Tax is an age-old burden. As Adam Smith, the great Scottish economist and author of The Wealth of Nations put it: “There is no art which one government sooner learns of another than that of draining money from the pockets of the people.” as in of the and And that’s sentiment residents original European Union China will know too well. Forbes’ aptly named Tax Misery Index puts these countries chart tax misery stakes. To calculate index, it takes into account all levied at highest marginal rate. This includes both direct (such income tax) indirect taxes (for example VAT).

Without further ado here are the Top 10 most tax-miserable countries (2007) in the world (source: Forbes):

• UK
• China
• France
• Belgium
• Sweden
• Italy
• Austria
• Poland
• Spain
• Argentina

It is no surprise that the UK, France, and Germany make it into the top the misery league table. But the big surprise is China! China tax is the  highest marginal income taxes and top Forbes ranks so highly because its extraordinary security pension rates. Jack Anderson, an international lawyer, says China’s ranking does come big qualifier.

Now for the tax havens, they offer incentives such as special tax holidays for foreign investors or expatriates. But specific measurement net take-home pay (after social taxes) executive, reveals that the only other Asian country, Japan, leaves executive with less than does the others. Which also goes some way explain why investment gurus economists keep banging on about India economies likely soar next decade. Comfortable climate.

Nevertheless, not all governments are as money-grabbing as one another. Forbes found the least miserable countries - in other words – the best world tax havens / retiring tax havens - when it comes to taxation are to be found in the rest of Asia, the Middle East, and Russia.

In the most miserable countries, tax-wise, it’s not beneficial to entrepreneurs wage leading to lower productivity output.

Now, many small countries and islands have quickly realised that establishing themselves as tax havens is the key to economic success.

In the Caribbean (Bermuda tax haven for instance), aside from tourism, financial services is the main economic driver for an increasing number of islands, such as the British Virgin Islands and Barbados. (Visit here for Offshore Bank Accounts Considerations)

Corporate tax havens include the Republic of Ireland. Its low corporate tax policies have transformed the country’s economy. Thirty years ago, many Irish had to emigrate to find work. That’s not the case any longer. In fact today, Ireland attracts a lot of foreign investment, as well as wealthy individuals.

While low personal writers, artists, entertainers sportsmen attracted likes such 80s pop singer Lisa Stansfield racing driver Damon Hill. Luxembourg is another tax-friendly country. With tradition strict secrecy, means doesn’t withhold interest payments savers. result, economy has prospered citizens. Teachers, example, paid nearly twice much their colleagues heavily-taxed Belgium.  Want a place in the sun?

Here are the Top 10 best tax haven countries:

They are proven in attracting investment.  And the include offshore centres Channel Islands Alderney, Guernsey Jersey, well Isle Man, Madeira, Malta and Cyprus. Other jurisdictions regimes companies find attractive include Belize, Dubai, Mauritius, Monaco Seychelles.

• United Arab Emirates
• Hong Kong
• Cyprus
• Georgia
• Singapore
• Russia
• Taiwan
• Thailand
• South Africa
• The Philippines

However, if you are in teh UK and you don’t want to move lock, stock and barrel to a life somewhere tropical/remote/non-English speaking yet altogether more tax-friendly, there are some steps you can take to mitigate your tax bill :
Click here for information on UK tax allowances

See also:

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