Tax is often a burden for most of us and we always think about ways to reduce the amount of tax charged on our income. We also have a tendency of complaining about the high tax rate. However, based on where you live, it is possible that people in other countries may be paying a much higher tax rate. To know if your country’s taxation rates are high or low, here’s a quick look at top ten countries in the world with highest individual tax rate.

Aruba – An island country, part of the Kingdom of the Netherlands, Aruba is located in the southern Caribbean Sea. The individual income tax rate in Aruba is in the range of minimum 7% and maximum 58.95%.

Sweden – A Nordic country in Northern Europe, Swedenº£½ÇÖ±²¥ individual tax rate is in the range of 32% to 57%. The max tax slab of 57% comprises average municipality income tax of 32% and state income tax of 25%.

Finland – A Nordic country sharing its land borders with Russia, Sweden and Norway, Finland’s individual tax rate is in the range of 7.71% to 56.85%. The max tax slab comprises national tax of 31.75%, municipal tax of 23.5% and church tax of 2.1%.

Japan – An East Asian island country, Japan’s individual tax rate is in the range of 15.10% to 55.94%. The max tax rate comprises 45.94% national tax and 10% local tax.

Denmark – A Nordic nation in Northern Europe, Denmark’s individual income tax rate is in the range of 39.86% to 55.86%.

Austria – A landlocked East Alpine country located in Central Europe, Austriaº£½ÇÖ±²¥ individual income tax rate is in the range of 0% to 55%.

Ireland – Located in north-western Europe, Ireland’s individual income tax rate is in the range of 20% to 52%. The max tax slab of 52% comprises incomes tax of 40%. People with income above €70,000 have to pay 12% additional as social insurance contributions.

Spain – Located in Southwestern Europe, Spain’s individual income tax rate is in the range of 0% to 52%. People with income below €12,000 do not have to pay any taxes. In mainland, tax rate is 45%, whereas residents in the Chartered Community of Navarre have to pay 52%.

United States – Individual tax rate in United States is in the range of 10% to 51.8%. The highest tax rate is applicable in San Francisco, comprising federal tax of 37%, state tax of 13.3% and city tax of 1.5%.

Belgium – Located in western Europe, Belgium’s individual tax rate is in the range of 25% to 50%.

As is evident, some of the world’s most prosperous countries have the highest individual tax rates. It’s not surprising because individual taxes are an important source of revenue for the government. These contributions power a country’s economy, which includes everything from industrial development to infrastructure development, healthcare, education, etc. So the next time you think that you are being forced to pay high taxes, just think about people in these countries.

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A win in lottery games such as Powerball and Mega Millions can make you a multi-millionaire overnight. Just for records, the jackpot amount in 2016 Powerball was a staggering 1.586 billion. This was the highest ever recorded. Even if you consider the lower end, lottery jackpots can easily fetch you around a couple of hundred millions.

So, what to do with all these mountains of cash that you get when you win a lottery? Well, life definitely changes after a lottery win. However, it’s not always for the better. There have been several cases where lottery winners were found to have squandered all their fortunes. Cases of lottery winners getting duped with dubious investment plans have also been seen.

In essence, winning a lottery may seem like the best thing to have in life. But in reality, it also brings its own set of challenges. For a better experience, here are some things you need to do when you win a lottery.

Don’t rush to claim the prize money – If your income is in 5-6 figures, winning a multi-million lottery can be emotionally overwhelming. First, you need to let the feeling sink in and prepare yourself mentally. It’s usually not easy for the ordinary folks to handle such vast sums of money. Most lottery organizers allow up to 6 months of time or more to claim your prize. So, don’t be in a hurry to claim the prize. Only when you have finalized plans about what you are going to do with the money should you claim the prize.

Keep the ticket safe – When you know you have won, your lottery ticket will become the most precious thing in your life. So, try to protect it in the best possible way. You can make copies and store digitally as well, just in case you end up losing the original. Also, it would be better to sign the back of the lottery. Till the time you claim the prize, you can keep the ticket in the safe or a bank vault.

Try to remain anonymous – If you go public with your win, it can create unnecessary hassles. People of all sorts may start contacting you for business ventures and investment options. You might also have to deal with friends and relatives, whom you haven’t been in touch for years. So, try to keep a low profile. Some states allow the winner to remain anonymous. If that option is available, you should definitely choose it.

Lump sum or annual payout – When you win a lottery, you can either choose a onetime payout or go for annual payment option. The latter is usually spread over a period of 20 to 30 years. Each has its pros and cons. So read and analyze in detail before you sign the agreement. Depending on their specific needs, some people choose lump sum whereas others go for annual payout.

Hire professionals to manage your money – Unless you are a financial whizz yourself, you will need to hire professionals who can guide you towards the right tax saving schemes and investment options. You can verify past records of such professionals to ensure that you are dealing with the right guys.

Pay off your debts – If you have mortgage or other loans, you should clear all of them. This will ensure that you can start life completely debt free.

Save for your retirement – You can put a part of the lottery money in retirement account so that you don’t have to stress it out in your old age.

Avoid splurging – Try to maintain the same type of lifestyle as earlier. Money can buy you fancy stuff, but it cannot guarantee peace and satisfaction. Also, use only the part that is available as income. Do not spend the principle amount, as you could soon lose all your fortune.

Last but not least, donate some of the money to charitable organizations. The universe has benefitted you and you can return the favor by donating to recognized charitable organizations. This gesture can also help you save tax.

The post What To Do When You Win The Lottery? first appeared on Newspatrolling.com.

Taxation may be necessary from governmentº£½ÇÖ±²¥ perspective, but it is often a burden for taxpayers. Taxation takes away your hard earned money and is usually a complex, cumbersome process. Taxpayers usually have to hire a certified accountant to fulfill their tax obligations.

Ask taxpayers and most would be quite happy if their tax burden can be eliminated. Can that be done? Well, most nations in the world favor taxation. However, there are a few countries that have a tax-free governance structure. Here are some examples of countries where you don’t have to pay any taxes.

UAE – A federation of seven emirates, UAE comprises Abu Dhabi, Dubai, Sharjah, Umm Al Quwain, Ajman, Fujairah, and Ras Al Khaimah. One of the best things about UAE is that citizens don’t have to pay any income tax. So, how does the government generate revenue? Well, funds for the government are generated through corporate tax imposed on foreign banks and oil companies. UAE also levies excise tax on certain goods that are considered harmful to health and environment. Another income source for government is Value Added Tax (VAT), which is imposed on most goods and services.

Brunei – Located in Southeast Asia, Brunei is governed by a mix of Islamic practices, sharia law and English common law. There is no personal taxation for individuals. This rule applies to both residents and non-residents. However, individuals do have to contribute 5% of their salary income to Tabung Amanah Perkerja (TAP), which is a state managed provided fund system. Citizens and permanent residents of Brunei also need to part with 3.5% of their salary income to Supplemental Contributory Pension Scheme (SCP).

Bermuda – Considered a tax haven, Bermuda does not levy any income tax on individuals. Even companies incorporated in the country do not have to pay any corporate income tax. However, other taxes such as payroll tax, custom duties, import tax, land tax, and stamp duty have to be paid, as per applicable rates.

Bahamas – Another tax haven, Bahamas has provided exemption from various taxes such as personal income tax, corporate tax, inheritance tax and capital gains tax. This is why many high net-worth individuals have moved to Bahamas and settled there permanently. The government in Bahamas collects revenue from other sources such as import tax, property tax, consumption tax and license fees.

Monaco – Located along the French Riviera in Western Europe, Monaco does not charge income tax on its residents. People from other nationalities and French nationals have to pay taxes, as per applicable rates. For businesses also, there is no direct tax. However, they are required to pay tax on profits. Other sources of revenue for the government include fiscal stamps and registration fees.

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