Tax is an amount of money imposed on people who must have to pay to the state or administrative divisions; the purpose is to fund state for various functions like expenditures on war, public works and infrastructures of country etc. It is strict law to pay all taxes on time, failure to pay or resistance to taxation is usually punishable by law that’s why we should pay it on time to avoid the penalties and other harsh consequences. There are different agencies made for the collection of taxes in different countries like Her Majesty’s Revenue and Customs (HMRC) in the United Kingdom, the Internal Revenue Service (IRS) in the United States or Canada Revenue Agency. There are many countries which impose high tax rates like Sweden and Denmark and some countries which impose almost no taxation at all such as the United Arab Emirates and Saudi Arabia. Taxes are of different kinds like Income tax, Negative income tax, Property tax, corporate tax, Inheritance tax and Sales tax etc, all taxes have different amount of money to pay.
To go more deep in this article and to give you more information about taxation we are going to share some history of taxation, it is said that the first ever taxation system was started in Egypt around 3000–2800 BC in the form of “corvee” and “tithe”. These are very earliest forms of taxation in which “Corvee” is a form of labor tax in which a person is unpaid and unfree for a fix time and “tithe” is a form in which a person has to pay one tenth part of something to authorities. Now we are going to tell you about top countries where tax rates are very high, below is the list of top ten countries with highest tax rates in the world.
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