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1 Personal income tax: Entrance and top tax rates, 2014 Content: 1. Entrance tax rates Top tax rates... 6 Source: German Federal Ministry of Finance, Die wichtigsten Steuern im internationalen Vergleich (The most important taxes in international comparison), Berlin, 2014, pp and

2 1. Entrance tax rates a) b) Entrance tax rate central government + local authorities + other surcharges Entrance tax rate ranges up to Personal tax relief Standard deduction / Tax deduction zero amount bracket Austria 36.50% 25,000 11,000 Belgium Central government 25.00% 8,680 7,350 Municipality Brussels surcharge of 7% on central government tax 1.75% Total 26.75% Bulgaria 10.00% d) Flat tax Croatia Central government 12.00% Municipality Zagreb surcharge of 18% on central government tax 2.16% Total 14.16% 3,467 3,467 Cyprus 20.00% e) 28,000 19,500 Czech Republic 15.00% Flat tax 905 Denmark Central government 6.83% 60, Municipalities 29.9% f) Total 36.73% Estonia 21.00% Flat tax 1,728 Finland Central government 6.50% g) 24,300 16,300 (h) Municipalities 19.52% f) Total 26.02% France Central government 5.50% 11,896 5,963 Social tax surcharge 8.00% i) Total 13.08% Germany 14.00% 8,355 8,354 Greece 22.00% j) 25,000 2,100 k) Hungary 16.00% Flat tax Page 2 of 9

3 1. Entrance tax rates a) b) Entrance tax rate central government + local authorities + other surcharges Entrance tax rate ranges up to Ireland Central government 20.00% 32,800 1,650 Personal tax relief Standard deduction / Tax deduction zero amount bracket Special levy 2.00% 10,036 10,036 Total 22.00% Italy l) Central Government 23.00% 15,000 Regions 1.78% m) Total 24.78% Latvia 24.00% n) Flat tax 900 Lithuania 15.00% o) Flat tax 1,981 (p) Luxembourg Central government 8.00% 13,173 11,265 Surcharge 4% of tax amount for unemployment fund 0.56% Total 8.56% Malta 15.00% 14,500 8,500 Netherlands 36.25% q) 19,645 2,103 Poland 18.00% 20, Portugal Central government 14.50% 7, Supplement 3.15% Total 18.00% Romania 16.00% Flat tax 56 r) Slovak Republic 19.00% 35,022 3,803 s) Slovenia 16.00% 8,021 6,520 t) Spain Central government 24.00% 17,707 5,151 Surcharge 0.75% 17,707 Total 24.75% Page 3 of 9

4 1. Entrance tax rates a) b) Entrance tax rate central government + local authorities + other surcharges Entrance tax rate ranges up to Personal tax relief Standard deduction / Tax deduction zero amount bracket Sweden Central government 20.00% u) 65,268 45,577 v) Municipalities 31.86% f) 1,419 v) Total 51.86% United Kingdom 20.00% 40,178 12,609 w) Norway Central Government 9.00% x) 102,206 62,876 Switzerland cantons and municipalities) Municipality tax 27.00% Flat tax 5,818 Total 36.00% Federal government 0.77% 26,008 11,934 Canton and municipality of Zurich 4.38% 9,383 5,514 Total 5.15% Canada provinces and territories) Japan United States states, municipalities and districts) Federal government 15.00% 30,262 7,669 Province of Ontario 5.05% 27, y) 6,658 Total 20.05% Central government 2.1% supplement 5.00% 0.10% Regions 4.00% 14,159 2,759 Municipalities 6.00% 2,396 Total 15.10% 2,396 Federal government 10.00% 6,703 2,917 z) State of New York aa) 4.00% 6,130 City of New York aa) 2.907% 8,863 Total 16.22% bb) bb) Page 4 of 9

5 1. Entrance tax rates (a) Basic rate for single persons, insofar as various rates exist according to marital status; for income in 2013 and /or (b) Tax rate systems: some proportional rates for subordinate authorities, some supplements on taxes owed, otherwise progressive subset rates. Exception: Germany (formula rates). (c) Conversion of country currencies via VAT exchange rates of July (d) For individual entrepreneurs tax rate of 15%. (e) Employed, self-employed, and retired individuals are charged an surcharge of up to 2.5% depending on monthly gross income; deductible from income; employee and employer each pay half of the surcharge. (f) Average rate. (g) Tax rate for earned income. Capital gains are subject to a higher tax rate of the central authority while exempt from taxation through local authorities, rate of 30% (for income up to EUR 40,000) and 32% (for income above EUR 40,000) respectively. (h) Different tax-free amounts expire for higher incomes. (i) Social taxes only charged for a part of the assessment base of the government tax and additional they are partial deductible from this. (j) Greece: Gains from trade/commerce are subject to a tax rate of 26% (for earnings up to EUR 50,000) / 33% (for earnings higher than EUR 55,000). (k) Greece: Tax deduction for earnings up to EUR 21,000. For earnings up to EUR 42,000 the tax deduction reduces gradually up to 0. (l) Without local tax on productive operations of 3.5% of value added (not profits). (m) Varying surcharges between 1.23% and 2.33%, here average. Additional municipality surcharge of up to 0.8% optional but not taken into account here because seldom. (n) 10% on incomes from dividends and interests, 15% on incomes from sales. (o) 5% on income from self-employment. (p) On incomes from employment; expires for higher incomes. (q) Of this amount, 31.15% is for the general statutory social insurance. Here only rate on earned income and value of benefit of owner-occupied housing space. (r) Maximum; for incomes above EUR 680 it is inapplicable. (s) Applies to an income up to EUR 19,809; for incomes above EUR 35,022 the tax-free amount is inapplicable. (t) For higher incomes deduction is reduced to EUR 4,419 and EUR 3,303, respectively. (u) Tax rate for earned income, capital income is subject to a federal tax (tax rate: 30%) but not to community taxes. (v) Tax free amount of EUR 47,577only for central government tax; tax free amount of EUR 1,419 at local tax, increases at lower incomes. (w) Expires at higher incomes. (x) Governmental additional tax. (y) Additional charge for certain dependants; expires with increasing provincial tax rates. (z) Maximum expires with higher incomes. With the addition of a standard deduction (general blanket deductions for income-related and special expenses) of EUR 4,579. (aa) Deductible from federal tax. (bb) However standard deduction of EUR 5,761. Page 5 of 9

6 2. Top tax rates Top tax rate central government + regions + other surcharges a) Top tax rate starts with a taxable income of in Euro b) Austria 50.00% 60,000 Belgium Central government 50.00% 37,750 Municipalities and associations (Brussels) 7% surcharge on central government tax 3.50% Total 53.50% Bulgaria 10.00% c) Flat tax Croatia Central government 40.00% 13,868 Municipality Zagreb surcharge of 18% 7,20% Total 47.20% Cyprus 35.00% d) 60,000 Czech Republic 15.00% Flat tax Solidarity surcharge 7.00% 45,350 Total 22.00% Denmark Upper limit 51.70% Estonia 21.00% Flat tax Finland Central government 31.75% 100,000 Municipalities (average) 19.52% Total 51.27% France Central government 45.00% 150,000 Special levy 4.00% 500,000 Surcharge for social taxes 8.00% f) Total 54.61% Germany 45.00% 250, % solidarity surcharge 2.48% Total 47.48% Greece 42.00% g) 42,000 Hungary 16.00% h) Flat tax e) Page 6 of 9

7 2. Top tax rates Top tax rate central government + regions + other surcharges a) Top tax rate starts with a taxable income of in Euro b) Ireland Central government 41.00% 32,800 Special levy 7.00% 16,016 Total 48.00% Italy i) Central government 43.00% 75,000 Special levy 3.00% 300,000 Regions j) 1.78% Total 47.78% Latvia 24.00% k) Flat tax Lithuania 15.00% l) Flat tax Luxembourg Central government 40.00% 100,000 Surcharge for unemployment fund: 6% of taxes 3.60% 150,000 Total 43.60% Malta 35.00% 60,001 Netherlands 52.00% 56,531 Poland 32.00% m) 20,637 Portugal Central Government 48.00% 80,000 Surcharge 5.00% 250,000 Surcharge 3.50% Total 56.50% Romania 16.00% Flat tax Slovak Republic 25.00% 35,022 Slovenia 50.00% 70,907 Spain Central Government 45.00% 175,000 Surcharge 7.00% 300,000 Total 52.00% Page 7 of 9

8 2. Top tax rates Top tax rate central government + regions + other surcharges a) Top tax rate starts with a taxable income of in Euro b) Sweden Central government 25.00% 65,268 n) Municipalities (average) 31.86% Total 56.86% United Kingdom 45.00% 189,131 Norway Central government 12.00% 102,206 Switzerland cantons and municipalities Canada provinces and territories) Municipal tax 27.00% Flat tax Total 39.00% Federal government 11.50% 621,564 Canton and municipality of Zurich 28.47% 209,794 Total 39.97% Federal government 29.00% 93,825 Province of Ontario 20.53% 151,473 Total 49.53% Japan Central government 40.00% 130,700 United States states, municipalities and districts) Surcharge of 2.1% on central government tax 0.84% Regions 4.00% Flat tax Municipalities 6.00% Flat tax Total 50.84% Federal government 39,60% 300,428 State of New York 8.82% o) 772,841 City of New York 3.88% o) 369,303 Total 47,27% Page 8 of 9

9 2. Top tax rates (a) Basic rate for singles (in case that there are different rates depending on marital status) on earned income of the year 2013 and (b) Calculated with exchange rates for tax on sales/purchases from July (c) For individual entrepreneurs tax rate of 15%. (d) Employed, self-employed, and retired individuals are charged and surcharge of up to 3.5% depending on monthly gross income; deductible from income; employee and employer each pay half of the surcharge. (e) If the sum of national and local tax exceeds 51.7%, the national tax rate will be reduced by the exceeding percentage. Marginal tax burden depends on the composition of the income for different amounts. (f) Social taxes only charged for a part of the assessment base of the government tax and additional they are partial deductible from this. (g) Gains from trade/commerce are subject to a tax rate of 26% (for earnings up to EUR 50,000) / 33% (for earnings higher than EUR 55,000). (h) For individual entrepreneurs a tax rate of 10% applies to the first EUR 1,613,892 19% for incomes above that threshold. (i) Without local tax on productive operations of 3.5% of value added (not profits). (j) Varying surcharges between 1.23% and 2.33%, here average. Additional municipality surcharge of up to 0.8% optional but not taken into account here because seldom. (k) 10% on incomes from dividends or interests, 15% on incomes from sales. (l) 5% on income from self-employment. (m) For business income there is the option of a flat-tax with a rate of 19% (without personal deductions). (n) Only valid for central government tax. Municipal tax rate remains constant. (o) Deductible from taxable base of federal tax. Page 9 of 9

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