Special Report

25 Countries Where the Rich Are Taxed the Most

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26. Papua New Guinea
> Personal income tax rate 2021: 42.00%
> Total population: 8,947,027

Papua New Guinea has five income tax brackets starting at 0% on taxable income below 12,500 kina ($3,541). Taxable annual income of more than 250,000 kina ($70,822) is subject to the highest rate. Non-residents are taxed on any income they derive from within the country.

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25. India
> Personal income tax rate 2021: 42.74%
> Total population: 1,380,004,385

India has two categories of income tax rates with different brackets. The traditional rates have four brackets, with the highest rate applicable to taxable income above 1 million rupees ($13,466). In April 2020, India implemented an alternative tax regime devoid of deductions and exemptions consisting of seven brackets with the highest rate applicable to taxable income above 1.5 million rupees ($20,198). Additional surcharges are applied progressively on annual taxable income starting at 5 million rupees ($67,322).

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24. Italy
> Personal income tax rate 2021: 43.00%
> Total population: 59,554,023

Italy has five national income tax brackets starting at 0% on yearly income below 15,000 euros ($17,033). The highest rate is applicable to annual income above 75,000 euros ($85,164). In addition to the top rate of 43%, there is a regional income tax that ranges from 1.23% to 3.33% and a municipal income tax from 0% to 0.8%.

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23. Greece
> Personal income tax rate 2021: 44.00%
> Total population: 10,715,549

Greece has five tax brackets, including 9% on all taxable income for the first 10,000 euros ($11,356), with income above 40,000 euros ($45,425) subject to the highest rate. There is a separate annual tax of between 15% and 45% on income from real estate property, as well as an income-based solidarity contribution of between 0% and 10%.

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16. Australia
> Personal income tax rate 2021: 45.00%
> Total population: 25,687,041

Australia has five income tax brackets with the highest rate on taxable income starting at over 180,000 Australian dollars (over US$130,821). Non-residents are subject to the highest three tax brackets on any table income, a minimum of 32.5% of taxable income, but they are exempt from the Medicare levy that most Australian residents must pay.

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