Highest Taxed Countries 2024 - The Next Gen Business

Rank	Country	Tax Burden	Corporate Tax Rate	Income Tax rate
1	United Arab Emirates	1	9	0
2	Kuwait	1	15	0
3	Iraq	1	15	15
4	Oman	3	15	0
5	Bahrain	3	0	0
6	Nigeria	6	30	24
7	Equatorial Guinea	6	35	35
8	East Timor	6	10	10
9	Ethiopia	7	30	35
10	India	7	30	31
11	Saudi Arabia	7	20	3
12	Haiti	7	30	30
13	Afghanistan	7	20	20
14	Democratic Republic of the Congo	8	30	40
15	Bangladesh	8	33	25
16	Sudan	8	35	15
17	Sri Lanka	8	24	18
18	Iran	8	25	35
19	Republic of the Congo	9	28	30
20	Central African Republic	9	30	50
21	Tajikistan	9	23	13
22	Angola	9	25	25
23	Indonesia	9	22	30
24	Guinea-Bissau	10	25	20
25	The Gambia	11	27	35
26	Russia	11	20	13
27	Niger	11	30	35
28	Pakistan	11	29	35
29	Madagascar	11	20	20
30	Laos	11	20	24
31	Gabon	12	30	35
32	Tanzania	12	30	30
33	Uganda	12	30	40
34	Papua New Guinea	12	30	42
35	Malaysia	12	24	30
36	Liberia	12	25	25
37	Botswana	12	22	25
38	São Tomé and Príncipe	13	25	20
39	Zimbabwe	13	25	52
40	Burundi	13	30	35
41	Ivory Coast	13	25	36
42	Guatemala	13	25	7
43	Singapore	13	17	22
44	Chad	13	35	60
45	Belarus	13	18	13
46	Dominican Republic	14	27	25
47	Paraguay	14	10	10
48	Philippines	14	30	35
49	Panama	14	25	25
50	Mali	14	30	40
51	Ghana	14	25	30
52	Azerbaijan	14	20	25
53	Sierra Leone	14	30	15
54	Romania	15	16	10
55	Cameroon	15	33	35
56	Qatar	15	10	0
57	Jordan	15	20	30
58	Kazakhstan	15	20	10
59	People’s Republic of China	15	25	45
60	Lebanon	15	17	25
61	Bhutan	15	25	25
62	Benin	15	30	45
63	Suriname	16	36	38
64	Turkmenistan	16	8	10
65	Guinea	16	35	40
66	Thailand	16	20	35
67	Mauritania	16	25	40
68	Mexico	16	30	35
69	Senegal	17	30	40
70	Peru	17	30	30
71	Zambia	17	35	38
72	Venezuela	17	34	34
73	Egypt	17	23	23
74	Burkina Faso	17	28	28
75	Vietnam	17	20	35
76	Rwanda	17	30	30
77	Eswatini	17	28	33
78	Republic of Macedonia	17	10	10
79	Moldova	17	12	12
80	Kenya	17	30	30
81	Comoros	17	50	30
82	Maldives	17	15	0
83	Vanuatu	18	0	0
84	Kyrgyzstan	18	10	10
85	Cambodia	18	20	20
86	Malawi	18	30	30
87	Albania	18	15	23
88	The Bahamas	19	0	0
89	Mongolia	19	25	10
90	Ukraine	19	18	20
91	Togo	19	27	45
92	Namibia	19	32	37
93	Uzbekistan	20	8	22
94	Colombia	20	31	39
95	Ecuador	20	25	35
96	Bosnia and Herzegovina	20	10	10
97	Lesotho	20	25	35
98	Bulgaria	20	10	10
99	Mauritius	20	15	15
100	Chile	21	15	40
101	El Salvador	21	30	30
102	Saint Lucia	21	30	30
103	Solomon Islands	21	30	40
104	Djibouti	22	25	30
105	Honduras	22	25	25
106	Nepal	22	25	25
107	Croatia	22	18	30
108	Georgia	22	15	20
109	Armenia	23	18	22
110	Ireland	23	13	41
111	Fiji	23	20	20
112	Turkey	23	20	40
113	Guyana	23	25	33
114	Kosovo	23	0	10
115	Costa Rica	24	30	25
116	Trinidad and Tobago	24	30	25
117	Brunei	24	19	0
118	Serbia	24	15	10
119	Cyprus	24	13	35
120	United States of America	24	26	37
121	Bolivia	25	25	13
122	Saint Vincent and the Grenadines	25	30	30
123	Malta	26	35	35
124	Nicaragua	26	30	30
125	Mozambique	27	32	32
126	South Korea	27	28	50
127	Morocco	28	31	38
128	Switzerland	29	20	40
129	Jamaica	29	25	30
130	Argentina	29	35	35
131	Australia	29	30	45
132	Uruguay	29	25	36
133	South Africa	29	28	45
134	Lithuania	30	15	20
135	Israel	30	23	50
136	Eritrea	31	30	30
137	Latvia	31	20	31
138	Dominica	32	25	35
139	Japan	32	30	41
140	Tunisia	32	15	35
141	New Zealand	32	28	33
142	Seychelles	32	33	15
143	Belize	32	25	25
144	United Kingdom	33	19	45
145	Estonia	33	20	20
146	Brazil	33	34	28
147	Barbados	33	6	29
148	Canada	33	26	33
149	Spain	35	25	47
150	Slovakia	35	21	25
151	Portugal	35	32	48
152	Czech Republic	35	19	23
153	Poland	35	19	32
154	Hungary	36	9	15
155	Iceland	36	20	32
156	Algeria	37	26	35
157	Federated States of Micronesia	37	30	10
158	Slovenia	38	19	50
159	Montenegro	38	9	9
160	Greece	39	24	44
161	Germany	39	30	48
162	Luxembourg	39	25	42
163	Netherlands	39	25	52
164	Norway	40	22	48
165	Cuba	42	35	50
166	Finland	42	20	31
167	Austria	42	25	55
168	Italy	42	28	43
169	Sweden	43	21	57
170	Belgium	43	25	50
171	France	45	28	45
172	Denmark	46	22	56

Overview

The United Arab Emirates has the lowest tax burden at 1.00%. As of June 2023, there is a 9% corporate and 0% personal income tax rate. While the highest taxed country is Denmark, with a 46% tax burden, a 22.00% corporate tax rate, and a 56.00% income tax rate. It’s interesting to note the considerable differences in tax structures among countries, with some maintaining low corporate tax rates and others focusing on higher income tax rates to generate revenue. These variations reflect each country’s unique fiscal policies and economic priorities.

Notable Sources & Citations

UAE’s Tax Haven

The United Arab Emirates (UAE) boasts the world’s lowest tax burden at a mere 1.00%. With a 9% corporate tax rate and a 0% personal income tax rate as of June 2023, the UAE has positioned itself as an attractive destination for businesses and individuals alike. The nation’s tax-friendly policies aim to foster economic growth, attract foreign investment, and stimulate job creation. By prioritizing these goals, the UAE has successfully built a thriving and diverse economy, bolstering its reputation as a global business hub.

Denmark’s High Tax Approach

On the other hand, Denmark holds the highest tax burden globally, standing at 46%. With a 22.00% corporate tax rate and a staggering 56.00% income tax rate, Denmark’s tax structure is markedly different from that of the UAE. The Danish government’s fiscal policies prioritize social welfare and income redistribution, providing citizens with a comprehensive safety net. These benefits include ‘free’ healthcare, education, and generous parental leave policies. Consequently, the high tax rates support the nation’s robust social infrastructure and contribute to Denmark’s reputation as a country with a high quality of life.

Decoding Tax Structure Variations

The considerable differences in tax structures among countries reflect each nation’s unique fiscal policies and economic priorities. While some countries, like the UAE, maintain low corporate tax rates to foster business growth and investment, others, such as Denmark, focus on higher income tax rates to generate revenue and support social programs. The tax systems of these countries are a testament to their divergent approaches to governance and the values they prioritize.

Examining the tax disparities between countries like the UAE and Denmark offers valuable insights into the diverse fiscal strategies employed worldwide. These variations in tax policies highlight the ongoing global debate on the optimal balance between economic growth and social welfare.