Income Tax Statistics By Revenues And Forecast, Tax Retures Filed And Tax Paid And Trend
Updated · Dec 06, 2024
WHAT WE HAVE ON THIS PAGE
- Introduction
- Editor’s Choice
- Income Tax Global
- Value Of Taxes On Income And Property In India
- Income Tax Revenues And Forecast
- Gross Income Tax Revenue
- Income Tax Statistics By Tax Retures Filed And Tax Paid
- Income Tax Of United States
- Income Tax Of United Kingdom
- Income Tax Of Canada
- Income Tax Of India
- Corporate Income Tax
- Highest Tax Paying Companies
- Trend Of Corporate & Income Tax
- Conclusion
Introduction
Income Tax Statistics: The income tax statistics single out the year 2024 by giving insight into how different countries make up their income tax landscape, showing how much individuals and businesses pour into national wealth. This would help policymakers, economists, and the general public a great deal by telling them about the income tax distribution among different income and industrial groups.
Let’s take a closer look at some of the major Income Tax Statistics and trends for 2024, with a specific focus on how much people pay and the economic implications, alongside comparisons with previous years’ figures.
Editor’s Choice
- Income Tax Statistics state that Income and tax property revenues in India have been projected to hit ₹21 trillion in FY 2024, increasing from ₹15 trillion in FY 2022, emphasizing the growth of the economy and also improved compliance statistics.
- In 2023, income tax revenues of the U.S. were US$2.18 trillion. With more revenues expected from either tax rate increases or an expanded tax base, projections in the estimation make it rise further to US$3.97 trillion by the year 2034.
- Direct taxes in India accounted for 28% of tax collections as of February 2024, above corporate taxes that amounted to 26%. After considerable reductions in corporate tax in 2019, corporation tax revenues came down to 46.5% of overall revenue in 2023, compared to 49.6% in 2022-23.
- Income Tax Statistics reveal that personal income tax filers in India, 53.78% are in the income ₹1-5 lakh slab, contributing only 17.73% to total income tax revenue, whereas earning more than ₹50 lakh (0.84% of taxpayers) contributes 42.3% income tax revenues to the tax revenue.
- The progressive income tax system in the United States starts from 10% for any amount over the range of US$11,000 and goes up to 37% for any income above US$578,126.
- The U.K. income tax rates for 2023/24 include a personal allowance of 0% on income up to UK£12,570, 20% on the amount between UK£12,571 and UK£50,270, 40% for up to UK£125,140, and 45% on any amount exceeding UK£125,140.
- Income Tax Statistics show that Federal income tax rates vary between newly announced CAD 15,000 as the mandated lowest rate established and go up to 33% for incomes above CAD 221,708. The same rates nominally start at 15% for incomes below CAD 50,197.
- Income tax rates range from 0 percent for incomes up to ₹3lahksh to 3per percent for incomes above ₹15 lakh in India.
- According to Income Tax Statistics, corporate taxes were footprinted as 16% of total tax revenues and 3.2% of the GDP across those jurisdictions in 2021.
- The average statutory corporate rates for countries reduced from 28% in 2000 to 21.7% in 2019; later, in 2024, it remained stable at 21.1%.
- Effective Average Tax Rates (EATRs) fell to 20.2% in 2023 from 21.6% in 2017. Tax subsidies for R&D effectively lowered average tax rates by 33.4% in 2023 compared to a 35.3% decline in 2021.
- Income Tax Statistics indicators reporting “base erosion and profit shifting” have all shown a favorable development at a negative median, for instance, 13.1% for revenues per employee, 16.1% for profits per employee, and 11.5% for related-party incomes as resulting from the year in comparison of 2017.
- In the year 2023, Apple paid corporate taxes of US$16.635 billion, Reliance Industries filed taxes amounting to ₹20,713 crore, and Walmart paid US$6.895 billion by July 2023.
- Thus, growth of 2.3% in corporate revenues was noted from 4.28 lakh crore in 2014-15 to 10.2 lakh crore in 2024-25, whereas that of income tax revenue was considerable at 4.5% from 2.5 lakh crore to 11.8 lakh crore.
Income Tax Global
(Reference: statista.com)
- Income Tax Statistics show that Sweden’s top earners paid a staggering 57.19% in income taxes, the highest rate globally. This is significantly above the OECD average of 41.65%.
- In general, Nordic countries have higher income taxes, with Denmark, Finland, and Iceland following closely behind at 55.89%, 53.75%, and 46.24%, respectively.
- These countries operate under the principle of public responsibility, where the wealthier citizens contribute more to ensure basic provisions for those less fortunate.
- A similar model is followed by nations like Austria, the Netherlands, and Belgium.
- On the other hand, some countries do not impose any income taxes. Notable examples include oil-rich nations such as Saudi Arabia, Qatar, and Kuwait, which rely on petroleum revenues to support their citizens.
- Several Caribbean islands, including Anguilla, Antigua, and Barbuda, also have no income tax. Additionally, the Cayman Islands and the Bahamas are well-known tax havens.
Value Of Taxes On Income And Property In India
(Reference: statista.com)
- Income Tax Statistics show that in terms of tax from income and property collections, India is projected to reach around 21 trillion Indian rupees in the fiscal year 2024.
- This would be an estimate of tax for that year, which would otherwise be put in by the government. On the contrary, the previous fiscal year, 2022, spotted the collection of over 15 trillion rupees as collections from income and property taxes.
- This growth in tax revenues is significant in terms of using these sources between 2022 and 2024, assuming growth in the economy or some improvement in tax compliance and collection matters.
Income Tax Revenues And Forecast
(Reference: statista.com)
- Income Tax Statistics reveal that revenue from income taxes in America totaled around 2.18 trillion U.S. dollars in 2023.
- This amount is the total that is paid as taxes on the earnings of both individuals and companies to the federal government.
- Projections estimate that income tax revenues will have increased over the years to reach an estimated 3.97 trillion U.S. dollars by 2034.
- Such an increase is likely due to economic growth, higher tax rates, or expansion of the tax base over time.
Gross Income Tax Revenue
(Source: drishtiias.com)
- Income Tax Statistics state that currently, in February 2024, the rift between direct and corporate tax revenues is increasing; direct taxes provide 28% of tax revenues – an all-time highest share, whereas the corporate tax partakes 26%.
- The share of corporate taxes in the overall tax revenues reduced to 46.5% from 49.6% during 2022-23.
- Corporate taxes are taxes imposed on profits made by firms based on the net profits after deductions and credits.
- Over time, the general share of income tax has increased while individual income tax has decreased.
- The drastic decline in corporate tax revenues since FY 2019 can largely be attributed to substantial corporate cuts in September 2019 by the government in terms of tax credits.
Income Tax Statistics By Tax Retures Filed And Tax Paid
(Source: drishtiias.com)
- Income Tax Statistics demonstrate that around 53.78% of the total number of personal income tax filers in India fall within the income bracket of Rs. 1 lakh and Rs. 5 lakh.
- However, although this category occupies more than half of the filers, it makes up only 17.73% of the total income tax revenue.
- Contrarily, taxpayers who earn more than Rs. 50 lakh a year holds some numbers, but this representation is merely 0.84% of the overall taxpayers.
- Even with this low proportion of taxpayers, they hold an enormous amount, which contributes a whopping 42.3% income tax concerning their income and larger tax payments.
Income Tax Of United States
| Taxable income | Taxes owed |
| US$11,000 or less | 10% of the taxable income |
| US$11,001 to US$44,725 | US$1,100 plus 12% of the amount over US$11,000 |
| US$44,726 to US$95,375 | US$5,147 plus 22% of the amount over US$44,725 |
| US$95,376 to US$182,100 | US$16,290 plus 24% of the amount over US$95,375 |
| US$182,101 to US$231,250 | US$37,104 plus 32% of the amount over US$182,100 |
| US$231,251 to US$578,125 | US$52,832 plus 35% of the amount over US$231,250 |
| US$578,126 or more | US$174,238.25 plus 37% of the amount over US$578,125 |
- The US income tax rates are progressive, whereby the higher the taxable income, the higher the tax rate.
- Income Tax Statistics reveal that Taxable individual incomes of US$11,000 or less pay a tax amount equivalent to 10% of their taxable income.
- Incomes falling between US$11,001 to US$44,725 would be taxed US$1,100 in addition to 12% for every dollar gained in excess of US$11,000.
- For taxable income ranging between US$44,726 and US$95,375, the tax is computed as a base US$5,147 plus 22% of the excess over the previous threshold of US$44,725.
- For example, if one earns between US$95,376 and US$182,100, the tax shall be equal to US$16,290, plus 24% of the amount above US$95,375. For incomes between US$182,101 and US$231,250, individuals owe US$37,104 plus 32% of the amount over US$182,100.
- A person earning between US$231,251 and US$578,125 will end up paying US$52,832, plus 35% taxes on the part of the income above US$231,250.
- Lastly, for all incomes from US$578,126 onwards, taxation amounts to US$174,238.25, plus an additional 37% of the amount exceeding US$578,125.
Income Tax Of United Kingdom
| 2023/24 | Rate | Bracket | Rate |
| Personal allowance | 0% | UK£0 to UK£12,570 | 0% |
| Basic | 20% | UK£12,571 to UK£50,270 | 20% |
| Higher | 40% | UK£50,271 to UK£125,140 | 40% |
| Additional | 45% | Over UK£125,140 | 45% |
- In the UK, for earned income for the tax year 2023/24, there is no income tax paid on the first UK£12,570 because it is within the personal allowance, which is taxed at 0%.
- For income between UK£12,571 and UK£50,270, the basic rate of 20% applies. Earning between UK£50,271 and UK£125,140 is subject to a higher rate of 40%.
- For income exceeding UK£125,140, the additional amount attracted a rate of 45%.
Income Tax Of Canada
| Federal taxable income (CAD*) | Tax on the first column (CAD) | Tax on excess(%) | |
| cover | Not cover | ||
| 0 | 50,197 | 0 | 15 |
| 50,197 | 100,392 | 7,530 | 20.5 |
| 100,392 | 155,625 | 17,820 | 26 |
| 155,625 | 221,708 | 32,180 | 29 |
| 221,708 | 51,344 | 33 | |
- Income Tax Statistics indicate that Federal income taxation is levied on a progressive-rate taxable income bracket. The tax on taxable income to the tune of CAD 50,197 attracts a tax rate of 15%.
- In the case of an income between CAD 50,197 and CAD 100,392, the tax computed on the income split involves CAD 7,530 on the first portion and 20.5% on the remaining amount above CAD 50,197.
- If its gross income is equal to or higher than CAD 100,392 but less than CAD 155,625, the tax base is CAD 17,820; there is an additional levy of 26% on any gross income over CAD 100,392.
- Gross income from above CAD 155,625 to a maximum of CAD 221,708 attracts a base tax of CAD 32,180, plus an additional 29% on the amount over the CAD 155,625 threshold.
- Lastly, all taxpayers above the amount of CAD 221,708 fall under a base tax of CAD 51,344, with 33% charged on any other amount that does not exceed CAD 221,708.
Income Tax Of India
| Income Tax Slab | Income Tax Rate |
| Up to Rs.3 lakh | Nil |
| Rs.3 lakh – Rs.6 lakh | 5% |
| Rs.6 lakh – Rs.9 lakh | 10% |
| Rs.9 lakh – Rs.12 lakh | 15% |
| Rs.12 lakh – Rs.15 lakh | 20% |
| Above Rs.15 lakh | 30% |
- Income tax in India is based on different slabs that are defined as per the annual income of an individual. Income up to Rs. 3 lakh does not attract income tax.
- Income between Rs. 3 lakh and 6 lakh attracts 5% tax. Income between Rs. 6 lahks and Rs. 9 lakhs is taxed at 10%, income between Rs. 9 lahks to Rs. 12 lakh is taxed at 15%, and income between Rs. 12 lacks and Rs. 15 lacks is taxed at 20%. Incomes above Rs. 15 lakh are taxed at the highest rate, i.e. 30%.
Corporate Income Tax
- In 2021, they found that 16% of the total tax revenues and 3.2% of GDP, on average across 123 jurisdictions, derived from corporate taxes. So, from 28%, it has gradually reduced down to the statutory corporate income tax rates, 21.7% in 2019 and 21.1% in 2024, between 2021 and 2024.
- Income Tax Statistics show that effective Average Tax Rates have reduced progressively from 21.6% in 2017 to 20.2% in 2023, where average EATRs amounted to 20.9% in 2019 and 20.2% in 2023, and median EATRs were recorded 22.8% in 2019 and 22.7% in 2023.
- RD tax subsidies have been reduced slightly to lower R&D EATRs by 34.8%, 35.3%, 34.7%, and 33.4% in 2020, 2021, 2022, and 2023, respectively.
- Indicators of potential base erosion and profit shifting (BEPS) have declined in investment hubs when compared to 2017, with median revenues per employee 13.1% down, median profits per employee 16.1% in Delina, with median related party revenues as a share of total revenue has been reduced by 11.5%.
Highest Tax Paying Companies
The notable corporate taxes that these companies pay are because they are, without exception, the major industry players globally. Because of competition in gaining more market share, the corporates go to great lengths to increase their production, efficiently service the growing demand, and pump up their sales, thus earning huge profits and revenues, thus making it easier for them to end up in the top three corporate high-taxpayers. This list is not arranged in order of tax amount.
Apple
- As an international leader in advanced electronic device manufacturing, Apple has to pay an approximate annual tax of US$16.635 billion for 2023.
- The increasing sales of this company are attributed to the impressive and state-of-the-art technological innovations and marketing strategies of the business.
Reliance Industries Ltd
- Diverse interested businesses paid an estimated Rs. 20,713 crore in taxes in 2023 in Reliance Industries Ltd.
- This company witnessed the highest growth in the country owing to the popularity of its network service called Jio, which is affordable and has extensive coverage.
Walmart
- A large retail chain in America, Walmart, contributed to the US$6.895 billion tax as of July 31, 2023.
Trend Of Corporate & Income Tax
(Source: thewire.in)
- Indeed, the revenue from corporate taxation also grew by a figure of 2.3% within the period from 2014-15, when it stood at ₹4.28 lakh crore, to ₹10.2 lakh crore, which is the estimated value to be included in the 2024-25 budget.
- In contrast, the income tax revenue increased higher at the rate of 4.5%, which increased from ₹2.5 lakh crore to ₹11.8 lakh crore for the same duration.
- Interestingly, the annual percentage growth rate has a much better advantage for corporate taxpayers than individual income taxpayers.
Conclusion
Income Tax Statistics for 2024 is a one-stop comprehensive source of income taxation from different income brackets and industry segments. It will be 600 billion euros of global income tax collections in the United States, which then has stayed caught up in all countries.
Certainly, a large number of taxes are borne by the high-income earners, while smooth efforts made by the governments to get better taxation compliance, reduce taxation evasion, and try for fairness in the tax system for everyone will be addressed, keeping in mind these trends and figures.
Understanding these trends and figures will create a better environment for citizens and policymakers to navigate the income tax scenario and its effects on the economy.
FAQ.
The income and property tax revenue in India is expected to hit ₹21 trillion in FY 2024 as compared to ₹15 trillion for FY 2022, marking a dramatic increase. Improvement in tax compliance and expansion in the economy will explain this growth over the period.
United States Progressive rates from 10% for incomes up to US$11,000 to 37% for incomes above US$578,126. United Kingdom Rates vary from 0% for incomes tinged up to UK£12,570 to 45% for incomes that went beyond UK£125,140. Canada has Progressive rates that start from 15% for incomes that are up to CAD 50,197 and culminate to 33% for incomes above CAD 221,708. India comes with Slabs at 0% for incomes up to ₹3 lakh and the highest rate at 30% for incomes beyond ₹15 lakh.
Highest rates: Sweden leads the world with top rates at 57.19%, Denmark (55.89%), and Finland (53.75%). No income tax: Saudi Arabia, Qatar, and Kuwait; tax havens such as the Cayman Islands and the Bahamas have none of these income taxes, relying on other revenue streams, such as petroleum or tourism.
53.78% of individual taxpayers hail from Lower Income Brackets (Rs 1-5 lakh) but yield only 17.73% of overall revenues. Very High-Income Brackets (Higher than Rs 50 lakh) comprise merely 0.84% of the filers but generate an amazing 42.3% of overall income tax revenues.
Growth in Corporate Tax Revenue – 2.3%, increased from Rs. 4.28 lakh crore to Rs. 10.2 lakh crore. Income Tax Revenue is up by 4.5%, with growth from Rs 2.5 lakh crore to Rs 11.8 lakh crore, indicating a shift to more dependability on individual sources.
Maitrayee, after completing her graduation in Electrical Engineering, transitioned into the world of writing following a series of technical roles. She specializes in technology and Artificial Intelligence, bringing her experience as an Academic Research Analyst and Freelance Writer, with a focus on education and healthcare under the Australian system. From an early age, writing and painting have been her passions, leading her to pursue a full-time career in writing. In addition to her professional endeavors, Maitrayee also manages a YouTube channel dedicated to cooking.
