Top 5 World's Most Taxed Countries

Having a society well organized and structured to accommodate her citizens, providing them the basic necessaries of life and ensuring that their lives and properties are well protected comes with a cost. Tax is a compulsory contribution made by the citizens to the state revenue, usually levied by the government on workers’ income as well as business profits, or even added to the cost of some goods, services, and transactions compiled by a commission for the proper running of the government and provision of public infrastructures.

It is worth noting that while these countries have the highest marginal tax rates, other countries may have different tax systems and may have a higher overall tax burden, including social security contributions and other taxes.

The rate of tax levied on the citizens considerably differs among Countries and to a great 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 ratios.

In this article, we'll take a look at the top 10 countries with the highest tax rates in the world as of 2024.

Most Taxed Countries In The World

• Brazil
• Suriname
• Benin
• Malta
• Colombia

1. Brazil

Corporate tax rate 40% The tax policy in Brazil can be likened to one that is quite strict and executory. The developmental ratio when compared to the tax rate may not be completely justified as being contemporaries or proportionate but it can not be disregarded that the government seems to be making quite a number of efforts to up the infrastructural development in order to equate it with the tax ratio.

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It is quite interesting how the tax rate in Brazil kept rising following the constitutional support for over 40 percent tax on corporations and about 15 to 27 percent on income and sales tax in the country. From all indications, Brazil seems to be on the top of the chart in recent times as one of the countries with the highest tax rate.

2. Suriname

Corporate tax rate 36%. Suriname is a country situated on the northeastern 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 low population and high income tax as well as Corporate tax rate has not reflected a more positive infrastructural development to equate the high level of taxation in the country.

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

3. Benin

Corporate tax rate 35% Benin is a French-speaking West African country with an economy reliant on small scale export of agricultural produce and minimal manufacturing capacity. The country continues to rank high on the tax rate index with an elevated tax rate on small and medium scale Industries, food and household items as well as income tax for workers.

It is quite worrisome due to the deficit in infrastructural development in the country. It is one of the countries with a high tax rate.

4. Malta

Corporate tax rate 35%. Malta is a country with a population of about 516,000 within a relatively small area. It is a small sovereign Nation within the European Union and one of the countries with high levels of taxation on the small and medium income earners up to the corporate income tax for corporations.

Its tax rate is quite high when compared to the level of developmental projects executed. The rationale behind the disproportionate taxation seems to be an imbalance in governance and financial appropriation by the ruling class; however, it marks the State as one of the countries with the highest tax rate in the world.

5. Colombia

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

Taxes way above 14 people on sales and personal income tax as well as over 20 percent for businesses and over 35 percent for corporate organizations seem to be the norm. In all, it is interestingly, the level of development on basic social infrastructures like schools, roads and hospitals doesn’t have a corresponding equation with the level of taxation going on. Colombia remains one of the countries with the highest tax rate in the world.