

Illustration of income tax levies (Photo: wir_sind_klein/Pixabay)

OGYAKARTA The offshore consulting firm from Dubai, Nomad Capitalist recently released a list of countries with the highest income tax in the world in 2023.

Ivory Coast occupies the top list of countries with the highest income in the world. The country's population provides 60 percent of its revenue for taxes.

In more detail, here are a row of countries that set high income taxes for their citizens, as quoted by VOI from the official Nomad Capitalist website, Wednesday, December 27, 2023:

1. Ivory Coast

It has been mentioned above that residents of Ivory Coast are required to hand over 60 percent of their income to the state for taxes.

Ivory Coast is a country in West Africa bordering the Gulf of Guinea. Ivory Coast is one of the most prosperous countries in its region. This is thanks to the implementation of the high-principles tax carried out by his government.

2. Finland

Finland ranks second on the list of countries that set the world's highest PPh. The country, which is inhabited by about 5.5 million people, sets a revenue tax rate of 56.95 percent.

Interestingly, someone who lives in the country for more than 6 months is considered a Finnish resident and will be subject to income tax.

3. Japan

Japan is the third-largest economy country in the world, after the United States and China in Gross Domestic Product (GDP).

Japan is the country with the highest income tax rates in Asia and number 3 globally. The Japanese government imposes a revenue tax of 55.97 percent on its citizens.

4. Denmark

Denmark is one of the countries in the European region that has an advanced economy. This country ranks 9th in terms of GDP per capita.

The welfare of Danish citizens cannot be separated from the imposition of a high income tax rate, which is 56 percent of the total income.

5. Austria

Austria is also one of the countries that set high income taxes for its citizens. The Austrian government requires its citizens to pay 55 percent PPh.

It's not enough there, this country also has a social security level of 18 percent, a bonus tax payment of 6 percent, and a capital gain tax of 27.5 percent.

6. Sweden

Sweden is a country in the European region that has a high level of well-being. In addition, the level of income gap in the country is also very low.

Instead, Swedish citizens must give up a cut of 52.9 percent of annual income to pay income taxes.

7. Aruba

Aruba was once part of the Kingdom of the Netherlands. This country began forming its own government in the 1986 PAada.

The Aruba government has set a fairly high income tax rate for its citizens, which is 52 percent.

8. Belgium

The country, which is at the heart of the European industrial area, requires its citizens to hand over 50 percent of their income for taxes.

9. Israel

The ninth position in the list of countries with the highest income tax in the world is inhabited by Israel.

The state government, which is in conflict with the Palestinian Hamas group, requires its citizens to pay PPh at a rate of 50 percent of the total revenue.

That's information about countries with the highest income tax in the world. Get news updates of other selected options only on VOI.ID.