Almost all countries in this world are imposing taxes on corporations as well as on citizens living inside that nation. This topic of taxing remained a controversial topic, dividing people as only a few people are there who could really reach the consensus related to taxes. Majority of businesses and many people hate paying these taxes because this results in reducing the money they could take home and they have a feeling that giving this money to their government is not really justified. Now, some logic may be there to this in different developing nations, where the corruption of government is rampant. In these nations, after all, the taxes which are paid by people are not really offering them any visible returns; rather, these taxes are utilized for padding the wallets of all politicians, etc. Moreover, in these nations, regulations, and laws related to tax and its collection are not sound enough. Even if these taxes are not lax, their enforcement and implementation are subjected to huge improvement, due to this reason many people and companies are moving forward without making tax payments.
Contrary to this, developed nations of the world are notorious for the taxes of high level, both on corporate and individual levels. In Western countries, around 50% of the income is being paid to the government in the form of taxes. However, besides this setback, the majority of individuals in such nations are supporting the enforcement of high taxes. The reason is that their governments are offering them better living standards in return of these taxes. We have been writing this post on the basis of research shared by Insider Monkey related countries which the corporate tax rates are higher.
Let’s begging with the list of 10 countries with high rate of corporate tax. Topping the list is Venezuela where the average rate of tax during the past 10 years is 34%. While the economy of Venezuela is decimated in the past few years and the country is further impacted by hyper-inflation, this is still maintaining a huge rate of corporate tax, i.e., 34%. Next on the list is Brazil. The average rax rate of Brazil for corporations has hovered consistently at the rate of 34% mark over during the last 10 years. In 2000, the all-time high tax rate was around 37%. You can read more about these countries on 15 Countries With The Highest Corporate Tax Rates.