Ireland has lost its position as the least-taxed country in the European Union to Cyprus according to the 2004 Forbes Misery Index, an annual measure of international tax burdens.
Under the Forbes index system, the Irish tax burden, made up from the 12.5% corporate tax, 14.8% social security taxes, 21% standard rate of VAT and a marginal income tax rate of 42%, now equals 90.3 points. Whilst recent tax policy has seen Ireland knock 19.3 points of its score since the year 2000, it has now been superseded by new EU entrant Cyprus with a score of 74.3.
On a global basis, the United Arab Emirates tops the league of fifty nations with a score of 18, whilst Hong Kong’s 43 points places the city in second place and Ireland is now twelfth overall.
At the other end of the league table are to be found the usual suspects of France (174.8 points), Belgium (156.1) and Sweden (149.7), with European countries making up eight of the bottom ten places in the Misery Index.
The UK meanwhile achieved a middle ranking with a score of 111.3
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