From the General Budget 2018, the country’s general taxpayer is expecting great relief in the income tax slab. The taxpayer wants that the limit of 2.50 lakh rupees coming into the scope of tax exemption will be increased to 3 lakhs. The maximum limit of tax in our country is 30 percent, but do you know that in the developed countries of the world, much higher income tax is taken from citizens. We are going to give you this information in our news.
America: In the US, the personal income tax rate is from the top-marginal federal tax rate on the income of an individual taxpayer, above $ 406751. Taxpayers can also get additional state taxes. In the US, the personal income tax rate is 39.60 per cent. According to trading economics, the average personal income tax rate was 36.42 percent from 2004 to 2016, according to the data. It recorded a record high of 39.60 per cent in 2013 and touched a record level of 35 per cent in 2005.
China: Tax on any person in China is fixed on the basis of their income category. China’s IIT law has divided private income into 11 categories. These include employment income, royalty income, rental income etc. The personal income tax rate imposed on any person is 45 percent. The tax on various income sources such as labor, pension, interest and dividends was 45 percent from 2003 to 2016. China received revenues of 84.6 billion yuan from personal income tax in November 2017.
Japan: Taxpayers are charged on Permanent Resident Taxpayers in Japan based on Worldwide Income. Taxes on non-resident taxpayers are taxed on income from Japan. Japan’s non-resident taxpayers make tax liability on the earnings made in Japan, as well as taxation on their earnings outside of Japan, which has been paid in or out of Japan. In Japan income tax is estimated at 1,950,000 yen or above. In Japan, the personal income tax rate is 55.95 per cent.From the year 2004 to the year 2016, it has an average of 50.65 percent. In the year 2016 Income Tax Income Tax touched the highest of 55.95 per cent and in 2005, the lowest level was 50 per cent.
Germany: On all resident individuals, tax is levied on Worldwide Income of 8820 Euros or more. Taxable income includes agriculture and forestry, trade or trade, independent provision, employment, capital investment, rent, royalties and other income sources. According to Trading Economics, the personal income tax rate in Germany is 47.50%. It is an average of 50.06 percent from 1995 to 2016. Its record high percentage of 1996 was 57 percent and record was 44.30 percent in 2000.
Italy: Taxpayers in Italy have income tax like National Income Tax or Personal Income Tax, Regional Income Tax and Municipal Income Tax. National Income Tax is imposed on all income on progressive tax rates. Whereas regional and municipal taxes depend on the residential place and municipality there. In Italy, the personal income tax rate is at 48.80 per cent level. From 1995 to 2016, it has an average of 46.84 per cent. Its record was 51.8 percent in 1996 and the record low was 44.10 percent in 2005.