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Money for Nothing.(Brief Article)
Think you have it bad? Last year the Belgian state extracted more than 40 percent of the average taxpayer's earnings in taxes and social- security contributions--the highest figure for any country in Europe, according to U.S.-based consultants William M. Mercer. Even the Danes, the tax-and-spend champions of welfare-generous Scandinavia, trail by almost four points.
But the state pays a price, too. Sky-high tax rates (up to 55 percent) make evasion a national pastime. By some estimates, "black" accounting adds up to almost 20 percent of GDP. Even government bean counters sympathize. "The black market is almost justified by our tax rates," says Marc Trifin of the Finance Ministry. "I can't say we accept it, but we certainly understand it."
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Source: HighBeam Research, Money for Nothing.(Brief Article)