FX.co ★ Top 7 countries with jaw-dropping tax rates

Looking at annual reports of the World Economic Forum (WEF), we can judge the health of most of the world economies. One of the indicators the WEF uses is a country's tax burden, with higher scores indicating lower competitiveness. Below is the list of the states with tax rates above 50%.

Argentina. Its tax rate is 137.3%. Oddly enough, Argentina's total tax rate is greater than 100% of corporate profits. The country's turnover tax takes about 90%, except for taxes on salaries and financial transactions.

Bolivia: 83.7% tax rate. The country’s 3% tax on transactions wipes out 60% of company profits before other taxes are taken into account.

Tajikistan: 80.9%. The nation has a 2% tax rate on turnover which takes out a significant share of a company's profits.

Colombia: 75.4%. Colombia is the world’s fourth country and third in Latin America for its total tax rate. The country introduced a new wealth tax.

France: 66.6%. France has a higher tax burden than any other country in Europe though the government takes measures to cut corporate taxes and reform the tax system.

Italy: 65.4%. The country's tax burden is the second heaviest among the countries in the European Union.

Belgium has the highest tax rate of 57.8% among Europe's big five economies.