The 10 Highest And Lowest Income Tax Paying Countries In The World.. What About Iraq?

Economy   2024-12-25 | The 10 highest and lowest income tax paying countries in the world.. What about Iraq? Doc-P-510746-638707171487282897

Source:   Al Jazeera Net   808 views   Sumerian News – Economy   Taxes are among the most relied upon means Countries In financing its general expenses, including :Army Police, public education, infrastructure, and other spending items, and the percentage of reliance on them varies between nation And another in the world, as it is an essential element in making investment decisions.

Taxes come in many forms, including sales tax, income tax, property tax, inheritance and estate taxes, consumption tax, and many more, and tax rates and regulations vary greatly from country to country, according to the World Population Review.

Income tax usually plays a big role in this, and varies.CountriesIn terms of how and how much income tax it collects from individuals and companies, Denmark - for example - imposes an income tax of up to 55.9% on the income of its citizens. On the contrary, there are other countries that do not impose any income tax on their citizens, such as Qatar and the Bahamas.

Most countries applyCountriesProgressive income tax system, whereby people with higher incomes pay a higher tax rate than their counterparts with lower incomes, the idea behind progressive tax is that people with higher incomes can afford to pay more taxes.

Types of Income Tax

There are different types of income tax, according to the Tax Foundation, Globalization Guide, and Investopedia, which can be summarized as follows:

Individual Income Tax

Individual income tax is also known as personal income tax, and is imposed on wages, salaries, investments, or other forms of income earned by an individual.

 Given that many individual income taxes are “progressive,” this means that tax rates increase as taxpayers’ income increases, resulting in higher-income earners paying a larger share of income taxes than lower-income earners. Corporate

Income Tax Corporations

also pay income taxes on their profits. Governments tax businesses of all sizes, large, medium, and small.

Depending on the structure of the business, the company or its owners or shareholders report their business income and then subtract operating and capital expenses. Generally, the difference between their business income and their operating and capital expenses is their taxable business income. Payroll

Taxes

Payroll taxes are paid on employees’ wages and salaries to fund social insurance programs. In the United States, for example, the largest payroll taxes are 12.4% to fund Social Security and 2.9% to fund Medicare, for a total rate of 15.3%. Half of payroll taxes (7.65%) are paid directly by employers, while the other half is deducted from employees’ paychecks.

Capital gains taxes

Capital assets generally include anything you own and use for personal, pleasure, or investment purposes, including stocks, bonds, homes, cars, jewelry, and art. As the value of one of these assets increases—for example, when the price of a stock you own rises—the result is what is called a “capital gain.”

Taxes based on citizenship

Taxes based on citizenship are the most severe form of taxation and are used by only two countries in the world: Eritrea and the United States.

Citizens of both countries cannot escape the demands of their own tax authorities, as citizens of both countries must declare their income and taxes regardless of where in the world they live.

 In this report, we focus on individual income taxes, and provide lists of the 10 highest and lowest Arab and international peoples paying individual income tax in the world in 2024.

The 10 highest peoples paying individual income tax in the world in 2024

Below is a list of the 10 highest peoples in the world paying individual income tax as of December 2024, according to the Trading Economics platform:

Finland: 57.3%.   Japan: 55.95%.   Denmark: 55.9%.   Austria: 55%.   Sweden: 52.3%.  Aruba: 52%.

Belgium: 50%.   Israel: 50%.   Slovenia: 50%.   Netherlands: 49.5%.

The 10 lowest peoples paying individual income tax in the world in 2024CountriesZero

Countries Zero is Countries Which do not impose any income tax on their citizens (0%), and they are many, as their number reaches 28 countries, including all the countries of the Gulf Cooperation Council, and for this reason we did not include them in this list, but we devoted a special list to them at the end of this report.

The following is a list of the 10 countries with the lowest individual income tax in the world outside the zero list, according to the previous source.

Guatemala: 7%.   Montenegro: 9%.   Bosnia and Herzegovina: 10%.  Serbia: 10%.   Bulgaria: 10%.

Libya: 10%.   Romania: 10%.   Kazakhstan: 10%.   Macau: 12%.   Moldova: 12%.

The 10 highest Arab countries paying individual income tax in 2024

The majority imposeCountriesA progressive tax based on the level of annual individual income, starting at 0% in some countries, and reaching a maximum of 40%.

In the case of Tunisia, for example, the country imposes a progressive tax of 0% for those whose income is less than 5,000 Tunisian dinars annually, and increases to 35% for those whose income is more than 50,000 Tunisian dinars annually in 2024. This percentage was raised to 40% in the 2025 budget.

As for Morocco, the tax ranges from 0% for the bracket whose income is less than 30,000 dirhams annually, and reaches a maximum of 38% for the bracket whose income exceeds 180,000 dirhams annually. The Moroccan government recently decided to reduce this percentage to 37%.

In Jordan, the income tax differs between a natural person and a legal person, reaching a maximum of 20% for natural persons, and a maximum of 35% for legal persons.

Below we will provide you with a list of the top 10 Arab countries that impose income tax in 2024. Note that the percentages in the list are for the maximum tax according to the Trading Economics platform.

Mauritania: 40%.      Morocco: 38%.   Algeria: 35%.   Tunisia: 35%.   Egypt: 27.5%.   Lebanon: 25%.

Syria: 22%.   Jordan: 20%.   Iraq: 15%.   Sudan: 15%.

Countries Zero Is Countries whose citizens pay 0% individual income tax, as we mentioned earlier, and their number is 28nationIn the world according to the Trading Economics and World Population Review platforms.

They are:

Qatar   Kuwait   Sultanate of Oman   Bahrain   Saudi Arabia   UAE   Iran   Ivory Coast   Nepal   Niger

Mali   Burkina Faso   Somalia   Benin   Burundi   Haiti   Kyrgyzstan   Central Africa   Guyana   Bhutan 

Solomon Islands   Cape Verde   Brunei   Bahamas   Vanuatu   Saint Lucia   Micronesia   Bahamas  LINK

For The Third Day.. The Dollar Continues To Rise Against The Iraqi Dinar

Tuesday, 12-24-2024,  Karar Al-Asadi   The US dollar exchange rate continues to rise for the third consecutive day against the Iraqi dinar, with the opening of the markets this morning, Tuesday.

The dollar price recorded a slight increase with the opening of the Al-Kifah and Al-Harithiya stock exchanges, reaching 151,200 dinars for every 100 dollars, while yesterday morning, Monday, it recorded 151,000 dinars for every 100 dollars.

The dollar prices rose in exchange shops in local markets in Baghdad, where the selling price reached 152,250 dinars, while the purchase price reached 150,250 dinars for every 100 dollars. https://non14.net/public/173154

Iraq Announces Great Strides In Digital Transformation

Money and business     Economy News – Baghdad  The Ministry of Finance announced today, Tuesday, that it has made great strides in digital transformation and electronic payment, while indicating that progress has been made in the field of automating customs procedures to ensure financial sustainability and economic diversification.

The representative of the Minister of Finance/Undersecretary of the Ministry, Rebaz Mohammed Hamdan, said in her speech during the fourth annual international scientific conference, entitled (Digital Financial Services - Challenges of Reality and Foresight of the Future), that “our conference today comes within the government’s efforts to implement the government program, as digital financial services have witnessed rapid development in recent years, and modern technology has contributed to accelerating the financial process.”

He added that "the ministry has made great strides in digital transformation, including financial transfers, electronic payments, online loans and mobile banking services, which has increased the efficiency of accelerating financial transactions, reduced the need for cash transactions and provided services to people who cannot access traditional banking services," noting that "innovation and development in this field have been enhanced and ways of cooperation between relevant parties in the field of financial technology have been discussed, and the most prominent solutions related to cybersecurity and future risks in this sector have been reviewed and how to take precautions against these risks."

 He added that "the ministry has made progress in the field of automating customs procedures to ensure financial sustainability and economic diversification in accordance with the principle of integrity, transparency, and combating corruption, and implementing programmes at the Financial and Accounting Training Centre to train employees on the use of new digital systems with the aim of enhancing digital skills in the ministry, improving financial performance, and enhancing confidence in the financial system."  65 views  12/24/2024 - https://economy-news.net/content.php?id=51236

Director Of Iraqi Ports: Our Revenues Exceeded One Trillion Dinars In 2024

Economy  | 12/24/2024  Mawazine News – Baghdad  The Director General of the Ports Company, Farhan Fartosi, stated today, Tuesday, that the company's revenues exceeded one trillion dinars in the year 2024.

Fartosi said in a statement to "Mawazine News" that "the company's revenues achieved a leap through the development of docks and port facilities, in addition to introducing the electronic automation system."

He pointed out that "the revenues for the year 2024 recorded more than one trillion dinars after they did not exceed half a trillion in previous years." https://www.mawazin.net/Details.aspx?jimare=25785