Taxation systems around the world are incredibly diverse, with different countries having different structures for taxation. The taxes paid by individuals and businesses vary greatly from country to country, ranging from extremely low levels of taxation to very high levels. For example, in some countries there is no personal income tax at all, while in others it can be as high as 50%. Even within a single country, taxes may vary significantly depending on the type of goods and services being purchased.
Moreover, many countries have progressive taxation systems in place, where people with higher incomes pay a greater proportion of their earnings in taxes than those with lower incomes. Furthermore, corporations located in certain jurisdictions may be subject to corporate tax rates that are much lower than those applicable to other companies operating in different jurisdictions.
Here are the top 20 highest taxed countries in the world.
|Rank||Country||Tax burden||Corporate tax rate||Income tax rate|
|16.||Federated States of Micronesia||37.26%||30%||10%|