According to a study by Income Tax UK, which was conducted using their salary calculator, the United Kingdom is the eighth-lowest taxing country in Europe.
Out of the 34 countries polled, Brits have a take home pay of £2,058 to spend from a £2,580 wage.
Income Tax UK’s tax calculator surveyed every country in the European Union, as well as the UK, to examine how much income an individual would receive after tax, based on a monthly salary of €3000, or £2580 upon conversion.
While the United Kingdom ranked high on the list, above France and Greece, Bulgaria came out on top as having the lowest taxed workers in Europe.
When receiving their monthly wage, Bulgarian employees receive an impressive £2,313 (€2,690) in take-home pay.
It is recognised that this favourable deal for workers is due to the country’s “rock-bottom” 10 percent tax rate giving workers the biggest pay packet.
In second place, Poland was found to allow taxpayers to keep 86.3 percent of an average £2,580 monthly wage, which is the equivalent to £2,226.
READ MORE: How to make the most out of your extra money
Rounding up the top three, Ireland ranked high due to workers in the country getting £2,120 at the end of the month post-tax.
While Norway has a reputation for high taxes, the study confirmed that workers in the country would be left with £2,076 at the end of the month.
The top ten ranking also includes Luxembourg, Ukraine, Netherlands, Greece and France.
DON’T MISS
At the other end of the spectrum, Lithuania was exposed as having the highest taxes on workers
Lithuanian tax bodies take more than £1,000 from a monthly salary of £2,580, leaving taxpayers with only £1,506.
Tax rates in Romania were found to be similarly high, with the country’s citizens seeing rates which resulted in a £1,509 take home pay from the £2,580.
Portugal is considered the third most “tax-friendly” country in Europe due to employees expected to receive £1,578 per month.
Despite its status as an economic powerhouse and world power, Germany ranked right in the middle of the list.
Ranking 17th out of the European countries surveyed, German taxpayers on £2,580 would have £1,926 remaining after tax.
Switzerland tax haven status was called into dispute by Income Tax UK’s study, with the country’s take-home pay being £1,878, which is close to the average.
This is due to Switzerland’s tax laws being more beneficial for the nation’s “super-rich” and wealthy citizens.
A spokesperson for Income Tax UK noted how societal changes brought on by the pandemic have the ability to benefit the incomes of Europeans.
The representative said: “It’s very interesting to see the tax differences across Europe for an average monthly salary.
“As we shift to a more remote working culture, those with the ability to work from anywhere also have the opportunity to maximise their income.
“Romania and Bulgaria border each other, yet the difference in salary after tax is more than £800.”
Even though workers in the UK may complain about HMRC and the taxman, it turns out Britons have a better tax deal than most of Europe.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
