From Israel To Japan-10 Countries With The Highest Income Tax Rates

Are you wondering which countries have the world¡¯s highest income tax? Read on as we list the highest income tax rates that are levied in the top 10 highest taxing countries in the world.

Countries With The Highest Income Tax Rates

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From Japan, Israel to Finland, these are the countries with the highest income tax rates:

1. Ivory Coast - 60%

2. Finland - 56.95%

3. Japan - 55.97%

4. Denmark - 56%

5. Austria - 55%

6. Sweden - 52.3%

7. Aruba - 52%

8. Belgium - 50%

9. Israel - 50%

10. Slovenia - 45%

(source: tradingeconomics)

Also Read: Bengaluru Man's Frustration Filled Tweet On Income Tax Goes Viral

How Much Income Tax Is Levied In India?

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As far as our country India is concerned, here is what the current income tax rates are:

Old Tax Regime

Tax slabs under the old regime are as follows:

Individuals aged below 60 years

Upto Rs 2.5 lakh NIL

Rs 2.5-5 lakh-5% (rebate under section 87A)

Rs 5 lakh- Rs 10 lakh-20%

Above Rs 10 lakh-30%

Individuals above 60 to 80 years

Upto Rs 3 lakh NIL

Rs 3-5 lakh 5%

Rs 5-10 lakh 20%

Above Rs 10 lakh-30%

Individuals above 80 years of age

Upto Rs 5 lakh NIL

Rs 5-10 lakh 20%

Above Rs 10 lakh 30%

New Tax Regime

Existing tax slabs under the new tax regime are as follows:

Upto Rs 2.5 lakh-NIL

Rs 2.5 lakh- Rs 5 lakh- 5%

Rs 5 lakh- Rs 7.5 lakh-10%

Rs 7.5 lakh- Rs 10 lakh-15%

Rs 10 lakh- Rs 12.5 lakh-20%

Rs 12.5 lakh- Rs 15 lakh-25%

Above Rs 15 lakh-30%

Also Read: India's Income Tax Department Introduces Calculator To Compare Old & New Regime

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