What are the tax rates in the Nordic countries?

The average tax rate in the world is 31.37\%, the European average is 32\% and the OECD average is 41.58\%. In the Nordic countries however, the tax rates are higher with Denmark at 55.56\%, Finland at 51.25\%, Iceland at 46.22\%, Norway at 47.2\% and Sweden at 57\% 6 .

How high are Norway’s taxes?

Personal Income Tax Rate in Norway averaged 46.41 percent from 1995 until 2020, reaching an all time high of 55.30 percent in 2003 and a record low of 38.20 percent in 2019. This page provides – Norway Personal Income Tax Rate – actual values, historical data, forecast, chart, statistics, economic calendar and news.

Are taxes higher in Canada or Sweden?

Canada has a top tax rate of 33.0\% as of 2016. In Sweden, the top tax rate is 57.1\% as of 2016.

Why do Swedes like paying taxes?

People tend to believe two things about Swedish taxes: firstly, that they are extremely high and, secondly, that Swedes pay them readily because of the high level of public services they receive in return and their commitment to the welfare state.

Why are taxes so high in Norway?

The relatively high tax level is a result of the large Norwegian welfare state. Most of the tax revenue is spent on public services such as health services, the operation of hospitals, education and transportation.

Does everyone pay taxes in Norway?

As a tax resident of Norway, you must pay tax on income that you’ve earned during a calendar year. You’ll be liable for tax on your salary and other income, including interest income, income from the letting of property and income from shares. The income tax rate is 22 percent.

Are Finland taxes high?

In 2020, Finland had the 13th highest tax wedge among the 37 OECD member countries, compared with the 11th in 2019.

Is healthcare free in Sweden?

Healthcare in Sweden is not free, but it is also not expensive. In fact, when compared with other European countries, Swedish healthcare costs are quite reasonable. Visits for basic healthcare typically cost between 110 to 220 SEK (10–20 USD) depending on your county.

Why is tax so high in Denmark?

There are many reasons why this could be, but one is thought to be because of how the welfare state works in Denmark. Danish taxes are put towards an extensive social security network so that every resident is well-provided for at all times of life. Services from education right through to retirement are subsidized.