At tax time, it’s easy to fall victim to whiny complaints about how high taxes are in Canada. Though we agree that it would be great to pay less, here are 11 countries who have got it way worse than us! Check out these shocking personal income tax rates from across the globe.
Sure there may be beautiful beaches and quaint little towns for shopping in Aruba but come tax time, residents face a shocking marginal tax rate of 58.9% on income over $313,459,00 according to statistical research by KPMG.
Following close behind, the rolling hills and magestic windmills in Sweden won't be enough to distract you from the 56.5% tax rate on income over SEK574,300 (approximately $100,798.84 Canadian).
Taxation in Denmark is a little bit complicated, but for the combined top marginal rate in an ordinary scheme, there is a 55.56% tax rate on income over DKK457,608 (approximately $95,013.85 Canadian).
Living amongst Gaudi masterpieces comes at a cost. In Spain, the top marginal rate of 52% kicks in for income over €300,000.20 (or $464,985.15 Canadian).
Municipal tax rates in Finland are huge (we're talking between 16.25% and 22%)! If you're income is over €100,000 (approximately $154,902.10 Canadian), expect to pay the top marginal rate of 51.13% along with another 1% to 2.2% if you belong to a Finnish church.
Though the top marginal tax rate in Japan is 40.84% (on income over ¥18,000,000, or $197,489.99 Candian), an additional 10% local inhabitant tax is also applied making the rate a shocking 50.84%!
Those living in the land of beer and chocolate face a pretty steep marginal tax rate of 50% on income over €37,750 (approximately $58,471.78 Canadian).
Similarly in Austria, marginal rates top up at 50% on income over €60.000 ($92,927.47 Canadian).
If you're heading to the Middle East, Israel has some of the highest tax rates in the area. Expect to face a 50% rate if your income is over NIS 258,966 (approximately $83,677.83 Canadian).
According to KPMG, the highest marginal tax rate for Slovenia on incomes greater than €70,907 (approximately $109,766.74 Canadian) will be 50% in both 2013 and 2014. Thankfully, an expected decrease is supposed to adjust the rate down to 41% the following year (due to inflation).