India changes its income tax slab for people earning up to Rs 5 lakh. Here are income tax structures of China, UK, US, Brazil and Germany
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Feb 1, 2017, 13:46 IST
India
After Budget 2017, the tax slab begins from 5% for salary between Rs 2.5 lakh to Rs 5 lakh. The tax rate goes up to 30% plus surcharge of 10-15%.
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China
China’s tax rate for freelancer's incomes progresses in three levels from 20% to 40% and the tax rate for regular employees in seven levels from 3% to 45%. A tax exemption of 4800 RMB per month for expats and of 3500 RMB per month for locals is granted.
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Brazil
Under the individual income tax, individuals are taxed up to a maximum of 27.5% of their income. The rate is progressive from 0% to 27.5% and shared out into three brackets.
USA
The Federal income tax currently consists of 7 rate brackets: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%. The amount of tax you owe in April depends on your filing status and income level.
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UK
In UK, each person has an income tax personal allowance, and income up to this amount in each tax year is free of tax. For the 2016/17 tax year, the tax-free allowance for under-65s with income less than £100,000 is £11,000. The divided income rate starts from 10% to 37.5%
Germany
Here the tax rate is up to 45 %. There is a solidarity surcharge at a rate of 5.5 % of income tax that has to be paid on top of this. Tax base is different for single and married.
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