The Organisation for Economic Co-operation and Development (OECD) has recently released updated statistics on personal taxation across the globe. The figures convey that the citizens of Belgium pay the highest rate of income tax, with the taxpayers earning a little more than average income, paying 59.9% income tax.
Following this, France and Italy continue the trend of high income tax at 54%. In addition, both Germany and Sweden also have a tax rate of approximately 50%. On the other hand, The OECD country with the lowest income tax is Chile, with a rate of 8%. This is then followed by New Zealand, with a rate of 23.5%.
According to various sources, the income tax for the average worker across the OECD has continued to decrease during 2016, for the third year in a row. The tax rate dropped to 36% of labour costs according to the new OECD report.