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.
> 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).
> 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%.
> 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%.
> 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.
Sponsored: Tips for Investing
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.