Countries with the highest tax rate in the world 2022: Top 10

Countries with the highest tax rate: There are many amazing countries that offer the inhabitants the opportunity to live a very comfortable life with the availability of basic modern amenities that create convenience. In recent times there has been a shift from what used to be the norm to new ideology and new ways of life. Technological advances are accompanied by significant investments in human capital development and scientific research. Some countries have developed more interest and commitment to ensure that they maximize technological potential in building a better and more comfortable society for its citizens.

Having a well-organized and structured society to accommodate its citizens, provide them with the basic necessities of life, and ensure that their lives and property are well protected comes at a cost. Tax is a mandatory contribution by citizens to state revenue, usually levied by the government on workers’ incomes as well as business profits, or even added to the cost of certain goods, services and transactions compiled by a commission for the proper functioning of government and the provision of public infrastructure.

The tax rate levied on citizens differs greatly from country to country and to a large extent it is subject to the level of interest in building a better community. Let’s take a look at some of the countries with the highest tax rates in the world based on corporate tax rate.

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Top 10 countries with the highest tax rates in the world

1. Brazil: Corporate tax rate 40% Tax policy in Brazil can be likened to a fairly strict and enforceable policy. The ratio of development to tax rate may not be completely justified as contemporary or proportionate, but it cannot be ignored that the government seems to be making a number of efforts to increase infrastructure development to equate it to taxation. report.

It is quite interesting to see how the tax rate in Brazil has continued to rise following the constitutional support of over 40% corporate tax and around 15-27% income and tax on sales in the country. From all indications, Brazil seems to be at the top of the rankings lately as one of the countries with the highest tax rate.

2. Suriname: Corporate tax rate 36%. Suriname is a country located on the northeast Atlantic coast of South America with a population of approximately 612,985. it is listed as the smallest sovereign state in South America. The country being a relatively small nation with a small population and high income tax as well as corporate tax rate has not reflected more positive infrastructural development to match the high level of taxation in the country.

Known for its small scale exports, it continued to rely more on levies and high income tax to make the system work with poor infrastructural development. It is one of the countries with the highest tax rate in the world.

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3. Benin: Corporate tax rate 35% Benin is a French-speaking country in West Africa whose economy depends on the small-scale export of agricultural products and minimal manufacturing capacity. The country continues to top the tax rate index with a high tax rate on small and medium industries, food and household goods as well as labor income tax.

This is quite worrying due to the lack of infrastructure development in the country. It is one of the high tax countries.

4. Malta: Corporate tax rate 35%. Malta is a country with a population of around 516,000 in a relatively small area. It is a small sovereign nation within the European Union and one of the countries with the highest level of taxation on small and middle incomes up to corporation tax for corporations.

One is that the tax rate is quite high compared to the level of development projects carried out. The rationale for disproportionate taxation appears to be an imbalance in governance and financial ownership by the ruling class, but it marks the state as one of the countries with the highest tax rate in the world.

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5. Colombia: Corporate tax rate 35% Officially, the Republic of Colombia is a country in South America with a population of approximately 50 million. It is a relatively poor country that depends on subsistence agriculture and small-scale export to run the economy. It is known for its seemingly high tax rate that is disproportionate to the level of taxation imposed on citizens.

Taxes well above 14 percent on sales and personal income tax, as well as over 20 percent for corporations and over 35 percent for corporations, seem to be the norm. Overall, it is worth noting that the level of development of basic social infrastructure like schools, roads and hospitals has no corresponding equation with the current level of taxation. Colombia remains one of the countries with the highest tax rate in the world.

6. Dr. Congo: Corporate tax rate 35%. Speaking of tax policy and tax rate in the DRC, the Democratic Republic of Congo, a Central African country with a population of around 108 million, is not far from most developing countries with low employment rates, a lack of infrastructure and social precariousness.

It does not give in to small and medium business tax policy as well as personal income tax. A higher tax rate is imposed on legal persons, bringing it to around 35%, which is quite high, making Congo one of the countries with the highest tax rate in the world.

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7. Gabon: Corporate tax rate 35% Gabon’s tax rate is one that shows a serious decline in administrative competence and the will to improve the living conditions of its citizens. With a tax rate of over 12% on sales and personal income tax, it lacks infrastructural development like improving health services and educational institutions to improve the social strata of the country. state, thus promoting a strategic economy.

Gabon is located on the west coast of Central Africa with a detected population estimated at around 2.3 million people. It lags in so many areas that should explain its lofty fiscal policy. It is one of the countries in the world with a high tax rate.

8. Equatorial Guinea: Corporate tax rate 35% Equatorial Guinea has become one of the largest oil producers in sub-Saharan Africa in recent times. Despite being one of the high tax countries, it seems to have subsequently become the richest African country per capita. Most notable is the country’s GDP which is well adjusted to purchasing power parity (PPP) per capita, ranking it 43rd in the world. Very commendable.

With the success story so noisy, it remains a fact that more of his wealth is not evenly distributed and this has continued to push for more ways to keep feeding those in power. Taxation in Guinea is quite high, although the infrastructure seems planted but at a very low level, the tax rate remains very high. The country is making progress in its human capital development but has maintained its position as one of the countries with the highest tax rate in the world.

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9. Venezuela: Corporate tax rate 34%. One of the oil producing states riddled with mismanagement of funds as well as poor governance. It has an estimated population of around 29 million in 2022. Plunged into economic crises with commodity shortages, unemployment, poverty, disease, high infant mortality, malnutrition, serious crime and corruption to name but a few.

It was recorded to have a weak economy and a high infrastructure deficit. Despite this, the government has continued to make efforts to stay afloat by imposing a high log tax on its citizens. Ranging from personal income tax to corporate tax, it is quite disproportionate to the level of development recorded in the country to prove the good management of taxpayers’ money. Venezuela is one of the countries with the highest tax rate in the world.

10. Jamaica: Corporate tax rate 33.3%. After the United States and Canada, Jamaica ranks as the third most populous English-speaking country in the Americas and fourth in the Caribbean. It has borders with Cuba and others whose economy depends on very low exports and GDP. It has around 2.8 million inhabitants and depends mainly on tourism to stimulate its economy.

It is one of the countries with very high personal income tax as well as sales tax on small and medium enterprises. The weight is borne even more by legal persons who are obliged to comply with a tax rate of more than 33.3%. Jamaica is considered one of the countries with the highest tax rate in the world.

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In conclusion, when it is the civil duty of the citizens of every country to comply with the social contract between the government and the people to provide social infrastructure through the payment of tax and other legal duties and levies, it is also the ultimate responsibility of the government to ensure the proper disbursement of these funds in the development of basic social infrastructure that would provide an enabling environment for the citizens.