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I-T rate in India and around the world
A country's personal income tax rate is only one indicator of how much tax an individual actually ends up paying on their income, according to a report by KPMG.
"Our broader analysis further emphasizes the point that other taxes and the impact of deductions clearly need to be considered... Interestingly, the difference between top tax rates and effective combined tax and employee social security rates shows that neither of the two countries with the largest top marginal tax rates (Aruba and Sweden) feature among the top five countries when we use either $100,000 or $300,000 as a basis for comparison," write the authors.
For someone with a gross income of $100,000 a year, these are some of the countries in which they would have to shell out the most for, tax and social security combined. The United States is much further down the list, being the 55th most expensive country on the list, according to Business Insider.
Let's take a look at effective income tax and Social Security rates on $100,000 of gross income around the world, including India.
Source: Business Insider
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I-T rate in India and around the world
Belgium
Effective income tax rate: 33.9 per cent
Effective employee social security rate: 13.1 per cent
Global rank: 1
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I-T rate in India and around the world
Greece
Effective income tax rate: 30.0 per cent
Effective employee social security rate: 16.5 per cent
Global rank: 2
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I-T rate in India and around the world
Croatia
Effective income tax rate: 26.8 per cent
Effective employee social security rate: 19.5 per cent
Global rank: 3
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I-T rate in India and around the world
Italy
Effective income tax rate: 35.6 per cent
Effective employee social security rate: 9.6 per cent
Global rank: 4
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I-T rate in India and around the world
Germany
Effective income tax rate: 28.3 per cent
Effective employee social security rate: 15.5 per cent
Global rank: 5
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I-T rate in India and around the world
Denmark
Effective income tax rate: 42.1 per cent
Effective employee social security rate: 0.2 per cent
Global rank: 6
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I-T rate in India and around the world
Curacao
Effective income tax rate: 38.6 per cent
Effective employee social security rate: 3.4 per cent
Global rank: 7
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I-T rate in India and around the world
France
Effective income tax rate: 20.0 per cent
Effective employee social security rate: 22 per cent
Global rank: 8
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I-T rate in India and around the world
Senegal
Effective income tax rate: 42.0 per cent
Effective employee social security rate: 0.0 per cent
Global rank: 9
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I-T rate in India and around the world
Sint Maarten
Effective income tax rate: 37.4 per cent
Effective employee social security rate: 3.1 per cent
Global rank: 10
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I-T rate in India and around the world
Luxembourg
Effective income tax rate: 27.9 per cent
Effective employee social security rate: 12.5 per cent
Global rank: 11
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I-T rate in India and around the world
The Netherlands
Effective income tax rate: 28.5 per cent
Effective employee social security rate: 11.8 per cent
Global rank: 12
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I-T rate in India and around the world
Portugal
Effective income tax rate: 28.9 per cent
Effective employee social security rate: 11.0 per cent
Global rank: 13
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I-T rate in India and around the world
India
Effective income tax rate: 27.3 per cent
Effective employee social security rate: 12.0 per cent
Global rank: 14
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I-T rate in India and around the world
Norway
Effective income tax rate: 31.3 per cent
Effective employee social security rate: 7.8 per cent
Global rank: 15
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I-T rate in India and around the world
Brazil
Effective income tax rate: 27.5 per cent
Effective employee social security rate: 11.0 per cent
Global rank: 16
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I-T rate in India and around the world
Austria
Effective income tax rate: 24.4 per cent
Effective employee social security rate: 14.0 per cent
Global rank: 17
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I-T rate in India and around the world
Finland
Effective income tax rate: 30.3 per cent
Effective employee social security rate: 7.7 per cent
Global rank: 18
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I-T rate in India and around the world
Bosnia and Herzegovina
Effective income tax rate: 6.5 per cent
Effective employee social security rate: 31.0 per cent
Global rank: 19
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I-T rate in India and around the world
Sweden
Effective income tax rate: 36.3 per cent
Effective employee social security rate: 0.0 per cent
Global rank: 20
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I-T rate in India and around the world
Ireland
Effective income tax rate: 32.0 per cent
Effective employee social security rate: 4.0 per cent
Global rank: 21
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I-T rate in India and around the world
Latvia
Effective income tax rate: 25.0 per cent
Effective employee social security rate: 11.0 per cent
Global rank: 22
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I-T rate in India and around the world
Guatemala
Effective income tax rate: 31.0 per cent
Effective employee social security rate: 4.8 per cent
Global rank: 23
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I-T rate in India and around the world
Turkey
Effective income tax rate: 29.8 per cent
Effective employee social security rate: 6.0 per cent
Global rank: 24
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I-T rate in India and around the world
Poland
Effective income tax rate: 27.9 per cent
Effective employee social security rate: 7.4 per cent
Global rank: 25
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I-T rate in India and around the world
Spain
Effective income tax rate: 32.0 per cent
Effective employee social security rate: 3.3 per cent
Global rank: 26