Global average tax rates continue to rise

[SINGAPORE] Tax rates are on the rise around the world for a second year in a row, as countries seek to pad up their coffers to address government budgetary deficit concerns.

KPMG, which has been collecting tax rate data since 2003, found that the global average personal income tax rate edged up this year by 0.3 per cent. This echoes last year's data, where individual tax rates also rose 0.3 per cent.

This year also saw the second-highest number of rate increases - in nine countries - in the last decade.