Denmark is one of the top countries to retire. We suppose you already knew that. Denmark also consistently tops international rankings as the happiest nation in the world. And the reason why the Danes are so happy has something to do with the genes, as revealed by the University of Warwick recently. In a nutshell, if you want your next generation to be happy, go marry a Dane.
Now, it seems Denmark has once again topped an international score chart. According to the 2015 Climate Change Performance Index (CCPI), Denmark has the best climate policies in the world. For the third consecutive year, Denmark was the top-performing nation among the 58 countries that are responsible for 90 percent of global CO2 emissions. Apparently, Denmark registers drop in emissions – by about 19% consistently over the last 5-years.
Danes living in rural areas can also look forward to improved phone coverage and faster internet speeds – broadband internet with minimum download speeds of 100 megabits per second (Mbps) and upload speeds of 30Mbps by the year 2020, at least that was what the Denmark government plans to do. Considering Denmark has recently overtaken South Korea as the world’s connected country, the plan for higher internet speeds was expected.
As much as the Danes are happy with their government, the country is also the most heavily taxed in the world. And taxes are rising in Denmark at a mind-boggling rate, leaving most other nations in dust. According to a latest report from the Organization for Economic Cooperation and Development (OECD), the tax burden in Denmark stood at 48.6% in 2013, the highest among the 34 OECD member countries.
OECD average taxes was an increase from 33.7% to 34.1% between 2012 and 2013. But Denmark’s rate increased from 47.2% to 48.6%. Heck, Denmark taxes its residents so much that the income the country raises by taxing income, profits and capital gains accounts for 62% of its total tax revenues, nearly double the OECD average of 34%. Well, at least they didn’t rely on crude oil revenue which is tumbling like a rock now.
At 25%, the Danish VAT (value-added-tax) is also crazily high as compares to the OECD average rate, which is at 19.1%. Nevertheless, Denmark shares the same VAT rate as Sweden and Norway, though Iceland and Hungary charge more. After Denmark, the next countries with heavy taxes are France and Belgium. Want to know how your country stacked against Denmark in taxes? Now you can do so with the tools below.
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December 12th, 2014 by financetwitter
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