Denmark is the most taxed country in the world with nearly half of its GDP raised through taxes, giving it a tax-to-GDP ratio that towers over the other OECD countries.
Danes are the most heavily taxed people in the world and taxes are rising in Denmark at a rate that outpaces most other nations.
A newly-released report from the Organization for Economic Cooperation and Development (OECD) shows that the tax burden in Denmark stood at 48.6 percent in 2013, the highest among the 34 OECD member countries.
While the OECD average was an increase from 33.7 to 34.1 percent between 2012 and 2013, Denmark’s rate increased from 47.2 to 48.6 percent. The rise of 1.4 percentage points is over three times higher than the average tax increase in the same period.
By basically every measure, Denmark taxes its residents more than most countries – filling its state coffers with higher revenues from taxes on income, profits and capital gains than the OECD average. In fact, the income that Denmark raises by taxing income, profits and capital gains accounts for 62 percent of its total tax revenues, nearly double the OECD average of 34 percent.
The 30.7 percent tax on income and profits dwarfs the OECD average of 11.4 percent and is well above the next highest nation Norway, which takes 18.6 percent of its employees’ incomes.. see more