European salary survey 2015 General decrease in cost of ... · salary survey 2015 General decrease in cost of living and housing in Europe Appendix - graphs 6th edition - December

European salary survey 2015General decrease in cost of living and housing in EuropeAppendix - graphs

6th edition - December 2015

2

Table of content

Legend 3

Chapter 1 - Salary Comparison 4

Sorted on net income 5-9

Sorted on net/cost ratio 11-15

Sorted on employer cost 17-21

Summary of highest tax rates 22-23

Summary of social security rates 24-26

Summary of statutory gross minimum wage 27

Chapter 2 - Net spendable income 28

Sorted on net spendable income 29-33

Sorted on net spendable/cost ratio 35-39

Chapter 3 - Taxation of capital 41-49

Summary of taxation of capital 50

European salary survey 2015 3

Symbol legend

Married (non-working partner),2 dependent children

Single, no dependent children

Married (working partner),2 dependent children

Employee

Self-employed director

Company car

Annual gross income

Legend

Chapter 1Sorted on net income


25.000

25.000

25.000

25.000

Country Net income Taxes Employee social security

Employer social security

Total

Denmark 18,248.59 6,606.67 144.74 1,608.26 26,608.26United Kingdom 21,421.67 1,932.33 1,646.00 1,883.00 26,883.00Switzerland 23,427.00 0.00 1,573.00 2,173.00 27,173.00Malta 19,801.51 3,023.33 2,175.16 2,175.16 27,175.16Ireland 21,971.67 2,028.33 1,000.00 2,687.50 27,687.50Luxembourg 21,397.35 840.15 2,762.50 3,192.50 28,192.50Netherlands 19,893.00 1,388.00 3,719.00 4,715.00 29,715.00Germany 18,728.06 1,419.86 4,852.08 4,831.25 29,831.25Poland 17,966.93 1,664.04 5,369.03 5,152.50 30,152.50Portugal 18,375.81 3,874.19 2,750.00 5,937.50 30,937.50Greece 18,281.75 2,843.25 3,875.00 6,140.00 31,140.00Italy 18,544.63 4,082.87 2,372.50 7,465.00 32,465.00Spain 20,485.67 2,926.83 1,587.50 7,475.00 32,475.00Austria 18,622.74 1,895.46 4,481.80 7,747.10 32,747.10Sweden 19,782.00 3,463.00 1,755.00 7,855.00 32,855.00Belgium 19,226.88 2,522.05 3,251.07 8,171.70 33,171.70Czech Republic 19,168.56 3,081.40 2,750.05 8,500.06 33,500.06Slovakia 18,755.32 2,895.00 3,349.68 8,799.32 33,799.32France 19,060.67 424.33 5,515.00 11,458.00 36,458.00

copy paste table 1Country Net income Taxes Employee social

securityEmployer social security

Total

Poland 17,966.93 1,664.04 5,369.03 5,152.50 30,152.50Denmark 18,248.59 6,606.67 144.74 1,608.26 26,608.26Greece 18,281.75 2,843.25 3,875.00 6,140.00 31,140.00Portugal 18,375.81 3,874.19 2,750.00 5,937.50 30,937.50Italy 18,544.63 4,082.87 2,372.50 7,465.00 32,465.00Austria 18,622.74 1,895.46 4,481.80 7,747.10 32,747.10Germany 18,728.06 1,419.86 4,852.08 4,831.25 29,831.25Slovakia 18,755.32 2,895.00 3,349.68 8,799.32 33,799.32France 19,060.67 424.33 5,515.00 11,458.00 36,458.00Czech Republic 19,168.56 3,081.40 2,750.05 8,500.06 33,500.06Belgium 19,226.88 2,522.05 3,251.07 8,171.70 33,171.70Sweden 19,782.00 3,463.00 1,755.00 7,855.00 32,855.00Malta 19,801.51 3,023.33 2,175.16 2,175.16 27,175.16Netherlands 19,893.00 1,388.00 3,719.00 4,715.00 29,715.00Spain 20,485.67 2,926.83 1,587.50 7,475.00 32,475.00Luxembourg 21,397.35 840.15 2,762.50 3,192.50 28,192.50United Kingdom 21,421.67 1,932.33 1,646.00 1,883.00 26,883.00Ireland 21,971.67 2,028.33 1,000.00 2,687.50 27,687.50Switzerland 23,427.00 0.00 1,573.00 2,173.00 27,173.00



Ratio Net/cost Total

France 19,060.67 424.33 5,515.00 11,458.00 52.28% 36,458.00Slovakia 18,755.32 2,895.00 3,349.68 8,799.32 55.49% 33,799.32Austria 18,622.74 1,895.46 4,481.80 7,747.10 56.87% 32,747.10Italy 18,544.63 4,082.87 2,372.50 7,465.00 57.12% 32,465.00Czech Republic 19,168.56 3,081.40 2,750.05 8,500.06 57.22% 33,500.06Belgium 19,226.88 2,522.05 3,251.07 8,171.70 57.96% 33,171.70Greece 18,281.75 2,843.25 3,875.00 6,140.00 58.71% 31,140.00Portugal 18,375.81 3,874.19 2,750.00 5,937.50 59.40% 30,937.50Poland 17,966.93 1,664.04 5,369.03 5,152.50 59.59% 30,152.50Sweden 19,782.00 3,463.00 1,755.00 7,855.00 60.21% 32,855.00Germany 18,728.06 1,419.86 4,852.08 4,831.25 62.78% 29,831.25Spain 20,485.67 2,926.83 1,587.50 7,475.00 63.08% 32,475.00Netherlands 19,893.00 1,388.00 3,719.00 4,715.00 66.95% 29,715.00Denmark 18,248.59 6,606.67 144.74 1,608.26 68.58% 26,608.26Malta 19,801.51 3,023.33 2,175.16 2,175.16 72.87% 27,175.16Luxembourg 21,397.35 840.15 2,762.50 3,192.50 75.90% 28,192.50Ireland 21,971.67 2,028.33 1,000.00 2,687.50 79.36% 27,687.50United Kingdom 21,421.67 1,932.33 1,646.00 1,883.00 79.68% 26,883.00Switzerland 23,427.00 0.00 1,573.00 2,173.00 86.21% 27,173.00

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000

DenmarkUnited Kingdom

SwitzerlandMalta

IrelandLuxembourgNetherlands

GermanyPoland

PortugalGreece

ItalySpain

AustriaSwedenBelgium

Czech RepublicSlovakia

France

Net income Taxes Employee social security Employer social security

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000

PolandDenmark

GreecePortugal

ItalyAustria

GermanySlovakia

FranceCzech Republic

BelgiumSweden

MaltaNetherlands

SpainLuxembourg

United KingdomIreland

Switzerland


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

FranceSlovakia

AustriaItaly

Czech RepublicBelgiumGreece

PortugalPoland

SwedenGermany

SpainNetherlands

DenmarkMalta

LuxembourgIreland

United KingdomSwitzerland

Scenario 1:- Employee- Gross annual income: 25.000,00 EUR

Situation a: Married (non working spouse), 2 dependent children

Sorted by employer cost

Country Estimated employer's cost (EUR)

Social security Employer

Gross BIK Cie Car Social security employee

Self-employed contributions

Taxes Net income Ratio Net/cost

Denmark 26,608.26 1,608.26 25,000.00 N/A 144.74 N/A 5,051.40 19,803.86 74.43%United Kingdom 26,883.00 1,883.00 25,000.00 N/A 1,646.00 N/A 1,735.00 21,619.00 80.42%Switzerland 27,173.00 2,173.00 25,000.00 N/A 1,573.00 N/A 0.00 23,427.00 86.21%Malta 27,175.16 2,175.16 25,000.00 N/A 2,175.16 N/A 2,345.00 20,479.84 75.36%Ireland 27,687.50 2,687.50 25,000.00 N/A 1,000.00 N/A 895.00 23,105.00 83.45%Luxembourg 28,192.50 3,192.50 25,000.00 N/A 2,762.50 N/A -23.85 22,261.35 78.96%Netherlands 29,715.00 4,715.00 25,000.00 N/A 3,719.00 N/A 1,388.00 19,893.00 66.95%Germany 29,831.25 4,831.25 25,000.00 N/A 4,831.25 N/A 676.00 19,492.75 65.34%Poland 30,152.50 5,152.50 25,000.00 N/A 5,369.03 N/A 1,345.04 18,285.93 60.64%Portugal 30,937.50 5,937.50 25,000.00 N/A 2,750.00 N/A 2,468.56 19,781.44 63.94%Greece 31,140.00 6,140.00 25,000.00 N/A 3,875.00 N/A 2,843.25 18,281.75 58.71%Italy 32,465.00 7,465.00 25,000.00 N/A 2,372.50 N/A 2,868.38 19,759.12 60.86%Spain 32,475.00 7,475.00 25,000.00 N/A 1,587.50 N/A 3,182.50 20,230.00 62.29%Austria 32,747.10 7,747.10 25,000.00 N/A 4,481.80 N/A 1,449.46 19,068.74 58.23%Sweden 32,855.00 7,855.00 25,000.00 N/A 1,755.00 N/A 3,463.00 19,782.00 60.21%Belgium 33,171.70 8,171.70 25,000.00 N/A 3,251.07 N/A 188.89 21,560.04 65.00%Czech Republic 33,500.06 8,500.06 25,000.00 N/A 2,750.05 N/A 2,109.81 20,140.14 60.12%Slovakia 33,799.32 8,799.32 25,000.00 N/A 3,349.68 N/A 2,241.96 19,408.36 57.42%France 36,458.00 11,458.00 25,000.00 N/A 5,515.00 N/A 0.00 19,485.00 53.45%

Sorted by net income

Country Estimated employer's cost




Taxes Net income (EUR)

Ratio Net/cost

Greece 31,140.00 6,140.00 25,000.00 N/A 3,875.00 N/A 2,843.25 18,281.75 58.71%Poland 30,152.50 5,152.50 25,000.00 N/A 5,369.03 N/A 1,345.04 18,285.93 60.64%Austria 32,747.10 7,747.10 25,000.00 N/A 4,481.80 N/A 1,449.46 19,068.74 58.23%Slovakia 33,799.32 8,799.32 25,000.00 N/A 3,349.68 N/A 2,241.96 19,408.36 57.42%France 36,458.00 11,458.00 25,000.00 N/A 5,515.00 N/A 0.00 19,485.00 53.45%Germany 29,831.25 4,831.25 25,000.00 N/A 4,831.25 N/A 676.00 19,492.75 65.34%Italy 32,465.00 7,465.00 25,000.00 N/A 2,372.50 N/A 2,868.38 19,759.12 60.86%Portugal 30,937.50 5,937.50 25,000.00 N/A 2,750.00 N/A 2,468.56 19,781.44 63.94%Sweden 32,855.00 7,855.00 25,000.00 N/A 1,755.00 N/A 3,463.00 19,782.00 60.21%Denmark 26,608.26 1,608.26 25,000.00 N/A 144.74 N/A 5,051.40 19,803.86 74.43%Netherlands 29,715.00 4,715.00 25,000.00 N/A 3,719.00 N/A 1,388.00 19,893.00 66.95%Czech Republic 33,500.06 8,500.06 25,000.00 N/A 2,750.05 N/A 2,109.81 20,140.14 60.12%Spain 32,475.00 7,475.00 25,000.00 N/A 1,587.50 N/A 3,182.50 20,230.00 62.29%Malta 27,175.16 2,175.16 25,000.00 N/A 2,175.16 N/A 2,345.00 20,479.84 75.36%Belgium 33,171.70 8,171.70 25,000.00 N/A 3,251.07 N/A 188.89 21,560.04 65.00%United Kingdom 26,883.00 1,883.00 25,000.00 N/A 1,646.00 N/A 1,735.00 21,619.00 80.42%Luxembourg 28,192.50 3,192.50 25,000.00 N/A 2,762.50 N/A -23.85 22,261.35 78.96%Ireland 27,687.50 2,687.50 25,000.00 N/A 1,000.00 N/A 895.00 23,105.00 83.45%Switzerland 27,173.00 2,173.00 25,000.00 N/A 1,573.00 N/A 0.00 23,427.00 86.21%

Sorted by Ratio net/cost





Taxes Net Ratio Net/cost

France 36,458.00 11,458.00 25,000.00 N/A 5,515.00 N/A 0.00 19,485.00 53.45%Slovakia 33,799.32 8,799.32 25,000.00 N/A 3,349.68 N/A 2,241.96 19,408.36 57.42%Austria 32,747.10 7,747.10 25,000.00 N/A 4,481.80 N/A 1,449.46 19,068.74 58.23%Greece 31,140.00 6,140.00 25,000.00 N/A 3,875.00 N/A 2,843.25 18,281.75 58.71%Czech Republic 33,500.06 8,500.06 25,000.00 N/A 2,750.05 N/A 2,109.81 20,140.14 60.12%Sweden 32,855.00 7,855.00 25,000.00 N/A 1,755.00 N/A 3,463.00 19,782.00 60.21%Poland 30,152.50 5,152.50 25,000.00 N/A 5,369.03 N/A 1,345.04 18,285.93 60.64%Italy 32,465.00 7,465.00 25,000.00 N/A 2,372.50 N/A 2,868.38 19,759.12 60.86%Spain 32,475.00 7,475.00 25,000.00 N/A 1,587.50 N/A 3,182.50 20,230.00 62.29%Portugal 30,937.50 5,937.50 25,000.00 N/A 2,750.00 N/A 2,468.56 19,781.44 63.94%Belgium 33,171.70 8,171.70 25,000.00 N/A 3,251.07 N/A 188.89 21,560.04 65.00%Germany 29,831.25 4,831.25 25,000.00 N/A 4,831.25 N/A 676.00 19,492.75 65.34%Netherlands 29,715.00 4,715.00 25,000.00 N/A 3,719.00 N/A 1,388.00 19,893.00 66.95%Denmark 26,608.26 1,608.26 25,000.00 N/A 144.74 N/A 5,051.40 19,803.86 74.43%Malta 27,175.16 2,175.16 25,000.00 N/A 2,175.16 N/A 2,345.00 20,479.84 75.36%Luxembourg 28,192.50 3,192.50 25,000.00 N/A 2,762.50 N/A -23.85 22,261.35 78.96%United Kingdom 26,883.00 1,883.00 25,000.00 N/A 1,646.00 N/A 1,735.00 21,619.00 80.42%Ireland 27,687.50 2,687.50 25,000.00 N/A 1,000.00 N/A 895.00 23,105.00 83.45%Switzerland 27,173.00 2,173.00 25,000.00 N/A 1,573.00 N/A 0.00 23,427.00 86.21%

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000

GreecePolandAustria

SlovakiaFrance

GermanyItaly

PortugalSweden

DenmarkNetherlands

Czech RepublicSpainMalta

BelgiumUnited Kingdom

LuxembourgIreland

Switzerland

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

FranceSlovakia

AustriaGreece

Czech RepublicSwedenPoland

ItalySpain

PortugalBelgium

GermanyNetherlands

DenmarkMalta

LuxembourgUnited Kingdom

IrelandSwitzerland

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000


SwitzerlandMalta


GermanyPoland

PortugalGreece

ItalySpain



France


Situation b: Single, no dependent child







Denmark 26,608.26 1,608.26 25,000.00 N/A 144.74 N/A 7,384.31 17,470.95 65.66%United Kingdom 26,883.00 1,883.00 25,000.00 N/A 1,646.00 N/A 2,031.00 21,323.00 79.32%Switzerland 27,173.00 2,173.00 25,000.00 N/A 1,573.00 N/A 0.00 23,427.00 86.21%Malta 27,175.16 2,175.16 25,000.00 N/A 2,175.16 N/A 3,525.00 19,299.84 71.02%Ireland 27,687.50 2,687.50 25,000.00 N/A 1,000.00 N/A 2,595.00 21,405.00 77.31%Luxembourg 28,192.50 3,192.50 25,000.00 N/A 2,762.50 N/A 1,272.15 20,965.35 74.36%Netherlands 29,715.00 4,715.00 25,000.00 N/A 3,719.00 N/A 1,388.00 19,893.00 66.95%Germany 29,831.25 4,831.25 25,000.00 N/A 4,893.75 N/A 2,907.58 17,198.67 57.65%Poland 30,152.50 5,152.50 25,000.00 N/A 5,369.03 N/A 2,092.77 17,538.20 58.17%Portugal 30,937.50 5,937.50 25,000.00 N/A 2,750.00 N/A 5,285.43 16,964.57 54.83%Greece 31,140.00 6,140.00 25,000.00 N/A 3,875.00 N/A 2,843.25 18,281.75 58.71%Italy 32,465.00 7,465.00 25,000.00 N/A 2,372.50 N/A 5,067.36 17,560.14 54.09%Spain 32,475.00 7,475.00 25,000.00 N/A 1,587.50 N/A 2,415.49 20,997.01 64.66%Austria 32,747.10 7,747.10 25,000.00 N/A 4,481.80 N/A 2,118.46 18,399.74 56.19%Sweden 32,855.00 7,855.00 25,000.00 N/A 1,755.00 N/A 3,463.00 19,782.00 60.21%Belgium 33,171.70 8,171.70 25,000.00 N/A 3,251.07 N/A 4,275.75 17,473.18 52.67%Czech Republic 33,500.06 8,500.06 25,000.00 N/A 2,750.05 N/A 4,106.78 18,143.17 54.16%Slovakia 33,799.32 8,799.32 25,000.00 N/A 3,349.68 N/A 3,478.44 18,171.88 53.76%France 36,458.00 11,458.00 25,000.00 N/A 5,515.00 N/A 1,188.00 18,297.00 50.19%


Land Estimated employer's cost





Ratio Net/cost

Portugal 30,937.50 5,937.50 25,000.00 N/A 2,750.00 N/A 5,285.43 16,964.57 54.83%Germany 29,831.25 4,831.25 25,000.00 N/A 4,893.75 N/A 2,907.58 17,198.67 57.65%Denmark 26,608.26 1,608.26 25,000.00 N/A 144.74 N/A 7,384.31 17,470.95 65.66%Belgium 33,171.70 8,171.70 25,000.00 N/A 3,251.07 N/A 4,275.75 17,473.18 52.67%Poland 30,152.50 5,152.50 25,000.00 N/A 5,369.03 N/A 2,092.77 17,538.20 58.17%Italy 32,465.00 7,465.00 25,000.00 N/A 2,372.50 N/A 5,067.36 17,560.14 54.09%Czech Republic 33,500.06 8,500.06 25,000.00 N/A 2,750.05 N/A 4,106.78 18,143.17 54.16%Slovakia 33,799.32 8,799.32 25,000.00 N/A 3,349.68 N/A 3,478.44 18,171.88 53.76%Greece 31,140.00 6,140.00 25,000.00 N/A 3,875.00 N/A 2,843.25 18,281.75 58.71%France 36,458.00 11,458.00 25,000.00 N/A 5,515.00 N/A 1,188.00 18,297.00 50.19%Austria 32,747.10 7,747.10 25,000.00 N/A 4,481.80 N/A 2,118.46 18,399.74 56.19%Malta 27,175.16 2,175.16 25,000.00 N/A 2,175.16 N/A 3,525.00 19,299.84 71.02%Sweden 32,855.00 7,855.00 25,000.00 N/A 1,755.00 N/A 3,463.00 19,782.00 60.21%Netherlands 29,715.00 4,715.00 25,000.00 N/A 3,719.00 N/A 1,388.00 19,893.00 66.95%Luxembourg 28,192.50 3,192.50 25,000.00 N/A 2,762.50 N/A 1,272.15 20,965.35 74.36%Spain 32,475.00 7,475.00 25,000.00 N/A 1,587.50 N/A 2,415.49 20,997.01 64.66%United Kingdom 26,883.00 1,883.00 25,000.00 N/A 1,646.00 N/A 2,031.00 21,323.00 79.32%Ireland 27,687.50 2,687.50 25,000.00 N/A 1,000.00 N/A 2,595.00 21,405.00 77.31%Switzerland 27,173.00 2,173.00 25,000.00 N/A 1,573.00 N/A 0.00 23,427.00 86.21%







France 36,458.00 11,458.00 25,000.00 N/A 5,515.00 N/A 1,188.00 18,297.00 50.19%Belgium 33,171.70 8,171.70 25,000.00 N/A 3,251.07 N/A 4,275.75 17,473.18 52.67%Slovakia 33,799.32 8,799.32 25,000.00 N/A 3,349.68 N/A 3,478.44 18,171.88 53.76%Italy 32,465.00 7,465.00 25,000.00 N/A 2,372.50 N/A 5,067.36 17,560.14 54.09%Czech Republic 33,500.06 8,500.06 25,000.00 N/A 2,750.05 N/A 4,106.78 18,143.17 54.16%Portugal 30,937.50 5,937.50 25,000.00 N/A 2,750.00 N/A 5,285.43 16,964.57 54.83%Austria 32,747.10 7,747.10 25,000.00 N/A 4,481.80 N/A 2,118.46 18,399.74 56.19%Germany 29,831.25 4,831.25 25,000.00 N/A 4,893.75 N/A 2,907.58 17,198.67 57.65%Poland 30,152.50 5,152.50 25,000.00 N/A 5,369.03 N/A 2,092.77 17,538.20 58.17%Greece 31,140.00 6,140.00 25,000.00 N/A 3,875.00 N/A 2,843.25 18,281.75 58.71%Sweden 32,855.00 7,855.00 25,000.00 N/A 1,755.00 N/A 3,463.00 19,782.00 60.21%Spain 32,475.00 7,475.00 25,000.00 N/A 1,587.50 N/A 2,415.49 20,997.01 64.66%Denmark 26,608.26 1,608.26 25,000.00 N/A 144.74 N/A 7,384.31 17,470.95 65.66%Netherlands 29,715.00 4,715.00 25,000.00 N/A 3,719.00 N/A 1,388.00 19,893.00 66.95%Malta 27,175.16 2,175.16 25,000.00 N/A 2,175.16 N/A 3,525.00 19,299.84 71.02%Luxembourg 28,192.50 3,192.50 25,000.00 N/A 2,762.50 N/A 1,272.15 20,965.35 74.36%Ireland 27,687.50 2,687.50 25,000.00 N/A 1,000.00 N/A 2,595.00 21,405.00 77.31%United Kingdom 26,883.00 1,883.00 25,000.00 N/A 1,646.00 N/A 2,031.00 21,323.00 79.32%Switzerland 27,173.00 2,173.00 25,000.00 N/A 1,573.00 N/A 0.00 23,427.00 86.21%

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000


SwitzerlandMalta


GermanyPoland

PortugalGreece

ItalySpain



France

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000

PortugalGermanyDenmarkBelgiumPoland

ItalyCzech Republic

SlovakiaGreeceFranceAustria

MaltaSweden

NetherlandsLuxembourg

SpainUnited Kingdom

IrelandSwitzerland

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

FranceBelgiumSlovakia

ItalyCzech Republic

PortugalAustria

GermanyPolandGreece

SwedenSpain

DenmarkNetherlands

MaltaLuxembourg

IrelandUnited Kingdom

Switzerland


Situation c: Married (working spouse), 2 dependent children




Gross BIK Cie Car

Social security employee



Denmark 26,608.26 1,608.26 25,000.00 N/A 144.74 N/A 7,384.31 17,470.95 65.66%United Kingdom 26,883.00 1,883.00 25,000.00 N/A 1,646.00 N/A 2,031.00 21,323.00 79.32%Switzerland 27,173.00 2,173.00 25,000.00 N/A 1,573.00 N/A 0.00 23,427.00 86.21%Malta 27,175.16 2,175.16 25,000.00 N/A 2,175.16 N/A 3,200.00 19,624.84 72.22%Ireland 27,687.50 2,687.50 25,000.00 N/A 1,000.00 N/A 2,595.00 21,405.00 77.31%Luxembourg 28,192.50 3,192.50 25,000.00 N/A 2,762.50 N/A 1,272.15 20,965.35 74.36%Netherlands 29,715.00 4,715.00 25,000.00 N/A 3,719.00 N/A 1,388.00 19,893.00 66.95%Germany 29,831.25 4,831.25 25,000.00 N/A 4,831.25 N/A 676.00 19,492.75 65.34%Poland 30,152.50 5,152.50 25,000.00 N/A 5,369.03 N/A 1,554.32 18,076.65 59.95%Portugal 30,937.50 5,937.50 25,000.00 N/A 2,750.00 N/A 3,868.59 18,381.41 59.41%Greece 31,140.00 6,140.00 25,000.00 N/A 3,875.00 N/A 2,843.25 18,281.75 58.71%Italy 32,465.00 7,465.00 25,000.00 N/A 2,372.50 N/A 4,312.87 18,314.63 56.41%Spain 32,475.00 7,475.00 25,000.00 N/A 1,587.50 N/A 3,182.50 20,230.00 62.29%Austria 32,747.10 7,747.10 25,000.00 N/A 4,481.80 N/A 2,118.46 18,399.74 56.19%Sweden 32,855.00 7,855.00 25,000.00 N/A 1,755.00 N/A 3,463.00 19,782.00 60.21%Belgium 33,171.70 8,171.70 25,000.00 N/A 3,251.07 N/A 3,101.52 18,647.41 56.21%Czech Republic 33,500.06 8,500.06 25,000.00 N/A 2,750.05 N/A 3,027.60 19,222.35 57.38%Slovakia 33,799.32 8,799.32 25,000.00 N/A 3,349.68 N/A 2,964.60 18,685.72 55.28%France 36,458.00 11,458.00 25,000.00 N/A 5,515.00 N/A 85.00 19,400.00 53.21%




Gross BIK Cie Car




Ratio Net/cost

Denmark 26,608.26 1,608.26 25,000.00 N/A 144.74 N/A 7,384.31 17,470.95 65.66%Poland 30,152.50 5,152.50 25,000.00 N/A 5,369.03 N/A 1,554.32 18,076.65 59.95%Greece 31,140.00 6,140.00 25,000.00 N/A 3,875.00 N/A 2,843.25 18,281.75 58.71%Italy 32,465.00 7,465.00 25,000.00 N/A 2,372.50 N/A 4,312.87 18,314.63 56.41%Portugal 30,937.50 5,937.50 25,000.00 N/A 2,750.00 N/A 3,868.59 18,381.41 59.41%Austria 32,747.10 7,747.10 25,000.00 N/A 4,481.80 N/A 2,118.46 18,399.74 56.19%Belgium 33,171.70 8,171.70 25,000.00 N/A 3,251.07 N/A 3,101.52 18,647.41 56.21%Slovakia 33,799.32 8,799.32 25,000.00 N/A 3,349.68 N/A 2,964.60 18,685.72 55.28%Czech Republic 33,500.06 8,500.06 25,000.00 N/A 2,750.05 N/A 3,027.60 19,222.35 57.38%France 36,458.00 11,458.00 25,000.00 N/A 5,515.00 N/A 85.00 19,400.00 53.21%Germany 29,831.25 4,831.25 25,000.00 N/A 4,831.25 N/A 676.00 19,492.75 65.34%Malta 27,175.16 2,175.16 25,000.00 N/A 2,175.16 N/A 3,200.00 19,624.84 72.22%Sweden 32,855.00 7,855.00 25,000.00 N/A 1,755.00 N/A 3,463.00 19,782.00 60.21%Netherlands 29,715.00 4,715.00 25,000.00 N/A 3,719.00 N/A 1,388.00 19,893.00 66.95%Spain 32,475.00 7,475.00 25,000.00 N/A 1,587.50 N/A 3,182.50 20,230.00 62.29%Luxembourg 28,192.50 3,192.50 25,000.00 N/A 2,762.50 N/A 1,272.15 20,965.35 74.36%United Kingdom 26,883.00 1,883.00 25,000.00 N/A 1,646.00 N/A 2,031.00 21,323.00 79.32%Ireland 27,687.50 2,687.50 25,000.00 N/A 1,000.00 N/A 2,595.00 21,405.00 77.31%Switzerland 27,173.00 2,173.00 25,000.00 N/A 1,573.00 N/A 0.00 23,427.00 86.21%




Gross BIK Cie Car




France 36,458.00 11,458.00 25,000.00 N/A 5,515.00 N/A 85.00 19,400.00 53.21%Slovakia 33,799.32 8,799.32 25,000.00 N/A 3,349.68 N/A 2,964.60 18,685.72 55.28%Austria 32,747.10 7,747.10 25,000.00 N/A 4,481.80 N/A 2,118.46 18,399.74 56.19%Belgium 33,171.70 8,171.70 25,000.00 N/A 3,251.07 N/A 3,101.52 18,647.41 56.21%Italy 32,465.00 7,465.00 25,000.00 N/A 2,372.50 N/A 4,312.87 18,314.63 56.41%Czech Republic 33,500.06 8,500.06 25,000.00 N/A 2,750.05 N/A 3,027.60 19,222.35 57.38%Greece 31,140.00 6,140.00 25,000.00 N/A 3,875.00 N/A 2,843.25 18,281.75 58.71%Portugal 30,937.50 5,937.50 25,000.00 N/A 2,750.00 N/A 3,868.59 18,381.41 59.41%Poland 30,152.50 5,152.50 25,000.00 N/A 5,369.03 N/A 1,554.32 18,076.65 59.95%Sweden 32,855.00 7,855.00 25,000.00 N/A 1,755.00 N/A 3,463.00 19,782.00 60.21%Spain 32,475.00 7,475.00 25,000.00 N/A 1,587.50 N/A 3,182.50 20,230.00 62.29%Germany 29,831.25 4,831.25 25,000.00 N/A 4,831.25 N/A 676.00 19,492.75 65.34%Denmark 26,608.26 1,608.26 25,000.00 N/A 144.74 N/A 7,384.31 17,470.95 65.66%Netherlands 29,715.00 4,715.00 25,000.00 N/A 3,719.00 N/A 1,388.00 19,893.00 66.95%Malta 27,175.16 2,175.16 25,000.00 N/A 2,175.16 N/A 3,200.00 19,624.84 72.22%Luxembourg 28,192.50 3,192.50 25,000.00 N/A 2,762.50 N/A 1,272.15 20,965.35 74.36%Ireland 27,687.50 2,687.50 25,000.00 N/A 1,000.00 N/A 2,595.00 21,405.00 77.31%United Kingdom 26,883.00 1,883.00 25,000.00 N/A 1,646.00 N/A 2,031.00 21,323.00 79.32%Switzerland 27,173.00 2,173.00 25,000.00 N/A 1,573.00 N/A 0.00 23,427.00 86.21%

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000


SwitzerlandMalta


GermanyPoland

PortugalGreece

ItalySpain



France

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000

DenmarkPolandGreece

ItalyPortugal

AustriaBelgiumSlovakia

Czech RepublicFrance

GermanyMalta

SwedenNetherlands

SpainLuxembourg


Switzerland

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

FranceSlovakia

AustriaBelgium

ItalyCzech Republic

GreecePortugal

PolandSweden

SpainGermanyDenmark

NetherlandsMalta

LuxembourgIreland


6

50,000

50,000

50,000

50,000



Total

Denmark 28,543.10 21,312.16 144.74 1,608.26 51,608.26Malta 37,832.84 9,992.00 2,175.16 2,175.16 52,175.16Switzerland 43,092.33 3,602.67 3,305.00 4,567.00 54,567.00United Kingdom 37,306.00 8,049.00 4,645.00 6,103.00 56,103.00Ireland 34,592.67 13,107.33 2,300.00 6,180.61 56,180.61Luxembourg 35,874.42 8,167.65 5,957.93 6,866.43 56,866.43Poland 34,650.86 6,705.02 8,644.12 6,884.34 56,884.34Netherlands 30,624.00 12,464.00 6,912.00 9,430.00 59,430.00Germany 31,403.91 8,527.45 10,068.64 10,027.39 60,027.39Portugal 32,093.58 12,406.42 5,500.00 11,875.00 61,875.00Greece 29,568.00 12,682.00 7,750.00 12,280.00 62,280.00Spain 34,671.85 12,580.38 2,747.77 12,938.33 62,938.33Italy 29,899.58 15,092.55 5,007.87 15,567.92 65,567.92Czech Republic 35,949.64 8,646.26 5,404.10 16,471.53 66,471.53Belgium 30,214.27 13,283.59 6,502.14 16,726.61 66,726.61Austria 29,675.10 10,613.22 9,711.68 16,780.12 66,780.12Sweden 34,742.00 11,749.00 3,509.00 16,896.73 66,896.73Slovakia 34,524.72 8,850.32 6,624.96 17,424.88 67,424.88France 35,045.00 3,594.00 11,361.00 24,639.00 74,639.00

copy/paste from table 1Country Net income Taxes Employee

social securityEmployer social security

Total

Denmark 28,543.10 21,312.16 144.74 1,608.26 51,608.26Greece 29,568.00 12,682.00 7,750.00 12,280.00 62,280.00Austria 29,675.10 10,613.22 9,711.68 16,780.12 66,780.12Italy 29,899.58 15,092.55 5,007.87 15,567.92 65,567.92Belgium 30,214.27 13,283.59 6,502.14 16,726.61 66,726.61Netherlands 30,624.00 12,464.00 6,912.00 9,430.00 59,430.00Germany 31,403.91 8,527.45 10,068.64 10,027.39 60,027.39Portugal 32,093.58 12,406.42 5,500.00 11,875.00 61,875.00Slovakia 34,524.72 8,850.32 6,624.96 17,424.88 67,424.88Ireland 34,592.67 13,107.33 2,300.00 6,180.61 56,180.61Poland 34,650.86 6,705.02 8,644.12 6,884.34 56,884.34Spain 34,671.85 12,580.38 2,747.77 12,938.33 62,938.33Sweden 34,742.00 11,749.00 3,509.00 16,896.73 66,896.73France 35,045.00 3,594.00 11,361.00 24,639.00 74,639.00Luxembourg 35,874.42 8,167.65 5,957.93 6,866.43 56,866.43Czech Republic 35,949.64 8,646.26 5,404.10 16,471.53 66,471.53United Kingdom 37,306.00 8,049.00 4,645.00 6,103.00 56,103.00Malta 37,832.84 9,992.00 2,175.16 2,175.16 52,175.16Switzerland 43,092.33 3,602.67 3,305.00 4,567.00 54,567.00

copy/paste from table 1




Austria 29,675.10 10,613.22 9,711.68 16,780.12 44.44% 66,780.12Belgium 30,214.27 13,283.59 6,502.14 16,726.61 45.28% 66,726.61Italy 29,899.58 15,092.55 5,007.87 15,567.92 45.60% 65,567.92France 35,045.00 3,594.00 11,361.00 24,639.00 46.95% 74,639.00Greece 29,568.00 12,682.00 7,750.00 12,280.00 47.48% 62,280.00Slovakia 34,524.72 8,850.32 6,624.96 17,424.88 51.20% 67,424.88Netherlands 30,624.00 12,464.00 6,912.00 9,430.00 51.53% 59,430.00Portugal 32,093.58 12,406.42 5,500.00 11,875.00 51.87% 61,875.00Sweden 34,742.00 11,749.00 3,509.00 16,896.73 51.93% 66,896.73Germany 31,403.91 8,527.45 10,068.64 10,027.39 52.32% 60,027.39Czech Republic 35,949.64 8,646.26 5,404.10 16,471.53 54.08% 66,471.53Spain 34,671.85 12,580.38 2,747.77 12,938.33 55.09% 62,938.33Denmark 28,543.10 21,312.16 144.74 1,608.26 55.31% 51,608.26Poland 34,650.86 6,705.02 8,644.12 6,884.34 60.91% 56,884.34Ireland 34,592.67 13,107.33 2,300.00 6,180.61 61.57% 56,180.61Luxembourg 35,874.42 8,167.65 5,957.93 6,866.43 63.09% 56,866.43United Kingdom 37,306.00 8,049.00 4,645.00 6,103.00 66.50% 56,103.00Malta 37,832.84 9,992.00 2,175.16 2,175.16 72.51% 52,175.16Switzerland 43,092.33 3,602.67 3,305.00 4,567.00 78.97% 54,567.00

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000

DenmarkMalta

SwitzerlandUnited Kingdom

IrelandLuxembourg

PolandNetherlands

GermanyPortugalGreece

SpainItaly

Czech RepublicBelgiumAustria

SwedenSlovakia

France


€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000

DenmarkGreeceAustria

ItalyBelgium

NetherlandsGermanyPortugalSlovakia

IrelandPolandSpain

SwedenFrance

LuxembourgCzech RepublicUnited Kingdom

MaltaSwitzerland


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AustriaBelgium

ItalyFranceGreece

SlovakiaNetherlands

PortugalSweden

GermanyCzech Republic

SpainDenmark

PolandIreland


MaltaSwitzerland

Scenario 2:- Employee- Annual gross income: 50.000,00 EUR- Company car: type: Volkswagen Golf Variant 1.6 TDI 105, CO2 emission and price changed compared to last year (99g/km & €21.650 last year); now:

a: Married (non-working spouse), 2 dependent children


Country Estimated employer cost (EUR)

Social security employer**

Gross BIK company car Social security employee


Taxes Net income Net/cost ratio

Denmark 51,608.26 1,608.26 50,000.00 11,541.73 144.74 N/A 19,756.89 30,098.37 58.32%Malta 52,175.16 2,175.16 50,000.00 2,875.00 2,175.16 N/A 9,314.00 38,510.84 73.81%Switzerland 54,567.00 4,567.00 50,000.00 2,545.00 3,305.00 N/A 0.00 46,695.00 85.57%United Kingdom 56,103.00 6,103.00 50,000.00 5,583.00 4,645.00 N/A 7,851.00 37,504.00 66.85%Ireland 56,180.61 6,180.61 50,000.00 7,494.00 2,300.00 N/A 11,847.00 35,853.00 63.82%Luxembourg 56,866.43 6,866.43 50,000.00 4,008.60 5,957.93 N/A 4,054.32 39,987.75 70.32%Poland 56,884.34 6,884.34 50,000.00 2,862.87 8,644.12 N/A 4,502.12 36,853.76 64.79%Netherlands 59,430.00 9,430.00 50,000.00 6,580.50 6,912.00 N/A 12,464.00 30,624.00 51.53%Germany 60,027.39 10,027.39 50,000.00 3,753.60 10,027.39 N/A 6,985.51 32,987.10 54.95%Portugal 61,875.00 11,875.00 50,000.00 0.00 5,500.00 N/A 10,021.84 34,478.16 55.72%Greece 62,280.00 12,280.00 50,000.00 1,800.00 7,750.00 N/A 12,682.00 29,568.00 47.48%Spain 62,938.33 12,938.33 50,000.00 2,411.00 2,747.77 N/A 12,410.92 34,841.31 55.36%Italy 65,567.92 15,567.92 50,000.00 TBD 5,007.87 N/A 14,171.60 30,820.53 47.01%Czech Republic 66,471.53 16,471.53 50,000.00 1,920.01 5,404.10 N/A 7,674.67 36,921.23 55.54%Belgium 66,726.61 16,726.61 50,000.00 1,332.82 6,502.14 N/A 10,078.08 33,419.78 50.08%Austria 66,780.12 16,780.12 50,000.00 4,140.00 9,711.68 N/A 10,167.22 30,121.10 45.10%Sweden 66,896.73 16,896.73 50,000.00 3,777.00 3,509.00 N/A 11,749.00 34,742.00 51.93%Slovakia 67,424.88 17,424.88 50,000.00 2,191.20 6,624.96 N/A 8,484.48 34,890.56 51.75%France 74,639.00 24,639.00 50,000.00 2,250.00 11,361.00 N/A 674.00 37,965.00 50.86%







Ratio Net/cost

Greece 62,280.00 12,280.00 50,000.00 1,800.00 7,750.00 N/A 12,682.00 29,568.00 47.48%Denmark 51,608.26 1,608.26 50,000.00 11,541.73 144.74 N/A 19,756.89 30,098.37 58.32%Austria 66,780.12 16,780.12 50,000.00 4,140.00 9,711.68 N/A 10,167.22 30,121.10 45.10%Netherlands 59,430.00 9,430.00 50,000.00 6,580.50 6,912.00 N/A 12,464.00 30,624.00 51.53%Italy 65,567.92 15,567.92 50,000.00 TBD 5,007.87 N/A 14,171.60 30,820.53 47.01%Germany 60,027.39 10,027.39 50,000.00 3,753.60 10,027.39 N/A 6,985.51 32,987.10 54.95%Belgium 66,726.61 16,726.61 50,000.00 1,332.82 6,502.14 N/A 10,078.08 33,419.78 50.08%Portugal 61,875.00 11,875.00 50,000.00 0.00 5,500.00 N/A 10,021.84 34,478.16 55.72%Sweden 66,896.73 16,896.73 50,000.00 3,777.00 3,509.00 N/A 11,749.00 34,742.00 51.93%Spain 62,938.33 12,938.33 50,000.00 2,411.00 2,747.77 N/A 12,410.92 34,841.31 55.36%Slovakia 67,424.88 17,424.88 50,000.00 2,191.20 6,624.96 N/A 8,484.48 34,890.56 51.75%Ireland 56,180.61 6,180.61 50,000.00 7,494.00 2,300.00 N/A 11,847.00 35,853.00 63.82%Poland 56,884.34 6,884.34 50,000.00 2,862.87 8,644.12 N/A 4,502.12 36,853.76 64.79%Czech Republic 66,471.53 16,471.53 50,000.00 1,920.01 5,404.10 N/A 7,674.67 36,921.23 55.54%United Kingdom 56,103.00 6,103.00 50,000.00 5,583.00 4,645.00 N/A 7,851.00 37,504.00 66.85%France 74,639.00 24,639.00 50,000.00 2,250.00 11,361.00 N/A 674.00 37,965.00 50.86%Malta 52,175.16 2,175.16 50,000.00 2,875.00 2,175.16 N/A 9,314.00 38,510.84 73.81%Luxembourg 56,866.43 6,866.43 50,000.00 4,008.60 5,957.93 N/A 4,054.32 39,987.75 70.32%Switzerland 54,567.00 4,567.00 50,000.00 2,545.00 3,305.00 N/A 0.00 46,695.00 85.57%







Austria 66,780.12 16,780.12 50,000.00 4,140.00 9,711.68 N/A 10,167.22 30,121.10 45.10%Italy 65,567.92 15,567.92 50,000.00 TBD 5,007.87 N/A 14,171.60 30,820.53 47.01%Greece 62,280.00 12,280.00 50,000.00 1,800.00 7,750.00 N/A 12,682.00 29,568.00 47.48%Belgium 66,726.61 16,726.61 50,000.00 1,332.82 6,502.14 N/A 10,078.08 33,419.78 50.08%France 74,639.00 24,639.00 50,000.00 2,250.00 11,361.00 N/A 674.00 37,965.00 50.86%Netherlands 59,430.00 9,430.00 50,000.00 6,580.50 6,912.00 N/A 12,464.00 30,624.00 51.53%Slovakia 67,424.88 17,424.88 50,000.00 2,191.20 6,624.96 N/A 8,484.48 34,890.56 51.75%Sweden 66,896.73 16,896.73 50,000.00 3,777.00 3,509.00 N/A 11,749.00 34,742.00 51.93%Germany 60,027.39 10,027.39 50,000.00 3,753.60 10,027.39 N/A 6,985.51 32,987.10 54.95%Spain 62,938.33 12,938.33 50,000.00 2,411.00 2,747.77 N/A 12,410.92 34,841.31 55.36%Czech Republic 66,471.53 16,471.53 50,000.00 1,920.01 5,404.10 N/A 7,674.67 36,921.23 55.54%Portugal 61,875.00 11,875.00 50,000.00 0.00 5,500.00 N/A 10,021.84 34,478.16 55.72%Denmark 51,608.26 1,608.26 50,000.00 11,541.73 144.74 N/A 19,756.89 30,098.37 58.32%Ireland 56,180.61 6,180.61 50,000.00 7,494.00 2,300.00 N/A 11,847.00 35,853.00 63.82%Poland 56,884.34 6,884.34 50,000.00 2,862.87 8,644.12 N/A 4,502.12 36,853.76 64.79%United Kingdom 56,103.00 6,103.00 50,000.00 5,583.00 4,645.00 N/A 7,851.00 37,504.00 66.85%Luxembourg 56,866.43 6,866.43 50,000.00 4,008.60 5,957.93 N/A 4,054.32 39,987.75 70.32%Malta 52,175.16 2,175.16 50,000.00 2,875.00 2,175.16 N/A 9,314.00 38,510.84 73.81%Switzerland 54,567.00 4,567.00 50,000.00 2,545.00 3,305.00 N/A 0.00 46,695.00 85.57%

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000

DenmarkMalta


IrelandLuxembourg

PolandNetherlands


SpainItaly


SwedenSlovakia

France

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000 € 45,000 € 50,000

GreeceDenmark

AustriaNetherlands

ItalyGermanyBelgiumPortugalSweden

SpainSlovakia

IrelandPoland

Czech RepublicUnited Kingdom

FranceMalta

LuxembourgSwitzerland

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AustriaItaly

GreeceBelgiumFrance

NetherlandsSlovakiaSweden

GermanySpain

Czech RepublicPortugal

DenmarkIrelandPoland

United KingdomLuxembourg

MaltaSwitzerland


b: Single, no dependent children







Denmark 51,608.26 1,608.26 50,000.00 11,541.73 144.74 N/A 22,089.79 27,765.47 53.80%Malta 52,175.16 2,175.16 50,000.00 2,875.00 2,175.16 N/A 10,494.00 37,330.84 71.55%Switzerland 54,567.00 4,567.00 50,000.00 2,545.00 3,305.00 N/A 4,645.00 42,050.00 77.06%United Kingdom 56,103.00 6,103.00 50,000.00 5,583.00 4,645.00 N/A 8,148.00 37,207.00 66.32%Ireland 56,180.61 6,180.61 50,000.00 7,494.00 2,300.00 N/A 16,107.00 31,593.00 56.23%Luxembourg 56,866.43 6,866.43 50,000.00 4,008.60 5,957.93 N/A 10,224.32 33,817.75 59.47%Poland 56,884.34 6,884.34 50,000.00 2,862.87 8,644.12 N/A 8,075.81 33,280.06 58.50%Netherlands 59,430.00 9,430.00 50,000.00 6,580.50 6,912.00 N/A 12,464.00 30,624.00 51.53%Germany 60,027.39 10,027.39 50,000.00 3,753.60 10,151.14 N/A 11,611.33 28,237.53 47.04%Portugal 61,875.00 11,875.00 50,000.00 0.00 5,500.00 N/A 15,205.05 29,294.95 47.35%Greece 62,280.00 12,280.00 50,000.00 1,800.00 7,750.00 N/A 12,682.00 29,568.00 47.48%Spain 62,938.33 12,938.33 50,000.00 2,411.00 2,747.77 N/A 12,919.31 34,332.92 54.55%Italy 65,567.92 15,567.92 50,000.00 TBD 5,007.87 N/A 15,824.49 29,167.64 44.48%Czech Republic 66,471.53 16,471.53 50,000.00 1,920.01 5,404.10 N/A 9,671.64 34,924.26 52.54%Belgium 66,726.61 16,726.61 50,000.00 1,332.82 6,502.14 N/A 15,474.48 28,023.38 42.00%Austria 66,780.12 16,780.12 50,000.00 4,140.00 9,711.68 N/A 10,836.22 29,452.10 44.10%Sweden 66,896.73 16,896.73 50,000.00 3,777.00 3,509.00 N/A 11,749.00 34,742.00 51.93%Slovakia 67,424.88 17,424.88 50,000.00 2,191.20 6,624.96 N/A 9,290.16 34,084.88 50.55%France 74,639.00 24,639.00 50,000.00 2,250.00 11,361.00 N/A 5,808.00 32,831.00 43.99%


Country Estimated employer cost*





Net/cost ratio

Denmark 51,608.26 1,608.26 50,000.00 11,541.73 144.74 N/A 22,089.79 27,765.47 53.80%Belgium 66,726.61 16,726.61 50,000.00 1,332.82 6,502.14 N/A 15,474.48 28,023.38 42.00%Germany 60,027.39 10,027.39 50,000.00 3,753.60 10,151.14 N/A 11,611.33 28,237.53 47.04%Italy 65,567.92 15,567.92 50,000.00 TBD 5,007.87 N/A 15,824.49 29,167.64 44.48%Portugal 61,875.00 11,875.00 50,000.00 0.00 5,500.00 N/A 15,205.05 29,294.95 47.35%Austria 66,780.12 16,780.12 50,000.00 4,140.00 9,711.68 N/A 10,836.22 29,452.10 44.10%Greece 62,280.00 12,280.00 50,000.00 1,800.00 7,750.00 N/A 12,682.00 29,568.00 47.48%Netherlands 59,430.00 9,430.00 50,000.00 6,580.50 6,912.00 N/A 12,464.00 30,624.00 51.53%Ireland 56,180.61 6,180.61 50,000.00 7,494.00 2,300.00 N/A 16,107.00 31,593.00 56.23%France 74,639.00 24,639.00 50,000.00 2,250.00 11,361.00 N/A 5,808.00 32,831.00 43.99%Poland 56,884.34 6,884.34 50,000.00 2,862.87 8,644.12 N/A 8,075.81 33,280.06 58.50%Luxembourg 56,866.43 6,866.43 50,000.00 4,008.60 5,957.93 N/A 10,224.32 33,817.75 59.47%Slovakia 67,424.88 17,424.88 50,000.00 2,191.20 6,624.96 N/A 9,290.16 34,084.88 50.55%Spain 62,938.33 12,938.33 50,000.00 2,411.00 2,747.77 N/A 12,919.31 34,332.92 54.55%Sweden 66,896.73 16,896.73 50,000.00 3,777.00 3,509.00 N/A 11,749.00 34,742.00 51.93%Czech Republic 66,471.53 16,471.53 50,000.00 1,920.01 5,404.10 N/A 9,671.64 34,924.26 52.54%United Kingdom 56,103.00 6,103.00 50,000.00 5,583.00 4,645.00 N/A 8,148.00 37,207.00 66.32%Malta 52,175.16 2,175.16 50,000.00 2,875.00 2,175.16 N/A 10,494.00 37,330.84 71.55%Switzerland 54,567.00 4,567.00 50,000.00 2,545.00 3,305.00 N/A 4,645.00 42,050.00 77.06%







Belgium 66,726.61 16,726.61 50,000.00 1,332.82 6,502.14 N/A 15,474.48 28,023.38 42.00%France 74,639.00 24,639.00 50,000.00 2,250.00 11,361.00 N/A 5,808.00 32,831.00 43.99%Austria 66,780.12 16,780.12 50,000.00 4,140.00 9,711.68 N/A 10,836.22 29,452.10 44.10%Italy 65,567.92 15,567.92 50,000.00 TBD 5,007.87 N/A 15,824.49 29,167.64 44.48%Germany 60,027.39 10,027.39 50,000.00 3,753.60 10,151.14 N/A 11,611.33 28,237.53 47.04%Portugal 61,875.00 11,875.00 50,000.00 0.00 5,500.00 N/A 15,205.05 29,294.95 47.35%Greece 62,280.00 12,280.00 50,000.00 1,800.00 7,750.00 N/A 12,682.00 29,568.00 47.48%Slovakia 67,424.88 17,424.88 50,000.00 2,191.20 6,624.96 N/A 9,290.16 34,084.88 50.55%Netherlands 59,430.00 9,430.00 50,000.00 6,580.50 6,912.00 N/A 12,464.00 30,624.00 51.53%Sweden 66,896.73 16,896.73 50,000.00 3,777.00 3,509.00 N/A 11,749.00 34,742.00 51.93%Czech Republic 66,471.53 16,471.53 50,000.00 1,920.01 5,404.10 N/A 9,671.64 34,924.26 52.54%Denmark 51,608.26 1,608.26 50,000.00 11,541.73 144.74 N/A 22,089.79 27,765.47 53.80%Spain 62,938.33 12,938.33 50,000.00 2,411.00 2,747.77 N/A 12,919.31 34,332.92 54.55%Ireland 56,180.61 6,180.61 50,000.00 7,494.00 2,300.00 N/A 16,107.00 31,593.00 56.23%Poland 56,884.34 6,884.34 50,000.00 2,862.87 8,644.12 N/A 8,075.81 33,280.06 58.50%Luxembourg 56,866.43 6,866.43 50,000.00 4,008.60 5,957.93 N/A 10,224.32 33,817.75 59.47%United Kingdom 56,103.00 6,103.00 50,000.00 5,583.00 4,645.00 N/A 8,148.00 37,207.00 66.32%Malta 52,175.16 2,175.16 50,000.00 2,875.00 2,175.16 N/A 10,494.00 37,330.84 71.55%Switzerland 54,567.00 4,567.00 50,000.00 2,545.00 3,305.00 N/A 4,645.00 42,050.00 77.06%

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000

DenmarkMalta


IrelandLuxembourg

PolandNetherlands


SpainItaly


SwedenSlovakia

France

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000 € 45,000 € 50,000

DenmarkBelgium

GermanyItaly

PortugalAustriaGreece

NetherlandsIrelandFrancePoland

LuxembourgSlovakia

SpainSweden


MaltaSwitzerland

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

BelgiumFranceAustria

ItalyGermanyPortugalGreece

SlovakiaNetherlands

SwedenCzech Republic

DenmarkSpain

IrelandPoland


MaltaSwitzerland
















Net/cost ratio

Denmark 51,608.26 1,608.26 50,000.00 11,541.73 144.74 N/A 22,089.79 27,765.47 53.80%Belgium 66,726.61 16,726.61 50,000.00 1,332.82 6,502.14 N/A 14,298.21 29,199.65 43.76%Austria 66,780.12 16,780.12 50,000.00 4,140.00 9,711.68 N/A 10,836.22 29,452.10 44.10%Greece 62,280.00 12,280.00 50,000.00 1,800.00 7,750.00 N/A 12,682.00 29,568.00 47.48%Italy 65,567.92 15,567.92 50,000.00 TBD 5,007.87 N/A 15,281.56 29,710.57 45.31%Netherlands 59,430.00 9,430.00 50,000.00 6,580.50 6,912.00 N/A 12,464.00 30,624.00 51.53%Portugal 61,875.00 11,875.00 50,000.00 0.00 5,500.00 N/A 11,992.36 32,507.64 52.54%Germany 60,027.39 10,027.39 50,000.00 3,753.60 10,027.39 N/A 6,985.51 32,987.10 54.95%Luxembourg 56,866.43 6,866.43 50,000.00 4,008.60 5,957.93 N/A 10,224.32 33,817.75 59.47%Poland 56,884.34 6,884.34 50,000.00 2,862.87 8,644.12 N/A 7,537.12 33,818.76 59.45%France 74,639.00 24,639.00 50,000.00 2,250.00 11,361.00 N/A 4,300.00 34,339.00 46.01%Slovakia 67,424.88 17,424.88 50,000.00 2,191.20 6,624.96 N/A 8,776.32 34,598.72 51.31%Sweden 66,896.73 16,896.73 50,000.00 3,777.00 3,509.00 N/A 11,749.00 34,742.00 51.93%Spain 62,938.33 12,938.33 50,000.00 2,411.00 2,747.77 N/A 12,410.92 34,841.31 55.36%Czech Republic 66,471.53 16,471.53 50,000.00 1,920.01 5,404.10 N/A 8,592.46 36,003.44 54.16%Ireland 56,180.61 6,180.61 50,000.00 7,494.00 2,300.00 N/A 11,368.00 36,332.00 64.67%United Kingdom 56,103.00 6,103.00 50,000.00 5,583.00 4,645.00 N/A 8,148.00 37,207.00 66.32%Malta 52,175.16 2,175.16 50,000.00 2,875.00 2,175.16 N/A 10,168.00 37,656.84 72.17%Switzerland 54,567.00 4,567.00 50,000.00 2,545.00 3,305.00 N/A 6,163.00 40,532.00 74.28%







Belgium 66,726.61 16,726.61 50,000.00 1,332.82 6,502.14 N/A 14,298.21 29,199.65 43.76%Austria 66,780.12 16,780.12 50,000.00 4,140.00 9,711.68 N/A 10,836.22 29,452.10 44.10%Italy 65,567.92 15,567.92 50,000.00 TBD 5,007.87 N/A 15,281.56 29,710.57 45.31%France 74,639.00 24,639.00 50,000.00 2,250.00 11,361.00 N/A 4,300.00 34,339.00 46.01%Greece 62,280.00 12,280.00 50,000.00 1,800.00 7,750.00 N/A 12,682.00 29,568.00 47.48%Slovakia 67,424.88 17,424.88 50,000.00 2,191.20 6,624.96 N/A 8,776.32 34,598.72 51.31%Netherlands 59,430.00 9,430.00 50,000.00 6,580.50 6,912.00 N/A 12,464.00 30,624.00 51.53%Sweden 66,896.73 16,896.73 50,000.00 3,777.00 3,509.00 N/A 11,749.00 34,742.00 51.93%Portugal 61,875.00 11,875.00 50,000.00 0.00 5,500.00 N/A 11,992.36 32,507.64 52.54%Denmark 51,608.26 1,608.26 50,000.00 11,541.73 144.74 N/A 22,089.79 27,765.47 53.80%Czech Republic 66,471.53 16,471.53 50,000.00 1,920.01 5,404.10 N/A 8,592.46 36,003.44 54.16%Germany 60,027.39 10,027.39 50,000.00 3,753.60 10,027.39 N/A 6,985.51 32,987.10 54.95%Spain 62,938.33 12,938.33 50,000.00 2,411.00 2,747.77 N/A 12,410.92 34,841.31 55.36%Poland 56,884.34 6,884.34 50,000.00 2,862.87 8,644.12 N/A 7,537.12 33,818.76 59.45%Luxembourg 56,866.43 6,866.43 50,000.00 4,008.60 5,957.93 N/A 10,224.32 33,817.75 59.47%Ireland 56,180.61 6,180.61 50,000.00 7,494.00 2,300.00 N/A 11,368.00 36,332.00 64.67%United Kingdom 56,103.00 6,103.00 50,000.00 5,583.00 4,645.00 N/A 8,148.00 37,207.00 66.32%Malta 52,175.16 2,175.16 50,000.00 2,875.00 2,175.16 N/A 10,168.00 37,656.84 72.17%Switzerland 54,567.00 4,567.00 50,000.00 2,545.00 3,305.00 N/A 6,163.00 40,532.00 74.28%

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000

DenmarkMalta


IrelandLuxembourg

PolandNetherlands


SpainItaly


SwedenSlovakia

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000 € 45,000 € 50,000

DenmarkBelgiumAustriaGreece

ItalyNetherlands

PortugalGermany

LuxembourgPolandFrance

SlovakiaSweden

SpainCzech Republic


MaltaSwitzerland

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

BelgiumAustria

ItalyFranceGreece

SlovakiaNetherlands

SwedenPortugal

DenmarkCzech Republic

GermanySpain

PolandLuxembourg


MaltaSwitzerland




Total

Denmark 38,112.87 36,742.39 144.74 1,608.26 76,608.26Malta 53,696.51 19,128.33 2,175.16 2,175.16 77,175.16Switzerland 62,722.33 7,534.67 4,743.00 6,828.00 81,828.00Poland 50,777.32 12,722.22 11,500.46 7,990.81 82,990.81Ireland 44,901.33 26,607.67 3,491.00 9,383.14 84,383.14Netherlands 40,536.00 26,709.00 7,755.00 9,803.00 84,803.00United Kingdom 50,230.00 18,690.00 6,080.00 9,999.00 84,999.00Luxembourg 48,815.59 17,325.37 8,859.04 10,213.07 85,213.07Germany 45,256.09 17,630.43 12,113.48 12,072.23 87,072.23Spain 48,546.53 23,705.70 2,747.77 12,938.33 87,938.33Slovakia 52,726.28 15,648.76 6,624.96 17,639.28 92,639.28Portugal 44,832.16 21,917.84 8,250.00 17,812.50 92,812.50Greece 39,680.50 23,694.50 11,625.00 18,420.00 93,420.00Czech Republic 53,853.91 14,595.38 6,550.71 18,764.71 93,764.71Austria 42,996.68 20,332.69 11,670.63 21,701.31 96,701.31Belgium 40,101.06 25,145.73 9,753.21 24,941.69 99,941.69Sweden 45,555.00 25,936.00 3,509.00 25,067.50 100,067.50Italy 39,082.80 24,506.99 11,410.21 27,731.14 102,731.14France 49,696.33 8,629.67 16,674.00 36,678.00 111,678.00

Copy paste table 1Country Net income Taxes Employee social


Total

Denmark 38,112.87 36,742.39 144.74 1,608.26 76,608.26Italy 39,082.80 24,506.99 11,410.21 27,731.14 102,731.14Greece 39,680.50 23,694.50 11,625.00 18,420.00 93,420.00Belgium 40,101.06 25,145.73 9,753.21 24,941.69 99,941.69Netherlands 40,536.00 26,709.00 7,755.00 9,803.00 84,803.00Austria 42,996.68 20,332.69 11,670.63 21,701.31 96,701.31Portugal 44,832.16 21,917.84 8,250.00 17,812.50 92,812.50Ireland 44,901.33 26,607.67 3,491.00 9,383.14 84,383.14Germany 45,256.09 17,630.43 12,113.48 12,072.23 87,072.23Sweden 45,555.00 25,936.00 3,509.00 25,067.50 100,067.50Spain 48,546.53 23,705.70 2,747.77 12,938.33 87,938.33Luxembourg 48,815.59 17,325.37 8,859.04 10,213.07 85,213.07France 49,696.33 8,629.67 16,674.00 36,678.00 111,678.00United Kingdom 50,230.00 18,690.00 6,080.00 9,999.00 84,999.00Poland 50,777.32 12,722.22 11,500.46 7,990.81 82,990.81Slovakia 52,726.28 15,648.76 6,624.96 17,639.28 92,639.28Malta 53,696.51 19,128.33 2,175.16 2,175.16 77,175.16Czech Republic 53,853.91 14,595.38 6,550.71 18,764.71 93,764.71Switzerland 62,722.33 7,534.67 4,743.00 6,828.00 81,828.00

Copy paste table 1




Italy 39,082.80 24,506.99 11,410.21 27,731.14 38.04% 102,731.14Belgium 40,101.06 25,145.73 9,753.21 24,941.69 40.12% 99,941.69Greece 39,680.50 23,694.50 11,625.00 18,420.00 42.48% 93,420.00Austria 42,996.68 20,332.69 11,670.63 21,701.31 44.46% 96,701.31France 49,696.33 8,629.67 16,674.00 36,678.00 44.50% 111,678.00Sweden 45,555.00 25,936.00 3,509.00 25,067.50 45.52% 100,067.50Netherlands 40,536.00 26,709.00 7,755.00 9,803.00 47.80% 84,803.00Portugal 44,832.16 21,917.84 8,250.00 17,812.50 48.30% 92,812.50Denmark 38,112.87 36,742.39 144.74 1,608.26 49.75% 76,608.26Germany 45,256.09 17,630.43 12,113.48 12,072.23 51.98% 87,072.23Ireland 44,901.33 26,607.67 3,491.00 9,383.14 53.21% 84,383.14Spain 48,546.53 23,705.70 2,747.77 12,938.33 55.21% 87,938.33Slovakia 52,726.28 15,648.76 6,624.96 17,639.28 56.92% 92,639.28Luxembourg 48,815.59 17,325.37 8,859.04 10,213.07 57.29% 85,213.07Czech Republic 53,853.91 14,595.38 6,550.71 18,764.71 57.44% 93,764.71United Kingdom 50,230.00 18,690.00 6,080.00 9,999.00 59.09% 84,999.00Poland 50,777.32 12,722.22 11,500.46 7,990.81 61.18% 82,990.81Malta 53,696.51 19,128.33 2,175.16 2,175.16 69.58% 77,175.16Switzerland 62,722.33 7,534.67 4,743.00 6,828.00 76.65% 81,828.00

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkMalta

SwitzerlandPolandIreland

NetherlandsUnited Kingdom

LuxembourgGermany

SpainSlovakiaPortugalGreece

Czech RepublicAustria

BelgiumSweden

ItalyFrance


€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkItaly

GreeceBelgium

NetherlandsAustria

PortugalIreland

GermanySweden

SpainLuxembourg

FranceUnited Kingdom

PolandSlovakia

MaltaCzech Republic

Switzerland


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

ItalyBelgiumGreeceAustriaFrance

SwedenNetherlands

PortugalDenmarkGermany

IrelandSpain

SlovakiaLuxembourg


PolandMalta

Switzerland

Scenario 3:- Employee- Annual gross income: 75.000,00 EUR- Company car: type: BMW 318d, CO2 emission and price changed compared to last year; (last year: 116 g/km & 31.200 €), now:








Denmark 76,608.26 1,608.26 75,000.00 16,071.84 144.74 N/A 35,187.03 39,668.23 51.78%Malta 77,175.16 2,175.16 75,000.00 6,014.00 2,175.16 N/A 18,450.00 54,374.84 70.46%Switzerland 81,828.00 6,828.00 75,000.00 3,573.00 4,943.00 N/A 211.00 69,846.00 85.36%Poland 82,990.81 7,990.81 75,000.00 4,580.59 11,500.46 N/A 10,519.32 52,980.22 63.84%Ireland 84,383.14 9,383.14 75,000.00 12,285.00 3,491.00 N/A 26,021.00 45,488.00 53.91%Netherlands 84,803.00 9,803.00 75,000.00 8,687.00 7,755.00 N/A 26,709.00 40,536.00 47.80%United Kingdom 84,999.00 9,999.00 75,000.00 8,814.00 6,080.00 N/A 18,690.00 50,230.00 59.09%Luxembourg 85,213.07 10,213.07 75,000.00 5,292.00 8,859.04 N/A 11,040.70 55,100.26 64.66%Germany 87,072.23 12,072.23 75,000.00 4,968.00 12,072.23 N/A 15,131.83 47,795.94 54.89%Spain 87,938.33 12,938.33 75,000.00 3,185.00 2,747.77 N/A 23,533.69 48,718.54 55.40%Slovakia 92,639.28 17,639.28 75,000.00 3,996.00 6,624.96 N/A 15,477.48 52,897.56 57.10%Portugal 92,812.50 17,812.50 75,000.00 0.00 8,250.00 N/A 18,753.60 47,996.40 51.71%Greece 93,420.00 18,420.00 75,000.00 2,700.00 11,625.00 N/A 23,694.50 39,680.50 42.48%Czech Republic 93,764.71 18,764.71 75,000.00 2,400.00 6,550.71 N/A 13,623.79 54,825.49 58.47%Austria 96,701.31 21,701.31 75,000.00 6,300.00 11,670.63 N/A 19,886.69 43,442.68 44.92%Belgium 99,941.69 24,941.69 75,000.00 1,935.00 9,753.21 N/A 21,673.23 43,573.56 43.60%Sweden 100,067.50 25,067.50 75,000.00 4,782.00 3,509.00 N/A 25,936.00 45,555.00 45.52%Italy 102,731.14 27,731.14 75,000.00 TBD 11,410.21 N/A 23,987.83 39,601.96 38.55%France 111,678.00 36,678.00 75,000.00 3,600.00 16,674.00 N/A 4,017.00 54,309.00 48.63%






Taxes Net income (EUR) Net/cost ratio

Italy 102,731.14 27,731.14 75,000.00 TBD 11,410.21 N/A 23,987.83 39,601.96 38.55%Denmark 76,608.26 1,608.26 75,000.00 16,071.84 144.74 N/A 35,187.03 39,668.23 51.78%Greece 93,420.00 18,420.00 75,000.00 2,700.00 11,625.00 N/A 23,694.50 39,680.50 42.48%Netherlands 84,803.00 9,803.00 75,000.00 8,687.00 7,755.00 N/A 26,709.00 40,536.00 47.80%Austria 96,701.31 21,701.31 75,000.00 6,300.00 11,670.63 N/A 19,886.69 43,442.68 44.92%Belgium 99,941.69 24,941.69 75,000.00 1,935.00 9,753.21 N/A 21,673.23 43,573.56 43.60%Ireland 84,383.14 9,383.14 75,000.00 12,285.00 3,491.00 N/A 26,021.00 45,488.00 53.91%Sweden 100,067.50 25,067.50 75,000.00 4,782.00 3,509.00 N/A 25,936.00 45,555.00 45.52%Germany 87,072.23 12,072.23 75,000.00 4,968.00 12,072.23 N/A 15,131.83 47,795.94 54.89%Portugal 92,812.50 17,812.50 75,000.00 0.00 8,250.00 N/A 18,753.60 47,996.40 51.71%Spain 87,938.33 12,938.33 75,000.00 3,185.00 2,747.77 N/A 23,533.69 48,718.54 55.40%United Kingdom 84,999.00 9,999.00 75,000.00 8,814.00 6,080.00 N/A 18,690.00 50,230.00 59.09%Slovakia 92,639.28 17,639.28 75,000.00 3,996.00 6,624.96 N/A 15,477.48 52,897.56 57.10%Poland 82,990.81 7,990.81 75,000.00 4,580.59 11,500.46 N/A 10,519.32 52,980.22 63.84%France 111,678.00 36,678.00 75,000.00 3,600.00 16,674.00 N/A 4,017.00 54,309.00 48.63%Malta 77,175.16 2,175.16 75,000.00 6,014.00 2,175.16 N/A 18,450.00 54,374.84 70.46%Czech Republic 93,764.71 18,764.71 75,000.00 2,400.00 6,550.71 N/A 13,623.79 54,825.49 58.47%Luxembourg 85,213.07 10,213.07 75,000.00 5,292.00 8,859.04 N/A 11,040.70 55,100.26 64.66%Switzerland 81,828.00 6,828.00 75,000.00 3,573.00 4,943.00 N/A 211.00 69,846.00 85.36%

Sorted by ratio net/cost






Italy 102,731.14 27,731.14 75,000.00 TBD 11,410.21 N/A 23,987.83 39,601.96 38.55%Greece 93,420.00 18,420.00 75,000.00 2,700.00 11,625.00 N/A 23,694.50 39,680.50 42.48%Belgium 99,941.69 24,941.69 75,000.00 1,935.00 9,753.21 N/A 21,673.23 43,573.56 43.60%Austria 96,701.31 21,701.31 75,000.00 6,300.00 11,670.63 N/A 19,886.69 43,442.68 44.92%Sweden 100,067.50 25,067.50 75,000.00 4,782.00 3,509.00 N/A 25,936.00 45,555.00 45.52%Netherlands 84,803.00 9,803.00 75,000.00 8,687.00 7,755.00 N/A 26,709.00 40,536.00 47.80%France 111,678.00 36,678.00 75,000.00 3,600.00 16,674.00 N/A 4,017.00 54,309.00 48.63%Portugal 92,812.50 17,812.50 75,000.00 0.00 8,250.00 N/A 18,753.60 47,996.40 51.71%Denmark 76,608.26 1,608.26 75,000.00 16,071.84 144.74 N/A 35,187.03 39,668.23 51.78%Ireland 84,383.14 9,383.14 75,000.00 12,285.00 3,491.00 N/A 26,021.00 45,488.00 53.91%Germany 87,072.23 12,072.23 75,000.00 4,968.00 12,072.23 N/A 15,131.83 47,795.94 54.89%Spain 87,938.33 12,938.33 75,000.00 3,185.00 2,747.77 N/A 23,533.69 48,718.54 55.40%Slovakia 92,639.28 17,639.28 75,000.00 3,996.00 6,624.96 N/A 15,477.48 52,897.56 57.10%Czech Republic 93,764.71 18,764.71 75,000.00 2,400.00 6,550.71 N/A 13,623.79 54,825.49 58.47%United Kingdom 84,999.00 9,999.00 75,000.00 8,814.00 6,080.00 N/A 18,690.00 50,230.00 59.09%Poland 82,990.81 7,990.81 75,000.00 4,580.59 11,500.46 N/A 10,519.32 52,980.22 63.84%Luxembourg 85,213.07 10,213.07 75,000.00 5,292.00 8,859.04 N/A 11,040.70 55,100.26 64.66%Malta 77,175.16 2,175.16 75,000.00 6,014.00 2,175.16 N/A 18,450.00 54,374.84 70.46%

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkMalta



LuxembourgGermany



BelgiumSweden

ItalyFrance

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000

ItalyDenmark

GreeceNetherlands

AustriaBelgium

IrelandSweden

GermanyPortugal

SpainUnited Kingdom

SlovakiaPolandFrance

MaltaCzech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

ItalyGreece

BelgiumAustria

SwedenNetherlands

FrancePortugal

DenmarkIreland

GermanySpain

SlovakiaCzech RepublicUnited Kingdom

PolandLuxembourg

MaltaSwitzerland









Denmark 76,608.26 1,608.26 75,000.00 16,071.84 144.74 N/A 37,520.07 37,335.19 48.74%Malta 77,175.16 2,175.16 75,000.00 6,014.00 2,175.16 N/A 19,630.00 53,194.84 68.93%Switzerland 81,828.00 6,828.00 75,000.00 3,573.00 4,343.00 N/A 11,118.00 59,539.00 72.76%Poland 82,990.81 7,990.81 75,000.00 4,580.59 11,500.46 N/A 14,093.01 49,406.53 59.53%Ireland 84,383.14 9,383.14 75,000.00 12,285.00 3,491.00 N/A 30,281.00 41,228.00 48.86%Netherlands 84,803.00 9,803.00 75,000.00 8,687.00 7,755.00 N/A 26,709.00 40,536.00 47.80%United Kingdom 84,999.00 9,999.00 75,000.00 8,814.00 6,080.00 N/A 18,690.00 50,230.00 59.09%Luxembourg 85,213.07 10,213.07 75,000.00 5,292.00 8,859.04 N/A 20,467.70 45,673.26 53.60%Germany 87,072.23 12,072.23 75,000.00 4,968.00 12,195.98 N/A 22,627.64 40,176.38 46.14%Spain 87,938.33 12,938.33 75,000.00 3,185.00 2,747.77 N/A 24,049.71 48,202.52 54.81%Slovakia 92,639.28 17,639.28 75,000.00 3,996.00 6,624.96 N/A 15,991.32 52,383.72 56.55%Portugal 92,812.50 17,812.50 75,000.00 0.00 8,250.00 N/A 25,996.30 40,753.70 43.91%Greece 93,420.00 18,420.00 75,000.00 2,700.00 11,625.00 N/A 23,694.50 39,680.50 42.48%Czech Republic 93,764.71 18,764.71 75,000.00 2,400.00 6,550.71 N/A 15,620.76 52,828.52 56.34%Austria 96,701.31 21,701.31 75,000.00 6,300.00 11,670.63 N/A 20,555.69 42,773.68 44.23%Belgium 99,941.69 24,941.69 75,000.00 1,935.00 9,753.21 N/A 27,461.39 37,785.40 37.81%Sweden 100,067.50 25,067.50 75,000.00 4,782.00 3,509.00 N/A 25,936.00 45,555.00 45.52%Italy 102,731.14 27,731.14 75,000.00 TBD 11,410.21 N/A 24,951.87 38,637.92 37.61%France 111,678.00 36,678.00 75,000.00 3,600.00 16,674.00 N/A 11,690.00 46,636.00 41.76%






Net income (EUR) Net/cost ratio

Denmark 76,608.26 1,608.26 75,000.00 16,071.84 144.74 N/A 37,520.07 37,335.19 48.74%Belgium 99,941.69 24,941.69 75,000.00 1,935.00 9,753.21 N/A 27,461.39 37,785.40 37.81%Italy 102,731.14 27,731.14 75,000.00 TBD 11,410.21 N/A 24,951.87 38,637.92 37.61%Greece 93,420.00 18,420.00 75,000.00 2,700.00 11,625.00 N/A 23,694.50 39,680.50 42.48%Germany 87,072.23 12,072.23 75,000.00 4,968.00 12,195.98 N/A 22,627.64 40,176.38 46.14%Netherlands 84,803.00 9,803.00 75,000.00 8,687.00 7,755.00 N/A 26,709.00 40,536.00 47.80%Portugal 92,812.50 17,812.50 75,000.00 0.00 8,250.00 N/A 25,996.30 40,753.70 43.91%Ireland 84,383.14 9,383.14 75,000.00 12,285.00 3,491.00 N/A 30,281.00 41,228.00 48.86%Austria 96,701.31 21,701.31 75,000.00 6,300.00 11,670.63 N/A 20,555.69 42,773.68 44.23%Sweden 100,067.50 25067.5044 75,000.00 4782 3,509.00 N/A 25,936.00 45,555.00 45.52%Luxembourg 85,213.07 10,213.07 75,000.00 5,292.00 8,859.04 N/A 20,467.70 45,673.26 53.60%France 111,678.00 36,678.00 75,000.00 3,600.00 16,674.00 N/A 11,690.00 46,636.00 41.76%Spain 87,938.33 12,938.33 75,000.00 3,185.00 2,747.77 N/A 24,049.71 48,202.52 54.81%Poland 82,990.81 7,990.81 75,000.00 4,580.59 11,500.46 N/A 14,093.01 49,406.53 59.53%United Kingdom 84,999.00 9,999.00 75,000.00 8,814.00 6,080.00 N/A 18,690.00 50,230.00 59.09%Slovakia 92,639.28 17,639.28 75,000.00 3,996.00 6,624.96 N/A 15,991.32 52,383.72 56.55%Czech Republic 93,764.71 18,764.71 75,000.00 2,400.00 6,550.71 N/A 15,620.76 52,828.52 56.34%Malta 77,175.16 2,175.16 75,000.00 6,014.00 2,175.16 N/A 19,630.00 53,194.84 68.93%Switzerland 81,828.00 6828 75,000.00 3573 4,343.00 N/A 11,118.00 59,539.00 72.76%







Italy 102,731.14 27,731.14 75,000.00 TBD 11,410.21 N/A 24,951.87 38,637.92 37.61%Belgium 99,941.69 24,941.69 75,000.00 1,935.00 9,753.21 N/A 27,461.39 37,785.40 37.81%France 111,678.00 36,678.00 75,000.00 3,600.00 16,674.00 N/A 11,690.00 46,636.00 41.76%Greece 93,420.00 18,420.00 75,000.00 2,700.00 11,625.00 N/A 23,694.50 39,680.50 42.48%Portugal 92,812.50 17,812.50 75,000.00 0.00 8,250.00 N/A 25,996.30 40,753.70 43.91%Austria 96,701.31 21,701.31 75,000.00 6,300.00 11,670.63 N/A 20,555.69 42,773.68 44.23%Sweden 100,067.50 25,067.50 75,000.00 4,782.00 3,509.00 N/A 25,936.00 45,555.00 45.52%Germany 87,072.23 12,072.23 75,000.00 4,968.00 12,195.98 N/A 22,627.64 40,176.38 46.14%Netherlands 84,803.00 9,803.00 75,000.00 8,687.00 7,755.00 N/A 26,709.00 40,536.00 47.80%Denmark 76,608.26 1,608.26 75,000.00 16,071.84 144.74 N/A 37,520.07 37,335.19 48.74%Ireland 84,383.14 9,383.14 75,000.00 12,285.00 3,491.00 N/A 30,281.00 41,228.00 48.86%Luxembourg 85,213.07 10,213.07 75,000.00 5,292.00 8,859.04 N/A 20,467.70 45,673.26 53.60%Spain 87,938.33 12,938.33 75,000.00 3,185.00 2,747.77 N/A 24,049.71 48,202.52 54.81%Czech Republic 93,764.71 18,764.71 75,000.00 2,400.00 6,550.71 N/A 15,620.76 52,828.52 56.34%Slovakia 92,639.28 17,639.28 75,000.00 3,996.00 6,624.96 N/A 15,991.32 52,383.72 56.55%United Kingdom 84,999.00 9,999.00 75,000.00 8,814.00 6,080.00 N/A 18,690.00 50,230.00 59.09%Poland 82,990.81 7,990.81 75,000.00 4,580.59 11,500.46 N/A 14,093.01 49,406.53 59.53%Malta 77,175.16 2,175.16 75,000.00 6,014.00 2,175.16 N/A 19,630.00 53,194.84 68.93%

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkMalta



LuxembourgGermany



BelgiumSweden

ItalyFrance

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000

DenmarkBelgium

ItalyGreece

GermanyNetherlands

PortugalIrelandAustria

SwedenLuxembourg

FranceSpain

PolandUnited Kingdom

SlovakiaCzech Republic

MaltaSwitzerland

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

ItalyBelgiumFranceGreece

PortugalAustria

SwedenGermany

NetherlandsDenmark

IrelandLuxembourg

SpainCzech Republic

SlovakiaUnited Kingdom

PolandMalta

Switzerland


c: Married (both spouses are working) and two dependent children














Denmark 76,608.26 1,608.26 75,000.00 16,071.84 144.74 N/A 37,520.07 37,335.19 48.74%Belgium 99,941.69 24,941.69 75,000.00 1,935.00 9,753.21 N/A 26,302.58 38,944.21 38.97%Italy 102,731.14 27,731.14 75,000.00 TBD 11,410.21 N/A 24,581.27 39,008.52 37.97%Greece 93,420.00 18,420.00 75,000.00 2,700.00 11,625.00 N/A 23,694.50 39,680.50 42.48%Netherlands 84,803.00 9,803.00 75,000.00 8,687.00 7,755.00 N/A 26,709.00 40,536.00 47.80%Austria 96,701.31 21,701.31 75,000.00 6,300.00 11,670.63 N/A 20,555.69 42,773.68 44.23%Sweden 100,067.50 25,067.50 75,000.00 4,782.00 3,509.00 N/A 25,936.00 45,555.00 45.52%Luxembourg 85,213.07 10,213.07 75,000.00 5,292.00 8,859.04 N/A 20,467.70 45,673.26 53.60%Portugal 92,812.50 17,812.50 75,000.00 0.00 8,250.00 N/A 21,003.61 45,746.39 49.29%Germany 87,072.23 12,072.23 75,000.00 4,968.00 12,072.23 N/A 15,131.83 47,795.94 54.89%Ireland 84,383.14 9,383.14 75,000.00 12,285.00 3,491.00 N/A 23,521.00 47,988.00 56.87%France 111,678.00 36,678.00 75,000.00 3,600.00 16,674.00 N/A 10,182.00 48,144.00 43.11%Spain 87,938.33 12,938.33 75,000.00 3,185.00 2,747.77 N/A 23,533.69 48,718.54 55.40%Poland 82,990.81 7,990.81 75,000.00 4,580.59 11,500.46 N/A 13,554.32 49,945.22 60.18%United Kingdom 84,999.00 9,999.00 75,000.00 8,814.00 6,080.00 N/A 18,690.00 50,230.00 59.09%Slovakia 92,639.28 17,639.28 75,000.00 3,996.00 6,624.96 N/A 15,477.48 52,897.56 57.10%Malta 77,175.16 2,175.16 75,000.00 6,014.00 2,175.16 N/A 19,305.00 53,519.84 69.35%Czech Republic 93,764.71 18,764.71 75,000.00 2,400.00 6,550.71 N/A 14,541.59 53,907.70 57.49%Switzerland 81,828.00 6,828.00 75,000.00 3,573.00 4,943.00 N/A 11,275.00 58,782.00 71.84%







Italy 102,731.14 27,731.14 75,000.00 TBD 11,410.21 N/A 24,581.27 39,008.52 37.97%Belgium 99,941.69 24,941.69 75,000.00 1,935.00 9,753.21 N/A 26,302.58 38,944.21 38.97%Greece 93,420.00 18,420.00 75,000.00 2,700.00 11,625.00 N/A 23,694.50 39,680.50 42.48%France 111,678.00 36,678.00 75,000.00 3,600.00 16,674.00 N/A 10,182.00 48,144.00 43.11%Austria 96,701.31 21,701.31 75,000.00 6,300.00 11,670.63 N/A 20,555.69 42,773.68 44.23%Sweden 100,067.50 25,067.50 75,000.00 4,782.00 3,509.00 N/A 25,936.00 45,555.00 45.52%Netherlands 84,803.00 9,803.00 75,000.00 8,687.00 7,755.00 N/A 26,709.00 40,536.00 47.80%Denmark 76,608.26 1,608.26 75,000.00 16,071.84 144.74 N/A 37,520.07 37,335.19 48.74%Portugal 92,812.50 17,812.50 75,000.00 0.00 8,250.00 N/A 21,003.61 45,746.39 49.29%Luxembourg 85,213.07 10,213.07 75,000.00 5,292.00 8,859.04 N/A 20,467.70 45,673.26 53.60%Germany 87,072.23 12,072.23 75,000.00 4,968.00 12,072.23 N/A 15,131.83 47,795.94 54.89%Spain 87,938.33 12,938.33 75,000.00 3,185.00 2,747.77 N/A 23,533.69 48,718.54 55.40%Ireland 84,383.14 9,383.14 75,000.00 12,285.00 3,491.00 N/A 23,521.00 47,988.00 56.87%Slovakia 92,639.28 17,639.28 75,000.00 3,996.00 6,624.96 N/A 15,477.48 52,897.56 57.10%Czech Republic 93,764.71 18,764.71 75,000.00 2,400.00 6,550.71 N/A 14,541.59 53,907.70 57.49%United Kingdom 84,999.00 9,999.00 75,000.00 8,814.00 6,080.00 N/A 18,690.00 50,230.00 59.09%Poland 82,990.81 7,990.81 75,000.00 4,580.59 11,500.46 N/A 13,554.32 49,945.22 60.18%Malta 77,175.16 2,175.16 75,000.00 6,014.00 2,175.16 N/A 19,305.00 53,519.84 69.35%

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkMalta



LuxembourgGermany



BelgiumSweden

ItalyFrance

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000

DenmarkBelgium

ItalyGreece

NetherlandsAustria

SwedenLuxembourg

PortugalGermany

IrelandFrance

SpainPoland

United KingdomSlovakia

MaltaCzech Republic

Switzerland

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

ItalyBelgiumGreeceFranceAustria

SwedenNetherlands

DenmarkPortugal

LuxembourgGermany

SpainIreland


PolandMalta

Switzerland

75,000

75,000

75,000

75,000

8

125,000

125,000

125,000

125,000



Total

Denmark 57,992.19 66,798.85 144.74 1,608.26 126,544.04Malta 85,579.51 37,245.33 2,175.16 2,175.16 127,175.16Netherlands 61,937.00 54,785.00 8,278.00 9,803.00 134,803.00Poland 83,334.79 24,550.00 17,115.21 10,165.80 135,165.80Switzerland 94,128.00 20,413.67 10,458.33 11,280.00 136,280.00Germany 74,586.31 38,300.21 12,113.48 12,072.23 137,072.23Spain 74,084.79 48,167.44 2,747.77 12,938.33 137,938.33Luxembourg 74,011.22 38,239.53 12,749.25 14,733.76 139,733.76Ireland 67,947.33 51,487.67 5,565.00 14,955.19 139,955.19United Kingdom 77,783.00 40,137.00 7,080.00 17,398.00 142,398.00Slovakia 89,935.24 28,439.80 6,624.96 18,048.64 143,048.64Greece 63,269.84 48,841.41 12,888.75 20,422.44 145,422.44Czech Republic 89,494.25 26,634.84 8,870.90 23,405.14 148,405.14Austria 70,419.47 42,909.90 11,670.63 26,552.11 151,552.11Portugal 67,616.75 43,633.25 13,750.00 29,687.50 154,687.50Italy 60,388.23 48,835.30 15,776.47 37,171.56 162,171.56Sweden 66,193.00 55,298.00 3,509.00 41,211.41 166,211.41Belgium 59,814.02 48,930.63 16,255.34 41,371.85 166,371.85France 76,774.33 21,342.67 26,883.00 59,808.00 184,808.00

Copy paste table 1



Total

Denmark 57,992.19 66,798.85 144.74 1,608.26 126,544.04Belgium 59,814.02 48,930.63 16,255.34 41,371.85 166,371.85Italy 60,388.23 48,835.30 15,776.47 37,171.56 162,171.56Netherlands 61,937.00 54,785.00 8,278.00 9,803.00 134,803.00Greece 63,269.84 48,841.41 12,888.75 20,422.44 145,422.44Sweden 66,193.00 55,298.00 3,509.00 41,211.41 166,211.41Portugal 67,616.75 43,633.25 13,750.00 29,687.50 154,687.50Ireland 67,947.33 51,487.67 5,565.00 14,955.19 139,955.19Austria 70,419.47 42,909.90 11,670.63 26,552.11 151,552.11Luxembourg 74,011.22 38,239.53 12,749.25 14,733.76 139,733.76Spain 74,084.79 48,167.44 2,747.77 12,938.33 137,938.33Germany 74,586.31 38,300.21 12,113.48 12,072.23 137,072.23France 76,774.33 21,342.67 26,883.00 59,808.00 184,808.00United Kingdom 77,783.00 40,137.00 7,080.00 17,398.00 142,398.00Poland 83,334.79 24,550.00 17,115.21 10,165.80 135,165.80Malta 85,579.51 37,245.33 2,175.16 2,175.16 127,175.16Czech Republic 89,494.25 26,634.84 8,870.90 23,405.14 148,405.14Slovakia 89,935.24 28,439.80 6,624.96 18,048.64 143,048.64Switzerland 94,128.00 20,413.67 10,458.33 11,280.00 136,280.00

Copy paste table 1




Belgium 59,814.02 48,930.63 16,255.34 41,371.85 35.95% 166,371.85Italy 60,388.23 48,835.30 15,776.47 37,171.56 37.24% 162,171.56Sweden 66,193.00 55,298.00 3,509.00 41,211.41 39.82% 166,211.41France 76,774.33 21,342.67 26,883.00 59,808.00 41.54% 184,808.00Greece 63,269.84 48,841.41 12,888.75 20,422.44 43.51% 145,422.44Portugal 67,616.75 43,633.25 13,750.00 29,687.50 43.71% 154,687.50Denmark 57,992.19 66,798.85 144.74 1,608.26 45.83% 126,544.04Netherlands 61,937.00 54,785.00 8,278.00 9,803.00 45.95% 134,803.00Austria 70,419.47 42,909.90 11,670.63 26,552.11 46.47% 151,552.11Ireland 67,947.33 51,487.67 5,565.00 14,955.19 48.55% 139,955.19Luxembourg 74,011.22 38,239.53 12,749.25 14,733.76 52.97% 139,733.76Spain 74,084.79 48,167.44 2,747.77 12,938.33 53.71% 137,938.33Germany 74,586.31 38,300.21 12,113.48 12,072.23 54.41% 137,072.23United Kingdom 77,783.00 40,137.00 7,080.00 17,398.00 54.62% 142,398.00Czech Republic 89,494.25 26,634.84 8,870.90 23,405.14 60.30% 148,405.14Poland 83,334.79 24,550.00 17,115.21 10,165.80 61.65% 135,165.80Slovakia 89,935.24 28,439.80 6,624.96 18,048.64 62.87% 143,048.64Malta 85,579.51 37,245.33 2,175.16 2,175.16 67.29% 127,175.16Switzerland 94,128.00 20,413.67 10,458.33 11,280.00 69.07% 136,280.00

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Scenario 4: - Employee- Annual gross income 125.000,00 EUR- Company car: type: BMW 520d business line, CO2 emission and price changed compared to last year (last year: 125 g/km and price € 42.950, now:








Denmark 126,608.26 1,608.26 125,000.00 20,910.00 144.74 N/A 65,243.58 59,611.68 47.08%Malta 127,175.16 2,175.16 125,000.00 7,776.00 2,175.16 N/A 36,567.00 86,257.84 67.83%Netherlands 134,803.00 9,803.00 125,000.00 12,380.00 8,278.00 N/A 54,785.00 61,937.00 45.95%Poland 135,165.80 10,165.80 125,000.00 4,580.59 17,115.21 N/A 22,347.10 85,537.69 63.28%Switzerland 136,280.00 11,280.00 125,000.00 5,496.00 8,148.00 N/A 10,309.00 106,543.00 78.18%Germany 137,072.23 12,072.23 125,000.00 5,913.30 12,072.23 N/A 34,849.58 78,078.19 56.96%Spain 137,938.33 12,938.33 125,000.00 4,090.00 2,747.77 N/A 47,453.48 74,798.75 54.23%Luxembourg 139,733.76 14,733.76 125,000.00 7,020.00 12,749.25 N/A 31,491.53 80,759.22 57.80%Ireland 139,955.19 14,955.19 125,000.00 14,118.00 5,565.00 N/A 50,901.00 68,534.00 48.97%United Kingdom 142,398.00 17,398.00 125,000.00 12,429.00 7,080.00 N/A 40,137.00 77,783.00 54.62%Slovakia 143,048.64 18,048.64 125,000.00 5,160.00 6,624.96 N/A 28,268.52 90,106.52 62.99%Greece 145,422.44 20,422.44 125,000.00 3,600.00 12,888.75 N/A 48,841.41 63,269.84 43.51%Czech Republic 148,405.14 23,405.14 125,000.00 3,959.99 8,870.90 N/A 25,663.26 90,465.84 60.96%Austria 151,552.11 26,552.11 125,000.00 7,740.00 11,670.63 N/A 42,463.90 70,865.47 46.76%Portugal 154,687.50 29,687.50 125,000.00 0.00 13,750.00 N/A 39,276.10 71,973.90 46.53%Italy 162,171.56 37,171.56 125,000.00 TBD 15,776.47 N/A 48,835.30 60,388.23 37.24%Sweden 166,211.41 41,211.41 125,000.00 6,163.00 3,509.00 N/A 55,298.00 66,193.00 39.82%Belgium 166,371.85 41,371.85 125,000.00 2,894.91 16,255.34 N/A 45,458.13 63,286.53 38.04%France 184,808.00 59,808.00 125,000.00 4,230.00 26,883.00 N/A 14,338.00 83,779.00 45.33%







Denmark 126,608.26 1,608.26 125,000.00 20,910.00 144.74 N/A 65,243.58 59,611.68 47.08%Italy 162,171.56 37,171.56 125,000.00 TBD 15,776.47 N/A 48,835.30 60,388.23 37.24%Netherlands 134,803.00 9,803.00 125,000.00 12,380.00 8,278.00 N/A 54,785.00 61,937.00 45.95%Greece 145,422.44 20,422.44 125,000.00 3,600.00 12,888.75 N/A 48,841.41 63,269.84 43.51%Belgium 166,371.85 41,371.85 125,000.00 2,894.91 16,255.34 N/A 45,458.13 63,286.53 38.04%Sweden 166,211.41 41,211.41 125,000.00 6,163.00 3,509.00 N/A 55,298.00 66,193.00 39.82%Ireland 139,955.19 14,955.19 125,000.00 14,118.00 5,565.00 N/A 50,901.00 68,534.00 48.97%Austria 151,552.11 26,552.11 125,000.00 7,740.00 11,670.63 N/A 42,463.90 70,865.47 46.76%Portugal 154,687.50 29,687.50 125,000.00 0.00 13,750.00 N/A 39,276.10 71,973.90 46.53%Spain 137,938.33 12,938.33 125,000.00 4,090.00 2,747.77 N/A 47,453.48 74,798.75 54.23%United Kingdom 142,398.00 17,398.00 125,000.00 12,429.00 7,080.00 N/A 40,137.00 77,783.00 54.62%Germany 137,072.23 12,072.23 125,000.00 5,913.30 12,072.23 N/A 34,849.58 78,078.19 56.96%Luxembourg 139,733.76 14,733.76 125,000.00 7,020.00 12,749.25 N/A 31,491.53 80,759.22 57.80%France 184,808.00 59,808.00 125,000.00 4,230.00 26,883.00 N/A 14,338.00 83,779.00 45.33%Poland 135,165.80 10,165.80 125,000.00 4,580.59 17,115.21 N/A 22,347.10 85,537.69 63.28%Malta 127,175.16 2,175.16 125,000.00 7,776.00 2,175.16 N/A 36,567.00 86,257.84 67.83%Slovakia 143,048.64 18,048.64 125,000.00 5,160.00 6,624.96 N/A 28,268.52 90,106.52 62.99%Czech Republic 148,405.14 23,405.14 125,000.00 3,959.99 8,870.90 N/A 25,663.26 90,465.84 60.96%Switzerland 136,280.00 11,280.00 125,000.00 5,496.00 8,148.00 N/A 10,309.00 106,543.00 78.18%







Italy 162,171.56 37,171.56 125,000.00 TBD 15,776.47 N/A 48,835.30 60,388.23 37.24%Belgium 166,371.85 41,371.85 125,000.00 2,894.91 16,255.34 N/A 45,458.13 63,286.53 38.04%Sweden 166,211.41 41,211.41 125,000.00 6,163.00 3,509.00 N/A 55,298.00 66,193.00 39.82%Greece 145,422.44 20,422.44 125,000.00 3,600.00 12,888.75 N/A 48,841.41 63,269.84 43.51%France 184,808.00 59,808.00 125,000.00 4,230.00 26,883.00 N/A 14,338.00 83,779.00 45.33%Netherlands 134,803.00 9,803.00 125,000.00 12,380.00 8,278.00 N/A 54,785.00 61,937.00 45.95%Portugal 154,687.50 29,687.50 125,000.00 0.00 13,750.00 N/A 39,276.10 71,973.90 46.53%Austria 151,552.11 26,552.11 125,000.00 7,740.00 11,670.63 N/A 42,463.90 70,865.47 46.76%Denmark 126,608.26 1,608.26 125,000.00 20,910.00 144.74 N/A 65,243.58 59,611.68 47.08%Ireland 139,955.19 14,955.19 125,000.00 14,118.00 5,565.00 N/A 50,901.00 68,534.00 48.97%Spain 137,938.33 12,938.33 125,000.00 4,090.00 2,747.77 N/A 47,453.48 74,798.75 54.23%United Kingdom 142,398.00 17,398.00 125,000.00 12,429.00 7,080.00 N/A 40,137.00 77,783.00 54.62%Germany 137,072.23 12,072.23 125,000.00 5,913.30 12,072.23 N/A 34,849.58 78,078.19 56.96%Luxembourg 139,733.76 14,733.76 125,000.00 7,020.00 12,749.25 N/A 31,491.53 80,759.22 57.80%Czech Republic 148,405.14 23,405.14 125,000.00 3,959.99 8,870.90 N/A 25,663.26 90,465.84 60.96%Slovakia 143,048.64 18,048.64 125,000.00 5,160.00 6,624.96 N/A 28,268.52 90,106.52 62.99%Poland 135,165.80 10,165.80 125,000.00 4,580.59 17,115.21 N/A 22,347.10 85,537.69 63.28%Malta 127,175.16 2,175.16 125,000.00 7,776.00 2,175.16 N/A 36,567.00 86,257.84 67.83%

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Denmark 126,608.26 1,608.26 125,000.00 20,910.00 144.74 N/A 67,576.49 57,278.77 45.24%Belgium 166,371.85 41,371.85 125,000.00 2,894.91 16,255.34 N/A 51,246.29 57,498.37 34.56%Italy 162,171.56 37,171.56 125,000.00 TBD 15,776.47 N/A 48,835.30 60,388.23 37.24%Netherlands 134,803.00 9,803.00 125,000.00 12,380.00 8,278.00 N/A 54,785.00 61,937.00 45.95%Portugal 154,687.50 29,687.50 125,000.00 0.00 13,750.00 N/A 49,297.55 61,952.45 40.05%Greece 145,422.44 20,422.44 125,000.00 3,600.00 12,888.75 N/A 48,841.41 63,269.84 43.51%Ireland 139,955.19 14,955.19 125,000.00 14,118.00 5,565.00 N/A 55,161.00 64,274.00 45.92%Sweden 166,211.41 41,211.41 125,000.00 6,163.00 3,509.00 N/A 55,298.00 66,193.00 39.82%Germany 137,072.23 12,072.23 125,000.00 5,913.30 12,195.98 N/A 45,201.48 67,602.54 49.32%Austria 151,552.11 26,552.11 125,000.00 7,740.00 11,670.63 N/A 43,132.90 70,196.47 46.32%Luxembourg 139,733.76 14,733.76 125,000.00 7,020.00 12,749.25 N/A 41,613.53 70,637.22 50.55%France 184,808.00 59,808.00 125,000.00 4,230.00 26,883.00 N/A 25,599.00 72,518.00 39.24%Spain 137,938.33 12,938.33 125,000.00 4,090.00 2,747.77 N/A 47,969.84 74,282.39 53.85%United Kingdom 142,398.00 17,398.00 125,000.00 12,429.00 7,080.00 N/A 40,137.00 77,783.00 54.62%Poland 135,165.80 10,165.80 125,000.00 4,580.59 17,115.21 N/A 25,920.79 81,964.00 60.64%Switzerland 136,280.00 11,280.00 125,000.00 5,496.00 15,079.00 N/A 25,981.00 83,940.00 61.59%Malta 127,175.16 2,175.16 125,000.00 7,776.00 2,175.16 N/A 37,747.00 85,077.84 66.90%Czech Republic 148,405.14 23,405.14 125,000.00 3,959.99 8,870.90 N/A 27,660.23 88,468.87 59.61%Slovakia 143,048.64 18,048.64 125,000.00 5,160.00 6,624.96 N/A 28,782.36 89,592.68 62.63%







Belgium 166,371.85 41,371.85 125,000.00 2,894.91 16,255.34 N/A 51,246.29 57,498.37 34.56%Italy 162,171.56 37,171.56 125,000.00 TBD 15,776.47 N/A 48,835.30 60,388.23 37.24%France 184,808.00 59,808.00 125,000.00 4,230.00 26,883.00 N/A 25,599.00 72,518.00 39.24%Sweden 166,211.41 41,211.41 125,000.00 6,163.00 3,509.00 N/A 55,298.00 66,193.00 39.82%Portugal 154,687.50 29,687.50 125,000.00 0.00 13,750.00 N/A 49,297.55 61,952.45 40.05%Greece 145,422.44 20,422.44 125,000.00 3,600.00 12,888.75 N/A 48,841.41 63,269.84 43.51%Denmark 126,608.26 1,608.26 125,000.00 20,910.00 144.74 N/A 67,576.49 57,278.77 45.24%Ireland 139,955.19 14,955.19 125,000.00 14,118.00 5,565.00 N/A 55,161.00 64,274.00 45.92%Netherlands 134,803.00 9,803.00 125,000.00 12,380.00 8,278.00 N/A 54,785.00 61,937.00 45.95%Austria 151,552.11 26,552.11 125,000.00 7,740.00 11,670.63 N/A 43,132.90 70,196.47 46.32%Germany 137,072.23 12,072.23 125,000.00 5,913.30 12,195.98 N/A 45,201.48 67,602.54 49.32%Luxembourg 139,733.76 14,733.76 125,000.00 7,020.00 12,749.25 N/A 41,613.53 70,637.22 50.55%Spain 137,938.33 12,938.33 125,000.00 4,090.00 2,747.77 N/A 47,969.84 74,282.39 53.85%United Kingdom 142,398.00 17,398.00 125,000.00 12,429.00 7,080.00 N/A 40,137.00 77,783.00 54.62%Czech Republic 148,405.14 23,405.14 125,000.00 3,959.99 8,870.90 N/A 27,660.23 88,468.87 59.61%Poland 135,165.80 10,165.80 125,000.00 4,580.59 17,115.21 N/A 25,920.79 81,964.00 60.64%Switzerland 136,280.00 11,280.00 125,000.00 5,496.00 15,079.00 N/A 25,981.00 83,940.00 61.59%Slovakia 143,048.64 18,048.64 125,000.00 5,160.00 6,624.96 N/A 28,782.36 89,592.68 62.63%

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Denmark 126,415.60 1,608.26 124,807.34 20,910.00 144.74 N/A 67,576.49 57,086.11 45.16%Belgium 166,371.85 41,371.85 125,000.00 2,894.91 16,255.34 N/A 50,087.48 58,657.18 35.26%Italy 162,171.56 37,171.56 125,000.00 TBD 15,776.47 N/A 48,835.30 60,388.23 37.24%Netherlands 134,803.00 9,803.00 125,000.00 12,380.00 8,278.00 N/A 54,785.00 61,937.00 45.95%Greece 145,422.44 20,422.44 125,000.00 3,600.00 12,888.75 N/A 48,841.41 63,269.84 43.51%Sweden 166,211.41 41,211.41 125,000.00 6,163.00 3,509.00 N/A 55,298.00 66,193.00 39.82%Portugal 154,687.50 29,687.50 125,000.00 0.00 13,750.00 N/A 42,326.11 68,923.89 44.56%Austria 151,552.11 26,552.11 125,000.00 7,740.00 11,670.63 N/A 43,132.90 70,196.47 46.32%Luxembourg 139,733.76 14,733.76 125,000.00 7,020.00 12,749.25 N/A 41,613.53 70,637.22 50.55%Ireland 139,955.19 14,955.19 125,000.00 14,118.00 5,565.00 N/A 48,401.00 71,034.00 50.75%Spain 137,938.33 12,938.33 125,000.00 4,090.00 2,747.77 N/A 49,079.00 73,173.23 53.05%France 184,808.00 59,808.00 125,000.00 4,230.00 26,883.00 N/A 24,091.00 74,026.00 40.06%United Kingdom 142,398.00 17,398.00 125,000.00 12,429.00 7,080.00 N/A 40,137.00 77,783.00 54.62%Germany 137,072.23 12,072.23 125,000.00 5,913.30 12,072.23 N/A 34,849.58 78,078.19 56.96%Poland 135,165.80 10,165.80 125,000.00 4,580.59 17,115.21 N/A 25,382.10 82,502.69 61.04%Malta 127,175.16 2,175.16 125,000.00 7,776.00 2,175.16 N/A 37,422.00 85,402.84 67.15%Czech Republic 148,405.14 23,405.14 125,000.00 3,959.99 8,870.90 N/A 26,581.05 89,548.05 60.34%Slovakia 143,048.64 18,048.64 125,000.00 5,160.00 6,624.96 N/A 28,268.52 90,106.52 62.99%Switzerland 136,280.00 11,280.00 125,000.00 5,496.00 8,148.00 N/A 24,951.00 91,901.00 67.44%







Belgium 166,371.85 41,371.85 125,000.00 2,894.91 16,255.34 N/A 50,087.48 58,657.18 35.26%Italy 162,171.56 37,171.56 125,000.00 TBD 15,776.47 N/A 48,835.30 60,388.23 37.24%Sweden 166,211.41 41,211.41 125,000.00 6,163.00 3,509.00 N/A 55,298.00 66,193.00 39.82%France 184,808.00 59,808.00 125,000.00 4,230.00 26,883.00 N/A 24,091.00 74,026.00 40.06%Greece 145,422.44 20,422.44 125,000.00 3,600.00 12,888.75 N/A 48,841.41 63,269.84 43.51%Portugal 154,687.50 29,687.50 125,000.00 0.00 13,750.00 N/A 42,326.11 68,923.89 44.56%Denmark 126,415.60 1,608.26 124,807.34 20,910.00 144.74 N/A 67,576.49 57,086.11 45.16%Netherlands 134,803.00 9,803.00 125,000.00 12,380.00 8,278.00 N/A 54,785.00 61,937.00 45.95%Austria 151,552.11 26,552.11 125,000.00 7,740.00 11,670.63 N/A 43,132.90 70,196.47 46.32%Luxembourg 139,733.76 14,733.76 125,000.00 7,020.00 12,749.25 N/A 41,613.53 70,637.22 50.55%Ireland 139,955.19 14,955.19 125,000.00 14,118.00 5,565.00 N/A 48,401.00 71,034.00 50.75%Spain 137,938.33 12,938.33 125,000.00 4,090.00 2,747.77 N/A 49,079.00 73,173.23 53.05%United Kingdom 142,398.00 17,398.00 125,000.00 12,429.00 7,080.00 N/A 40,137.00 77,783.00 54.62%Germany 137,072.23 12,072.23 125,000.00 5,913.30 12,072.23 N/A 34,849.58 78,078.19 56.96%Czech Republic 148,405.14 23,405.14 125,000.00 3,959.99 8,870.90 N/A 26,581.05 89,548.05 60.34%Poland 135,165.80 10,165.80 125,000.00 4,580.59 17,115.21 N/A 25,382.10 82,502.69 61.04%Slovakia 143,048.64 18,048.64 125,000.00 5,160.00 6,624.96 N/A 28,268.52 90,106.52 62.99%Malta 127,175.16 2,175.16 125,000.00 7,776.00 2,175.16 N/A 37,422.00 85,402.84 67.15%

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125,000

125,000

125,000

125,000




Total

Poland 89,137.18 35,862.82 0.00 0.00 0.00 125,000.00Belgium 59,340.70 49,218.02 0.00 0.00 16,441.28 125,000.00Malta 84,492.67 37,245.33 0.00 0.00 3,262.00 125,000.00Denmark 58,056.41 66,798.85 144.74 1,608.26 0.00 126,608.26Netherlands 61,937.00 54,785.00 8,278.00 9,803.00 0.00 134,803.00Switzerland 94,128.00 20,413.67 10,458.33 11,280.00 0.00 136,280.00Germany 74,586.31 38,300.21 12,113.48 12,072.23 0.00 137,072.23Spain 74,488.93 47,763.30 2,747.77 12,938.33 0.00 137,938.33Luxembourg 74,011.22 38,239.53 12,749.25 14,733.76 0.00 139,733.76Ireland 67,947.33 51,487.67 5,565.00 14,955.19 0.00 139,955.19United Kingdom 77,783.00 40,137.00 7,080.00 17,398.00 0.00 142,398.00Slovakia 89,935.24 28,439.80 6,624.96 18,048.64 0.00 143,048.64Italy 66,603.29 49,839.82 8,556.89 19,252.92 0.00 144,252.92Greece 62,898.24 49,508.01 12,593.75 19,955.00 0.00 144,955.00Czech Republic 89,494.25 26,634.84 8,870.90 23,405.14 0.00 148,405.14Austria 70,419.47 42,909.90 11,670.63 26,552.11 0.00 151,552.11Portugal 67,616.75 43,633.25 13,750.00 29,687.50 0.00 154,687.50Sweden 66,193.00 55,298.00 3,509.00 41,211.41 0.00 166,211.41France 78,833.00 22,385.00 23,782.00 54,252.00 0.00 179,252.00




Total

Denmark 58,056.41 66,798.85 144.74 1,608.26 0.00 126,608.26Belgium 59,340.70 49,218.02 0.00 0.00 16,441.28 125,000.00Netherlands 61,937.00 54,785.00 8,278.00 9,803.00 0.00 134,803.00Greece 62,898.24 49,508.01 12,593.75 19,955.00 0.00 144,955.00Sweden 66,193.00 55,298.00 3,509.00 41,211.41 0.00 166,211.41Italy 66,603.29 49,839.82 8,556.89 19,252.92 0.00 144,252.92Portugal 67,616.75 43,633.25 13,750.00 29,687.50 0.00 154,687.50Ireland 67,947.33 51,487.67 5,565.00 14,955.19 0.00 139,955.19Austria 70,419.47 42,909.90 11,670.63 26,552.11 0.00 151,552.11Luxembourg 74,011.22 38,239.53 12,749.25 14,733.76 0.00 139,733.76Spain 74,488.93 47,763.30 2,747.77 12,938.33 0.00 137,938.33Germany 74,586.31 38,300.21 12,113.48 12,072.23 0.00 137,072.23United Kingdom 77,783.00 40,137.00 7,080.00 17,398.00 0.00 142,398.00France 78,833.00 22,385.00 23,782.00 54,252.00 0.00 179,252.00Malta 84,492.67 37,245.33 0.00 0.00 3,262.00 125,000.00Poland 89,137.18 35,862.82 0.00 0.00 0.00 125,000.00Czech Republic 89,494.25 26,634.84 8,870.90 23,405.14 0.00 148,405.14Slovakia 89,935.24 28,439.80 6,624.96 18,048.64 0.00 143,048.64Switzerland 94,128.00 20,413.67 10,458.33 11,280.00 0.00 136,280.00

Copy paste table 1





Sweden 66,193.00 55,298.00 3,509.00 41,211.41 0.00 39.82% 166,211.41Greece 62,898.24 49,508.01 12,593.75 19,955.00 0.00 43.39% 144,955.00Portugal 67,616.75 43,633.25 13,750.00 29,687.50 0.00 43.71% 154,687.50France 78,833.00 22,385.00 23,782.00 54,252.00 0.00 43.98% 179,252.00Denmark 58,056.41 66,798.85 144.74 1,608.26 0.00 45.86% 126,608.26Netherlands 61,937.00 54,785.00 8,278.00 9,803.00 0.00 45.95% 134,803.00Italy 66,603.29 49,839.82 8,556.89 19,252.92 0.00 46.17% 144,252.92Austria 70,419.47 42,909.90 11,670.63 26,552.11 0.00 46.47% 151,552.11Belgium 59,340.70 49,218.02 0.00 0.00 16,441.28 47.47% 125,000.00Ireland 67,947.33 51,487.67 5,565.00 14,955.19 0.00 48.55% 139,955.19Luxembourg 74,011.22 38,239.53 12,749.25 14,733.76 0.00 52.97% 139,733.76Spain 74,488.93 47,763.30 2,747.77 12,938.33 0.00 54.00% 137,938.33Germany 74,586.31 38,300.21 12,113.48 12,072.23 0.00 54.41% 137,072.23United Kingdom 77,783.00 40,137.00 7,080.00 17,398.00 0.00 54.62% 142,398.00Czech Republic 89,494.25 26,634.84 8,870.90 23,405.14 0.00 60.30% 148,405.14Slovakia 89,935.24 28,439.80 6,624.96 18,048.64 0.00 62.87% 143,048.64Malta 84,492.67 37,245.33 0.00 0.00 3,262.00 67.59% 125,000.00Switzerland 94,128.00 20,413.67 10,458.33 11,280.00 0.00 69.07% 136,280.00Poland 89,137.18 35,862.82 0.00 0.00 0.00 71.31% 125,000.00

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Net income Taxes Employee social security Employer social security Self-employed contributions

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Scenario 5:- Self-employed director- Annual gross income 125.000,00 EUR- Company car: type: BMW 520d business line, CO2 emission and price changed compared to last year (last year: 125 g/km and price € 42.950, now:








Belgium 125,000.00 N/A 125,000.00 0.00 N/A 16,441.28 45,745.52 62,813.20 50.25%Poland 125,000.00 N/A 125,000.00 4,580.59 N/A N/A 33,659.92 91,340.08 73.07%Malta 125,000.00 N/A 125,000.00 7,776.00 N/A 3,262.00 36,567.00 85,171.00 68.14%Denmark 126,608.26 1,608.26 125,000.00 20,910.00 144.74 N/A 65,243.58 59,611.68 47.08%Netherlands 134,803.00 9,803.00 125,000.00 12,380.00 8,278.00 N/A 54,785.00 61,937.00 45.95%Switzerland 136,280.00 11,280.00 125,000.00 5,496.00 8,148.00 N/A 10,309.00 106,543.00 78.18%Germany 137,072.23 12,072.23 125,000.00 5,913.30 12,072.23 N/A 34,849.58 78,078.19 56.96%Spain 137,938.33 12,938.33 125,000.00 4,090.00 2,747.77 N/A 47,763.30 74,488.93 54.00%Luxembourg 139,733.76 14,733.76 125,000.00 7,020.00 12,749.25 N/A 31,491.53 80,759.22 57.80%Ireland 139,955.19 14,955.19 125,000.00 14,118.00 5,565.00 N/A 50,901.00 68,534.00 48.97%United Kingdom 142,398.00 17,398.00 125,000.00 12,429.00 7,080.00 N/A 40,137.00 77,783.00 54.62%Slovakia 143,048.64 18,048.64 125,000.00 5,160.00 6,624.96 N/A 28,268.52 90,106.52 62.99%Italy 144,252.92 19,252.92 125,000.00 TBD 8,556.89 N/A 49,839.82 66,603.29 46.17%Greece 144,955.00 19,955.00 125,000.00 3,600.00 12,593.75 N/A 49,508.01 62,898.24 43.39%Czech Republic 148,405.14 23,405.14 125,000.00 3,959.99 8,870.90 N/A 25,663.26 90,465.84 60.96%Austria 151,552.11 26,552.11 125,000.00 7,740.00 11,670.63 N/A 42,463.90 70,865.47 46.76%Portugal 154,687.50 29,687.50 125,000.00 0.00 13,750.00 N/A 39,276.10 71,973.90 46.53%Sweden 166,211.41 41,211.41 125,000.00 6,163.00 3,509.00 N/A 55,298.00 66,193.00 39.82%France 179,252.00 54,252.00 125,000.00 4,230.00 23,782.00 N/A 15,176.00 86,042.00 48.00%







Denmark 126,608.26 1,608.26 125,000.00 20,910.00 144.74 N/A 65,243.58 59,611.68 47.08%Netherlands 134,803.00 9,803.00 125,000.00 12,380.00 8,278.00 N/A 54,785.00 61,937.00 45.95%Belgium 125,000.00 N/A 125,000.00 0.00 N/A 16,441.28 45,745.52 62,813.20 50.25%Greece 144,955.00 19,955.00 125,000.00 3,600.00 12,593.75 N/A 49,508.01 62,898.24 43.39%Sweden 166,211.41 41,211.41 125,000.00 6,163.00 3,509.00 N/A 55,298.00 66,193.00 39.82%Italy 144,252.92 19,252.92 125,000.00 TBD 8,556.89 N/A 49,839.82 66,603.29 46.17%Ireland 139,955.19 14,955.19 125,000.00 14,118.00 5,565.00 N/A 50,901.00 68,534.00 48.97%Austria 151,552.11 26,552.11 125,000.00 7,740.00 11,670.63 N/A 42,463.90 70,865.47 46.76%Portugal 154,687.50 29,687.50 125,000.00 0.00 13,750.00 N/A 39,276.10 71,973.90 46.53%Spain 137,938.33 12,938.33 125,000.00 4,090.00 2,747.77 N/A 47,763.30 74,488.93 54.00%United Kingdom 142,398.00 17,398.00 125,000.00 12,429.00 7,080.00 N/A 40,137.00 77,783.00 54.62%Germany 137,072.23 12,072.23 125,000.00 5,913.30 12,072.23 N/A 34,849.58 78,078.19 56.96%Luxembourg 139,733.76 14,733.76 125,000.00 7,020.00 12,749.25 N/A 31,491.53 80,759.22 57.80%Malta 125,000.00 N/A 125,000.00 7,776.00 N/A 3,262.00 36,567.00 85,171.00 68.14%France 179,252.00 54,252.00 125,000.00 4,230.00 23,782.00 N/A 15,176.00 86,042.00 48.00%Slovakia 143,048.64 18,048.64 125,000.00 5,160.00 6,624.96 N/A 28,268.52 90,106.52 62.99%Czech Republic 148,405.14 23,405.14 125,000.00 3,959.99 8,870.90 N/A 25,663.26 90,465.84 60.96%Poland 125,000.00 N/A 125,000.00 4,580.59 N/A N/A 33,659.92 91,340.08 73.07%Switzerland 136,280.00 11,280.00 125,000.00 5,496.00 8,148.00 N/A 10,309.00 106,543.00 78.18%







Sweden 166,211.41 41,211.41 125,000.00 6,163.00 3,509.00 N/A 55,298.00 66,193.00 39.82%Greece 144,955.00 19,955.00 125,000.00 3,600.00 12,593.75 N/A 49,508.01 62,898.24 43.39%Netherlands 134,803.00 9,803.00 125,000.00 12,380.00 8,278.00 N/A 54,785.00 61,937.00 45.95%Italy 144,252.92 19,252.92 125,000.00 TBD 8,556.89 N/A 49,839.82 66,603.29 46.17%Portugal 154,687.50 29,687.50 125,000.00 0.00 13,750.00 N/A 39,276.10 71,973.90 46.53%Austria 151,552.11 26,552.11 125,000.00 7,740.00 11,670.63 N/A 42,463.90 70,865.47 46.76%Denmark 126,608.26 1,608.26 125,000.00 20,910.00 144.74 N/A 65,243.58 59,611.68 47.08%France 179,252.00 54,252.00 125,000.00 4,230.00 23,782.00 N/A 15,176.00 86,042.00 48.00%Ireland 139,955.19 14,955.19 125,000.00 14,118.00 5,565.00 N/A 50,901.00 68,534.00 48.97%Belgium 125,000.00 N/A 125,000.00 0.00 N/A 16,441.28 45,745.52 62,813.20 50.25%Spain 137,938.33 12,938.33 125,000.00 4,090.00 2,747.77 N/A 47,763.30 74,488.93 54.00%United Kingdom 142,398.00 17,398.00 125,000.00 12,429.00 7,080.00 N/A 40,137.00 77,783.00 54.62%Germany 137,072.23 12,072.23 125,000.00 5,913.30 12,072.23 N/A 34,849.58 78,078.19 56.96%Luxembourg 139,733.76 14,733.76 125,000.00 7,020.00 12,749.25 N/A 31,491.53 80,759.22 57.80%Czech Republic 148,405.14 23,405.14 125,000.00 3,959.99 8,870.90 N/A 25,663.26 90,465.84 60.96%Slovakia 143,048.64 18,048.64 125,000.00 5,160.00 6,624.96 N/A 28,268.52 90,106.52 62.99%Malta 125,000.00 N/A 125,000.00 7,776.00 N/A 3,262.00 36,567.00 85,171.00 68.14%Poland 125,000.00 N/A 125,000.00 4,580.59 N/A N/A 33,659.92 91,340.08 73.07%Switzerland 136,280.00 11,280.00 125,000.00 5,496.00 8,148.00 N/A 10,309.00 106,543.00 78.18%

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Belgium 125,000.00 N/A 125,000.00 0.00 N/A 16,441.28 51,533.68 57,025.04 45.62%Denmark 126,608.26 1,608.26 125,000.00 20,910.00 144.74 N/A 67,576.49 57,278.77 45.24%Netherlands 134,803.00 9,803.00 125,000.00 12,380.00 8,278.00 N/A 54,785.00 61,937.00 45.95%Portugal 154,687.50 29,687.50 125,000.00 0.00 13,750.00 N/A 49,297.55 61,952.45 40.05%Greece 144,955.00 19,955.00 125,000.00 3,600.00 12,593.75 N/A 49,508.01 62,898.24 43.39%Ireland 139,955.19 14,955.19 125,000.00 14,118.00 5,565.00 N/A 55,161.00 64,274.00 45.92%Sweden 166,211.41 41,211.41 125,000.00 6,163.00 3,509.00 N/A 55,298.00 66,193.00 39.82%Italy 144,252.92 19,252.92 125,000.00 TBD 8,556.89 N/A 49,839.82 66,603.29 46.17%Germany 137,072.23 12,072.23 125,000.00 5,913.30 12,195.98 N/A 45,201.48 67,602.54 49.32%Austria 151,552.11 26,552.11 125,000.00 7,740.00 11,670.63 N/A 43,132.90 70,196.47 46.32%Luxembourg 139,733.76 14,733.76 125,000.00 7,020.00 12,749.25 N/A 41,613.53 70,637.22 50.55%France 179,252.00 54,252.00 125,000.00 4,230.00 23,782.00 N/A 26,743.00 74,475.00 41.55%Spain 137,938.33 12,938.33 125,000.00 4,090.00 2,747.77 N/A 47,763.30 74,488.93 54.00%United Kingdom 142,398.00 17,398.00 125,000.00 12,429.00 7,080.00 N/A 40,137.00 77,783.00 54.62%Switzerland 136,280.00 11,280.00 125,000.00 5,496.00 15,079.00 N/A 25,981.00 83,940.00 61.59%Malta 125,000.00 N/A 125,000.00 7,776.00 N/A 3,262.00 37,747.00 83,991.00 67.19%Poland 125,000.00 N/A 125,000.00 4,580.59 N/A N/A 37,233.62 87,766.38 70.21%Czech Republic 148,405.14 23,405.14 125,000.00 3,959.99 8,870.90 N/A 27,660.23 88,468.87 59.61%Slovakia 143,048.64 18,048.64 125,000.00 5,160.00 6,624.96 N/A 28,782.36 89,592.68 62.63%







Sweden 166,211.41 41,211.41 125,000.00 6,163.00 3,509.00 N/A 55,298.00 66,193.00 39.82%Portugal 154,687.50 29,687.50 125,000.00 0.00 13,750.00 N/A 49,297.55 61,952.45 40.05%France 179,252.00 54,252.00 125,000.00 4,230.00 23,782.00 N/A 26,743.00 74,475.00 41.55%Greece 144,955.00 19,955.00 125,000.00 3,600.00 12,593.75 N/A 49,508.01 62,898.24 43.39%Denmark 126,608.26 1,608.26 125,000.00 20,910.00 144.74 N/A 67,576.49 57,278.77 45.24%Belgium 125,000.00 N/A 125,000.00 0.00 N/A 16,441.28 51,533.68 57,025.04 45.62%Ireland 139,955.19 14,955.19 125,000.00 14,118.00 5,565.00 N/A 55,161.00 64,274.00 45.92%Netherlands 134,803.00 9,803.00 125,000.00 12,380.00 8,278.00 N/A 54,785.00 61,937.00 45.95%Italy 144,252.92 19,252.92 125,000.00 TBD 8,556.89 N/A 49,839.82 66,603.29 46.17%Austria 151,552.11 26,552.11 125,000.00 7,740.00 11,670.63 N/A 43,132.90 70,196.47 46.32%Germany 137,072.23 12,072.23 125,000.00 5,913.30 12,195.98 N/A 45,201.48 67,602.54 49.32%Luxembourg 139,733.76 14,733.76 125,000.00 7,020.00 12,749.25 N/A 41,613.53 70,637.22 50.55%Spain 137,938.33 12,938.33 125,000.00 4,090.00 2,747.77 N/A 47,763.30 74,488.93 54.00%United Kingdom 142,398.00 17,398.00 125,000.00 12,429.00 7,080.00 N/A 40,137.00 77,783.00 54.62%Czech Republic 148,405.14 23,405.14 125,000.00 3,959.99 8,870.90 N/A 27,660.23 88,468.87 59.61%Switzerland 136,280.00 11,280.00 125,000.00 5,496.00 15,079.00 N/A 25,981.00 83,940.00 61.59%Slovakia 143,048.64 18,048.64 125,000.00 5,160.00 6,624.96 N/A 28,782.36 89,592.68 62.63%Malta 125,000.00 N/A 125,000.00 7,776.00 N/A 3,262.00 37,747.00 83,991.00 67.19%Poland 125,000.00 N/A 125,000.00 4,580.59 N/A N/A 37,233.62 87,766.38 70.21%

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MaltaPoland

















Denmark 126,608.26 1,608.26 125,000.00 20,910.00 144.74 N/A 67,576.49 57,278.77 45.24%Belgium 125,000.00 N/A 125,000.00 0.00 N/A 16,441.28 50,374.87 58,183.85 46.55%Netherlands 134,803.00 9,803.00 125,000.00 12,380.00 8,278.00 N/A 54,785.00 61,937.00 45.95%Greece 144,955.00 19,955.00 125,000.00 3,600.00 12,593.75 N/A 49,508.01 62,898.24 43.39%Sweden 166,211.41 41,211.41 125,000.00 6,163.00 3,509.00 N/A 55,298.00 66,193.00 39.82%Italy 144,252.92 19,252.92 125,000.00 TBD 8,556.89 N/A 49,839.82 66,603.29 46.17%Portugal 154,687.50 29,687.50 125,000.00 0.00 13,750.00 N/A 42,326.11 68,923.89 44.56%Austria 151,552.11 26,552.11 125,000.00 7,740.00 11,670.63 N/A 43,132.90 70,196.47 46.32%Luxembourg 139,733.76 14,733.76 125,000.00 7,020.00 12,749.25 N/A 41,613.53 70,637.22 50.55%Ireland 139,955.19 14,955.19 125,000.00 14,118.00 5,565.00 N/A 48,401.00 71,034.00 50.75%Spain 137,938.33 12,938.33 125,000.00 4,090.00 2,747.77 N/A 47,763.30 74,488.93 54.00%France 179,252.00 54,252.00 125,000.00 4,230.00 23,782.00 N/A 25,236.00 75,982.00 42.39%United Kingdom 142,398.00 17,398.00 125,000.00 12,429.00 7,080.00 N/A 40,137.00 77,783.00 54.62%Germany 137,072.23 12,072.23 125,000.00 5,913.30 12,072.23 N/A 34,849.58 78,078.19 56.96%Malta 125,000.00 N/A 125,000.00 7,776.00 N/A 3,262.00 37,422.00 84,316.00 67.45%Poland 125,000.00 N/A 125,000.00 4,580.59 N/A N/A 36,694.93 88,305.07 70.64%Czech Republic 148,405.14 23,405.14 125,000.00 3,959.99 8,870.90 N/A 26,581.05 89,548.05 60.34%Slovakia 143,048.64 18,048.64 125,000.00 5,160.00 6,624.96 N/A 28,268.52 90,106.52 62.99%Switzerland 136,280.00 11,280.00 125,000.00 5,496.00 8,148.00 N/A 24,951.00 91,901.00 67.44%







Sweden 166,211.41 41,211.41 125,000.00 6,163.00 3,509.00 N/A 55,298.00 66,193.00 39.82%France 179,252.00 54,252.00 125,000.00 4,230.00 23,782.00 N/A 25,236.00 75,982.00 42.39%Greece 144,955.00 19,955.00 125,000.00 3,600.00 12,593.75 N/A 49,508.01 62,898.24 43.39%Portugal 154,687.50 29,687.50 125,000.00 0.00 13,750.00 N/A 42,326.11 68,923.89 44.56%Denmark 126,608.26 1,608.26 125,000.00 20,910.00 144.74 N/A 67,576.49 57,278.77 45.24%Netherlands 134,803.00 9,803.00 125,000.00 12,380.00 8,278.00 N/A 54,785.00 61,937.00 45.95%Italy 144,252.92 19,252.92 125,000.00 TBD 8,556.89 N/A 49,839.82 66,603.29 46.17%Austria 151,552.11 26,552.11 125,000.00 7,740.00 11,670.63 N/A 43,132.90 70,196.47 46.32%Belgium 125,000.00 N/A 125,000.00 0.00 N/A 16,441.28 50,374.87 58,183.85 46.55%Luxembourg 139,733.76 14,733.76 125,000.00 7,020.00 12,749.25 N/A 41,613.53 70,637.22 50.55%Ireland 139,955.19 14,955.19 125,000.00 14,118.00 5,565.00 N/A 48,401.00 71,034.00 50.75%Spain 137,938.33 12,938.33 125,000.00 4,090.00 2,747.77 N/A 47,763.30 74,488.93 54.00%United Kingdom 142,398.00 17,398.00 125,000.00 12,429.00 7,080.00 N/A 40,137.00 77,783.00 54.62%Germany 137,072.23 12,072.23 125,000.00 5,913.30 12,072.23 N/A 34,849.58 78,078.19 56.96%Czech Republic 148,405.14 23,405.14 125,000.00 3,959.99 8,870.90 N/A 26,581.05 89,548.05 60.34%Slovakia 143,048.64 18,048.64 125,000.00 5,160.00 6,624.96 N/A 28,268.52 90,106.52 62.99%Switzerland 136,280.00 11,280.00 125,000.00 5,496.00 8,148.00 N/A 24,951.00 91,901.00 67.44%Malta 125,000.00 N/A 125,000.00 7,776.00 N/A 3,262.00 37,422.00 84,316.00 67.45%

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

BelgiumPoland

MaltaDenmark


GermanySpain

LuxembourgIreland


ItalyGreece



€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkBelgium

NetherlandsGreece

SwedenItaly

PortugalAustria



GermanyMalta


SlovakiaSwitzerland

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

SwedenFranceGreece

PortugalDenmark

NetherlandsItaly

AustriaBelgium




SwitzerlandMalta

Poland

Chapter 1Sorted on net/cost ratio


25.000

25.000

25.000

25.000



Total




Total






€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000


SwitzerlandMalta


GermanyPoland

PortugalGreece

ItalySpain



France


€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000

PolandDenmark

GreecePortugal

ItalyAustria

GermanySlovakia


BelgiumSweden

MaltaNetherlands

SpainLuxembourg


Switzerland


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

FranceSlovakia

AustriaItaly


PortugalPoland

SwedenGermany

SpainNetherlands

DenmarkMalta

LuxembourgIreland










Denmark 26,608.26 1,608.26 25,000.00 N/A 144.74 N/A 5,051.40 19,803.86 74.43%United Kingdom 26,883.00 1,883.00 25,000.00 N/A 1,646.00 N/A 1,735.00 21,619.00 80.42%Switzerland 27,173.00 2,173.00 25,000.00 N/A 1,573.00 N/A 0.00 23,427.00 86.21%Malta 27,175.16 2,175.16 25,000.00 N/A 2,175.16 N/A 2,345.00 20,479.84 75.36%Ireland 27,687.50 2,687.50 25,000.00 N/A 1,000.00 N/A 895.00 23,105.00 83.45%Luxembourg 28,192.50 3,192.50 25,000.00 N/A 2,762.50 N/A -23.85 22,261.35 78.96%Netherlands 29,715.00 4,715.00 25,000.00 N/A 3,719.00 N/A 1,388.00 19,893.00 66.95%Germany 29,831.25 4,831.25 25,000.00 N/A 4,831.25 N/A 676.00 19,492.75 65.34%Poland 30,152.50 5,152.50 25,000.00 N/A 5,369.03 N/A 1,345.04 18,285.93 60.64%Portugal 30,937.50 5,937.50 25,000.00 N/A 2,750.00 N/A 2,468.56 19,781.44 63.94%Greece 31,140.00 6,140.00 25,000.00 N/A 3,875.00 N/A 2,843.25 18,281.75 58.71%Italy 32,465.00 7,465.00 25,000.00 N/A 2,372.50 N/A 2,868.38 19,759.12 60.86%Spain 32,475.00 7,475.00 25,000.00 N/A 1,587.50 N/A 3,182.50 20,230.00 62.29%Austria 32,747.10 7,747.10 25,000.00 N/A 4,481.80 N/A 1,449.46 19,068.74 58.23%Sweden 32,855.00 7,855.00 25,000.00 N/A 1,755.00 N/A 3,463.00 19,782.00 60.21%Belgium 33,171.70 8,171.70 25,000.00 N/A 3,251.07 N/A 188.89 21,560.04 65.00%Czech Republic 33,500.06 8,500.06 25,000.00 N/A 2,750.05 N/A 2,109.81 20,140.14 60.12%Slovakia 33,799.32 8,799.32 25,000.00 N/A 3,349.68 N/A 2,241.96 19,408.36 57.42%France 36,458.00 11,458.00 25,000.00 N/A 5,515.00 N/A 0.00 19,485.00 53.45%







Ratio Net/cost

Greece 31,140.00 6,140.00 25,000.00 N/A 3,875.00 N/A 2,843.25 18,281.75 58.71%Poland 30,152.50 5,152.50 25,000.00 N/A 5,369.03 N/A 1,345.04 18,285.93 60.64%Austria 32,747.10 7,747.10 25,000.00 N/A 4,481.80 N/A 1,449.46 19,068.74 58.23%Slovakia 33,799.32 8,799.32 25,000.00 N/A 3,349.68 N/A 2,241.96 19,408.36 57.42%France 36,458.00 11,458.00 25,000.00 N/A 5,515.00 N/A 0.00 19,485.00 53.45%Germany 29,831.25 4,831.25 25,000.00 N/A 4,831.25 N/A 676.00 19,492.75 65.34%Italy 32,465.00 7,465.00 25,000.00 N/A 2,372.50 N/A 2,868.38 19,759.12 60.86%Portugal 30,937.50 5,937.50 25,000.00 N/A 2,750.00 N/A 2,468.56 19,781.44 63.94%Sweden 32,855.00 7,855.00 25,000.00 N/A 1,755.00 N/A 3,463.00 19,782.00 60.21%Denmark 26,608.26 1,608.26 25,000.00 N/A 144.74 N/A 5,051.40 19,803.86 74.43%Netherlands 29,715.00 4,715.00 25,000.00 N/A 3,719.00 N/A 1,388.00 19,893.00 66.95%Czech Republic 33,500.06 8,500.06 25,000.00 N/A 2,750.05 N/A 2,109.81 20,140.14 60.12%Spain 32,475.00 7,475.00 25,000.00 N/A 1,587.50 N/A 3,182.50 20,230.00 62.29%Malta 27,175.16 2,175.16 25,000.00 N/A 2,175.16 N/A 2,345.00 20,479.84 75.36%Belgium 33,171.70 8,171.70 25,000.00 N/A 3,251.07 N/A 188.89 21,560.04 65.00%United Kingdom 26,883.00 1,883.00 25,000.00 N/A 1,646.00 N/A 1,735.00 21,619.00 80.42%Luxembourg 28,192.50 3,192.50 25,000.00 N/A 2,762.50 N/A -23.85 22,261.35 78.96%Ireland 27,687.50 2,687.50 25,000.00 N/A 1,000.00 N/A 895.00 23,105.00 83.45%Switzerland 27,173.00 2,173.00 25,000.00 N/A 1,573.00 N/A 0.00 23,427.00 86.21%







France 36,458.00 11,458.00 25,000.00 N/A 5,515.00 N/A 0.00 19,485.00 53.45%Slovakia 33,799.32 8,799.32 25,000.00 N/A 3,349.68 N/A 2,241.96 19,408.36 57.42%Austria 32,747.10 7,747.10 25,000.00 N/A 4,481.80 N/A 1,449.46 19,068.74 58.23%Greece 31,140.00 6,140.00 25,000.00 N/A 3,875.00 N/A 2,843.25 18,281.75 58.71%Czech Republic 33,500.06 8,500.06 25,000.00 N/A 2,750.05 N/A 2,109.81 20,140.14 60.12%Sweden 32,855.00 7,855.00 25,000.00 N/A 1,755.00 N/A 3,463.00 19,782.00 60.21%Poland 30,152.50 5,152.50 25,000.00 N/A 5,369.03 N/A 1,345.04 18,285.93 60.64%Italy 32,465.00 7,465.00 25,000.00 N/A 2,372.50 N/A 2,868.38 19,759.12 60.86%Spain 32,475.00 7,475.00 25,000.00 N/A 1,587.50 N/A 3,182.50 20,230.00 62.29%Portugal 30,937.50 5,937.50 25,000.00 N/A 2,750.00 N/A 2,468.56 19,781.44 63.94%Belgium 33,171.70 8,171.70 25,000.00 N/A 3,251.07 N/A 188.89 21,560.04 65.00%Germany 29,831.25 4,831.25 25,000.00 N/A 4,831.25 N/A 676.00 19,492.75 65.34%Netherlands 29,715.00 4,715.00 25,000.00 N/A 3,719.00 N/A 1,388.00 19,893.00 66.95%Denmark 26,608.26 1,608.26 25,000.00 N/A 144.74 N/A 5,051.40 19,803.86 74.43%Malta 27,175.16 2,175.16 25,000.00 N/A 2,175.16 N/A 2,345.00 20,479.84 75.36%Luxembourg 28,192.50 3,192.50 25,000.00 N/A 2,762.50 N/A -23.85 22,261.35 78.96%United Kingdom 26,883.00 1,883.00 25,000.00 N/A 1,646.00 N/A 1,735.00 21,619.00 80.42%Ireland 27,687.50 2,687.50 25,000.00 N/A 1,000.00 N/A 895.00 23,105.00 83.45%Switzerland 27,173.00 2,173.00 25,000.00 N/A 1,573.00 N/A 0.00 23,427.00 86.21%

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000

GreecePolandAustria

SlovakiaFrance

GermanyItaly

PortugalSweden

DenmarkNetherlands

Czech RepublicSpainMalta

BelgiumUnited Kingdom

LuxembourgIreland

Switzerland

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

FranceSlovakia

AustriaGreece

Czech RepublicSwedenPoland

ItalySpain

PortugalBelgium

GermanyNetherlands

DenmarkMalta


IrelandSwitzerland

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000


SwitzerlandMalta


GermanyPoland

PortugalGreece

ItalySpain



France









Denmark 26,608.26 1,608.26 25,000.00 N/A 144.74 N/A 7,384.31 17,470.95 65.66%United Kingdom 26,883.00 1,883.00 25,000.00 N/A 1,646.00 N/A 2,031.00 21,323.00 79.32%Switzerland 27,173.00 2,173.00 25,000.00 N/A 1,573.00 N/A 0.00 23,427.00 86.21%Malta 27,175.16 2,175.16 25,000.00 N/A 2,175.16 N/A 3,525.00 19,299.84 71.02%Ireland 27,687.50 2,687.50 25,000.00 N/A 1,000.00 N/A 2,595.00 21,405.00 77.31%Luxembourg 28,192.50 3,192.50 25,000.00 N/A 2,762.50 N/A 1,272.15 20,965.35 74.36%Netherlands 29,715.00 4,715.00 25,000.00 N/A 3,719.00 N/A 1,388.00 19,893.00 66.95%Germany 29,831.25 4,831.25 25,000.00 N/A 4,893.75 N/A 2,907.58 17,198.67 57.65%Poland 30,152.50 5,152.50 25,000.00 N/A 5,369.03 N/A 2,092.77 17,538.20 58.17%Portugal 30,937.50 5,937.50 25,000.00 N/A 2,750.00 N/A 5,285.43 16,964.57 54.83%Greece 31,140.00 6,140.00 25,000.00 N/A 3,875.00 N/A 2,843.25 18,281.75 58.71%Italy 32,465.00 7,465.00 25,000.00 N/A 2,372.50 N/A 5,067.36 17,560.14 54.09%Spain 32,475.00 7,475.00 25,000.00 N/A 1,587.50 N/A 2,415.49 20,997.01 64.66%Austria 32,747.10 7,747.10 25,000.00 N/A 4,481.80 N/A 2,118.46 18,399.74 56.19%Sweden 32,855.00 7,855.00 25,000.00 N/A 1,755.00 N/A 3,463.00 19,782.00 60.21%Belgium 33,171.70 8,171.70 25,000.00 N/A 3,251.07 N/A 4,275.75 17,473.18 52.67%Czech Republic 33,500.06 8,500.06 25,000.00 N/A 2,750.05 N/A 4,106.78 18,143.17 54.16%Slovakia 33,799.32 8,799.32 25,000.00 N/A 3,349.68 N/A 3,478.44 18,171.88 53.76%France 36,458.00 11,458.00 25,000.00 N/A 5,515.00 N/A 1,188.00 18,297.00 50.19%







Ratio Net/cost

Portugal 30,937.50 5,937.50 25,000.00 N/A 2,750.00 N/A 5,285.43 16,964.57 54.83%Germany 29,831.25 4,831.25 25,000.00 N/A 4,893.75 N/A 2,907.58 17,198.67 57.65%Denmark 26,608.26 1,608.26 25,000.00 N/A 144.74 N/A 7,384.31 17,470.95 65.66%Belgium 33,171.70 8,171.70 25,000.00 N/A 3,251.07 N/A 4,275.75 17,473.18 52.67%Poland 30,152.50 5,152.50 25,000.00 N/A 5,369.03 N/A 2,092.77 17,538.20 58.17%Italy 32,465.00 7,465.00 25,000.00 N/A 2,372.50 N/A 5,067.36 17,560.14 54.09%Czech Republic 33,500.06 8,500.06 25,000.00 N/A 2,750.05 N/A 4,106.78 18,143.17 54.16%Slovakia 33,799.32 8,799.32 25,000.00 N/A 3,349.68 N/A 3,478.44 18,171.88 53.76%Greece 31,140.00 6,140.00 25,000.00 N/A 3,875.00 N/A 2,843.25 18,281.75 58.71%France 36,458.00 11,458.00 25,000.00 N/A 5,515.00 N/A 1,188.00 18,297.00 50.19%Austria 32,747.10 7,747.10 25,000.00 N/A 4,481.80 N/A 2,118.46 18,399.74 56.19%Malta 27,175.16 2,175.16 25,000.00 N/A 2,175.16 N/A 3,525.00 19,299.84 71.02%Sweden 32,855.00 7,855.00 25,000.00 N/A 1,755.00 N/A 3,463.00 19,782.00 60.21%Netherlands 29,715.00 4,715.00 25,000.00 N/A 3,719.00 N/A 1,388.00 19,893.00 66.95%Luxembourg 28,192.50 3,192.50 25,000.00 N/A 2,762.50 N/A 1,272.15 20,965.35 74.36%Spain 32,475.00 7,475.00 25,000.00 N/A 1,587.50 N/A 2,415.49 20,997.01 64.66%United Kingdom 26,883.00 1,883.00 25,000.00 N/A 1,646.00 N/A 2,031.00 21,323.00 79.32%Ireland 27,687.50 2,687.50 25,000.00 N/A 1,000.00 N/A 2,595.00 21,405.00 77.31%Switzerland 27,173.00 2,173.00 25,000.00 N/A 1,573.00 N/A 0.00 23,427.00 86.21%







France 36,458.00 11,458.00 25,000.00 N/A 5,515.00 N/A 1,188.00 18,297.00 50.19%Belgium 33,171.70 8,171.70 25,000.00 N/A 3,251.07 N/A 4,275.75 17,473.18 52.67%Slovakia 33,799.32 8,799.32 25,000.00 N/A 3,349.68 N/A 3,478.44 18,171.88 53.76%Italy 32,465.00 7,465.00 25,000.00 N/A 2,372.50 N/A 5,067.36 17,560.14 54.09%Czech Republic 33,500.06 8,500.06 25,000.00 N/A 2,750.05 N/A 4,106.78 18,143.17 54.16%Portugal 30,937.50 5,937.50 25,000.00 N/A 2,750.00 N/A 5,285.43 16,964.57 54.83%Austria 32,747.10 7,747.10 25,000.00 N/A 4,481.80 N/A 2,118.46 18,399.74 56.19%Germany 29,831.25 4,831.25 25,000.00 N/A 4,893.75 N/A 2,907.58 17,198.67 57.65%Poland 30,152.50 5,152.50 25,000.00 N/A 5,369.03 N/A 2,092.77 17,538.20 58.17%Greece 31,140.00 6,140.00 25,000.00 N/A 3,875.00 N/A 2,843.25 18,281.75 58.71%Sweden 32,855.00 7,855.00 25,000.00 N/A 1,755.00 N/A 3,463.00 19,782.00 60.21%Spain 32,475.00 7,475.00 25,000.00 N/A 1,587.50 N/A 2,415.49 20,997.01 64.66%Denmark 26,608.26 1,608.26 25,000.00 N/A 144.74 N/A 7,384.31 17,470.95 65.66%Netherlands 29,715.00 4,715.00 25,000.00 N/A 3,719.00 N/A 1,388.00 19,893.00 66.95%Malta 27,175.16 2,175.16 25,000.00 N/A 2,175.16 N/A 3,525.00 19,299.84 71.02%Luxembourg 28,192.50 3,192.50 25,000.00 N/A 2,762.50 N/A 1,272.15 20,965.35 74.36%Ireland 27,687.50 2,687.50 25,000.00 N/A 1,000.00 N/A 2,595.00 21,405.00 77.31%United Kingdom 26,883.00 1,883.00 25,000.00 N/A 1,646.00 N/A 2,031.00 21,323.00 79.32%Switzerland 27,173.00 2,173.00 25,000.00 N/A 1,573.00 N/A 0.00 23,427.00 86.21%

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000


SwitzerlandMalta


GermanyPoland

PortugalGreece

ItalySpain



France

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000

PortugalGermanyDenmarkBelgiumPoland

ItalyCzech Republic

SlovakiaGreeceFranceAustria

MaltaSweden


SpainUnited Kingdom

IrelandSwitzerland

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

FranceBelgiumSlovakia

ItalyCzech Republic

PortugalAustria

GermanyPolandGreece

SwedenSpain

DenmarkNetherlands

MaltaLuxembourg


Switzerland






Gross BIK Cie Car




Denmark 26,608.26 1,608.26 25,000.00 N/A 144.74 N/A 7,384.31 17,470.95 65.66%United Kingdom 26,883.00 1,883.00 25,000.00 N/A 1,646.00 N/A 2,031.00 21,323.00 79.32%Switzerland 27,173.00 2,173.00 25,000.00 N/A 1,573.00 N/A 0.00 23,427.00 86.21%Malta 27,175.16 2,175.16 25,000.00 N/A 2,175.16 N/A 3,200.00 19,624.84 72.22%Ireland 27,687.50 2,687.50 25,000.00 N/A 1,000.00 N/A 2,595.00 21,405.00 77.31%Luxembourg 28,192.50 3,192.50 25,000.00 N/A 2,762.50 N/A 1,272.15 20,965.35 74.36%Netherlands 29,715.00 4,715.00 25,000.00 N/A 3,719.00 N/A 1,388.00 19,893.00 66.95%Germany 29,831.25 4,831.25 25,000.00 N/A 4,831.25 N/A 676.00 19,492.75 65.34%Poland 30,152.50 5,152.50 25,000.00 N/A 5,369.03 N/A 1,554.32 18,076.65 59.95%Portugal 30,937.50 5,937.50 25,000.00 N/A 2,750.00 N/A 3,868.59 18,381.41 59.41%Greece 31,140.00 6,140.00 25,000.00 N/A 3,875.00 N/A 2,843.25 18,281.75 58.71%Italy 32,465.00 7,465.00 25,000.00 N/A 2,372.50 N/A 4,312.87 18,314.63 56.41%Spain 32,475.00 7,475.00 25,000.00 N/A 1,587.50 N/A 3,182.50 20,230.00 62.29%Austria 32,747.10 7,747.10 25,000.00 N/A 4,481.80 N/A 2,118.46 18,399.74 56.19%Sweden 32,855.00 7,855.00 25,000.00 N/A 1,755.00 N/A 3,463.00 19,782.00 60.21%Belgium 33,171.70 8,171.70 25,000.00 N/A 3,251.07 N/A 3,101.52 18,647.41 56.21%Czech Republic 33,500.06 8,500.06 25,000.00 N/A 2,750.05 N/A 3,027.60 19,222.35 57.38%Slovakia 33,799.32 8,799.32 25,000.00 N/A 3,349.68 N/A 2,964.60 18,685.72 55.28%France 36,458.00 11,458.00 25,000.00 N/A 5,515.00 N/A 85.00 19,400.00 53.21%




Gross BIK Cie Car




Ratio Net/cost

Denmark 26,608.26 1,608.26 25,000.00 N/A 144.74 N/A 7,384.31 17,470.95 65.66%Poland 30,152.50 5,152.50 25,000.00 N/A 5,369.03 N/A 1,554.32 18,076.65 59.95%Greece 31,140.00 6,140.00 25,000.00 N/A 3,875.00 N/A 2,843.25 18,281.75 58.71%Italy 32,465.00 7,465.00 25,000.00 N/A 2,372.50 N/A 4,312.87 18,314.63 56.41%Portugal 30,937.50 5,937.50 25,000.00 N/A 2,750.00 N/A 3,868.59 18,381.41 59.41%Austria 32,747.10 7,747.10 25,000.00 N/A 4,481.80 N/A 2,118.46 18,399.74 56.19%Belgium 33,171.70 8,171.70 25,000.00 N/A 3,251.07 N/A 3,101.52 18,647.41 56.21%Slovakia 33,799.32 8,799.32 25,000.00 N/A 3,349.68 N/A 2,964.60 18,685.72 55.28%Czech Republic 33,500.06 8,500.06 25,000.00 N/A 2,750.05 N/A 3,027.60 19,222.35 57.38%France 36,458.00 11,458.00 25,000.00 N/A 5,515.00 N/A 85.00 19,400.00 53.21%Germany 29,831.25 4,831.25 25,000.00 N/A 4,831.25 N/A 676.00 19,492.75 65.34%Malta 27,175.16 2,175.16 25,000.00 N/A 2,175.16 N/A 3,200.00 19,624.84 72.22%Sweden 32,855.00 7,855.00 25,000.00 N/A 1,755.00 N/A 3,463.00 19,782.00 60.21%Netherlands 29,715.00 4,715.00 25,000.00 N/A 3,719.00 N/A 1,388.00 19,893.00 66.95%Spain 32,475.00 7,475.00 25,000.00 N/A 1,587.50 N/A 3,182.50 20,230.00 62.29%Luxembourg 28,192.50 3,192.50 25,000.00 N/A 2,762.50 N/A 1,272.15 20,965.35 74.36%United Kingdom 26,883.00 1,883.00 25,000.00 N/A 1,646.00 N/A 2,031.00 21,323.00 79.32%Ireland 27,687.50 2,687.50 25,000.00 N/A 1,000.00 N/A 2,595.00 21,405.00 77.31%Switzerland 27,173.00 2,173.00 25,000.00 N/A 1,573.00 N/A 0.00 23,427.00 86.21%




Gross BIK Cie Car




France 36,458.00 11,458.00 25,000.00 N/A 5,515.00 N/A 85.00 19,400.00 53.21%Slovakia 33,799.32 8,799.32 25,000.00 N/A 3,349.68 N/A 2,964.60 18,685.72 55.28%Austria 32,747.10 7,747.10 25,000.00 N/A 4,481.80 N/A 2,118.46 18,399.74 56.19%Belgium 33,171.70 8,171.70 25,000.00 N/A 3,251.07 N/A 3,101.52 18,647.41 56.21%Italy 32,465.00 7,465.00 25,000.00 N/A 2,372.50 N/A 4,312.87 18,314.63 56.41%Czech Republic 33,500.06 8,500.06 25,000.00 N/A 2,750.05 N/A 3,027.60 19,222.35 57.38%Greece 31,140.00 6,140.00 25,000.00 N/A 3,875.00 N/A 2,843.25 18,281.75 58.71%Portugal 30,937.50 5,937.50 25,000.00 N/A 2,750.00 N/A 3,868.59 18,381.41 59.41%Poland 30,152.50 5,152.50 25,000.00 N/A 5,369.03 N/A 1,554.32 18,076.65 59.95%Sweden 32,855.00 7,855.00 25,000.00 N/A 1,755.00 N/A 3,463.00 19,782.00 60.21%Spain 32,475.00 7,475.00 25,000.00 N/A 1,587.50 N/A 3,182.50 20,230.00 62.29%Germany 29,831.25 4,831.25 25,000.00 N/A 4,831.25 N/A 676.00 19,492.75 65.34%Denmark 26,608.26 1,608.26 25,000.00 N/A 144.74 N/A 7,384.31 17,470.95 65.66%Netherlands 29,715.00 4,715.00 25,000.00 N/A 3,719.00 N/A 1,388.00 19,893.00 66.95%Malta 27,175.16 2,175.16 25,000.00 N/A 2,175.16 N/A 3,200.00 19,624.84 72.22%Luxembourg 28,192.50 3,192.50 25,000.00 N/A 2,762.50 N/A 1,272.15 20,965.35 74.36%Ireland 27,687.50 2,687.50 25,000.00 N/A 1,000.00 N/A 2,595.00 21,405.00 77.31%United Kingdom 26,883.00 1,883.00 25,000.00 N/A 1,646.00 N/A 2,031.00 21,323.00 79.32%Switzerland 27,173.00 2,173.00 25,000.00 N/A 1,573.00 N/A 0.00 23,427.00 86.21%

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000


SwitzerlandMalta


GermanyPoland

PortugalGreece

ItalySpain



France

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000

DenmarkPolandGreece

ItalyPortugal

AustriaBelgiumSlovakia

Czech RepublicFrance

GermanyMalta

SwedenNetherlands

SpainLuxembourg


Switzerland

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

FranceSlovakia

AustriaBelgium

ItalyCzech Republic

GreecePortugal

PolandSweden

SpainGermanyDenmark

NetherlandsMalta

LuxembourgIreland


12



Total




Total







€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000

DenmarkMalta


IrelandLuxembourg

PolandNetherlands


SpainItaly


SwedenSlovakia

France


€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000


ItalyBelgium


IrelandPolandSpain

SwedenFrance


MaltaSwitzerland


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AustriaBelgium

ItalyFranceGreece

SlovakiaNetherlands

PortugalSweden


SpainDenmark

PolandIreland


MaltaSwitzerland









Denmark 51,608.26 1,608.26 50,000.00 11,541.73 144.74 N/A 19,756.89 30,098.37 58.32%Malta 52,175.16 2,175.16 50,000.00 2,875.00 2,175.16 N/A 9,314.00 38,510.84 73.81%Switzerland 54,567.00 4,567.00 50,000.00 2,545.00 3,305.00 N/A 0.00 46,695.00 85.57%United Kingdom 56,103.00 6,103.00 50,000.00 5,583.00 4,645.00 N/A 7,851.00 37,504.00 66.85%Ireland 56,180.61 6,180.61 50,000.00 7,494.00 2,300.00 N/A 11,847.00 35,853.00 63.82%Luxembourg 56,866.43 6,866.43 50,000.00 4,008.60 5,957.93 N/A 4,054.32 39,987.75 70.32%Poland 56,884.34 6,884.34 50,000.00 2,862.87 8,644.12 N/A 4,502.12 36,853.76 64.79%Netherlands 59,430.00 9,430.00 50,000.00 6,580.50 6,912.00 N/A 12,464.00 30,624.00 51.53%Germany 60,027.39 10,027.39 50,000.00 3,753.60 10,027.39 N/A 6,985.51 32,987.10 54.95%Portugal 61,875.00 11,875.00 50,000.00 0.00 5,500.00 N/A 10,021.84 34,478.16 55.72%Greece 62,280.00 12,280.00 50,000.00 1,800.00 7,750.00 N/A 12,682.00 29,568.00 47.48%Spain 62,938.33 12,938.33 50,000.00 2,411.00 2,747.77 N/A 12,410.92 34,841.31 55.36%Italy 65,567.92 15,567.92 50,000.00 TBD 5,007.87 N/A 14,171.60 30,820.53 47.01%Czech Republic 66,471.53 16,471.53 50,000.00 1,920.01 5,404.10 N/A 7,674.67 36,921.23 55.54%Belgium 66,726.61 16,726.61 50,000.00 1,332.82 6,502.14 N/A 10,078.08 33,419.78 50.08%Austria 66,780.12 16,780.12 50,000.00 4,140.00 9,711.68 N/A 10,167.22 30,121.10 45.10%Sweden 66,896.73 16,896.73 50,000.00 3,777.00 3,509.00 N/A 11,749.00 34,742.00 51.93%Slovakia 67,424.88 17,424.88 50,000.00 2,191.20 6,624.96 N/A 8,484.48 34,890.56 51.75%France 74,639.00 24,639.00 50,000.00 2,250.00 11,361.00 N/A 674.00 37,965.00 50.86%







Ratio Net/cost

Greece 62,280.00 12,280.00 50,000.00 1,800.00 7,750.00 N/A 12,682.00 29,568.00 47.48%Denmark 51,608.26 1,608.26 50,000.00 11,541.73 144.74 N/A 19,756.89 30,098.37 58.32%Austria 66,780.12 16,780.12 50,000.00 4,140.00 9,711.68 N/A 10,167.22 30,121.10 45.10%Netherlands 59,430.00 9,430.00 50,000.00 6,580.50 6,912.00 N/A 12,464.00 30,624.00 51.53%Italy 65,567.92 15,567.92 50,000.00 TBD 5,007.87 N/A 14,171.60 30,820.53 47.01%Germany 60,027.39 10,027.39 50,000.00 3,753.60 10,027.39 N/A 6,985.51 32,987.10 54.95%Belgium 66,726.61 16,726.61 50,000.00 1,332.82 6,502.14 N/A 10,078.08 33,419.78 50.08%Portugal 61,875.00 11,875.00 50,000.00 0.00 5,500.00 N/A 10,021.84 34,478.16 55.72%Sweden 66,896.73 16,896.73 50,000.00 3,777.00 3,509.00 N/A 11,749.00 34,742.00 51.93%Spain 62,938.33 12,938.33 50,000.00 2,411.00 2,747.77 N/A 12,410.92 34,841.31 55.36%Slovakia 67,424.88 17,424.88 50,000.00 2,191.20 6,624.96 N/A 8,484.48 34,890.56 51.75%Ireland 56,180.61 6,180.61 50,000.00 7,494.00 2,300.00 N/A 11,847.00 35,853.00 63.82%Poland 56,884.34 6,884.34 50,000.00 2,862.87 8,644.12 N/A 4,502.12 36,853.76 64.79%Czech Republic 66,471.53 16,471.53 50,000.00 1,920.01 5,404.10 N/A 7,674.67 36,921.23 55.54%United Kingdom 56,103.00 6,103.00 50,000.00 5,583.00 4,645.00 N/A 7,851.00 37,504.00 66.85%France 74,639.00 24,639.00 50,000.00 2,250.00 11,361.00 N/A 674.00 37,965.00 50.86%Malta 52,175.16 2,175.16 50,000.00 2,875.00 2,175.16 N/A 9,314.00 38,510.84 73.81%Luxembourg 56,866.43 6,866.43 50,000.00 4,008.60 5,957.93 N/A 4,054.32 39,987.75 70.32%Switzerland 54,567.00 4,567.00 50,000.00 2,545.00 3,305.00 N/A 0.00 46,695.00 85.57%







Austria 66,780.12 16,780.12 50,000.00 4,140.00 9,711.68 N/A 10,167.22 30,121.10 45.10%Italy 65,567.92 15,567.92 50,000.00 TBD 5,007.87 N/A 14,171.60 30,820.53 47.01%Greece 62,280.00 12,280.00 50,000.00 1,800.00 7,750.00 N/A 12,682.00 29,568.00 47.48%Belgium 66,726.61 16,726.61 50,000.00 1,332.82 6,502.14 N/A 10,078.08 33,419.78 50.08%France 74,639.00 24,639.00 50,000.00 2,250.00 11,361.00 N/A 674.00 37,965.00 50.86%Netherlands 59,430.00 9,430.00 50,000.00 6,580.50 6,912.00 N/A 12,464.00 30,624.00 51.53%Slovakia 67,424.88 17,424.88 50,000.00 2,191.20 6,624.96 N/A 8,484.48 34,890.56 51.75%Sweden 66,896.73 16,896.73 50,000.00 3,777.00 3,509.00 N/A 11,749.00 34,742.00 51.93%Germany 60,027.39 10,027.39 50,000.00 3,753.60 10,027.39 N/A 6,985.51 32,987.10 54.95%Spain 62,938.33 12,938.33 50,000.00 2,411.00 2,747.77 N/A 12,410.92 34,841.31 55.36%Czech Republic 66,471.53 16,471.53 50,000.00 1,920.01 5,404.10 N/A 7,674.67 36,921.23 55.54%Portugal 61,875.00 11,875.00 50,000.00 0.00 5,500.00 N/A 10,021.84 34,478.16 55.72%Denmark 51,608.26 1,608.26 50,000.00 11,541.73 144.74 N/A 19,756.89 30,098.37 58.32%Ireland 56,180.61 6,180.61 50,000.00 7,494.00 2,300.00 N/A 11,847.00 35,853.00 63.82%Poland 56,884.34 6,884.34 50,000.00 2,862.87 8,644.12 N/A 4,502.12 36,853.76 64.79%United Kingdom 56,103.00 6,103.00 50,000.00 5,583.00 4,645.00 N/A 7,851.00 37,504.00 66.85%Luxembourg 56,866.43 6,866.43 50,000.00 4,008.60 5,957.93 N/A 4,054.32 39,987.75 70.32%Malta 52,175.16 2,175.16 50,000.00 2,875.00 2,175.16 N/A 9,314.00 38,510.84 73.81%Switzerland 54,567.00 4,567.00 50,000.00 2,545.00 3,305.00 N/A 0.00 46,695.00 85.57%

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000

DenmarkMalta


IrelandLuxembourg

PolandNetherlands


SpainItaly


SwedenSlovakia

France

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000 € 45,000 € 50,000

GreeceDenmark

AustriaNetherlands

ItalyGermanyBelgiumPortugalSweden

SpainSlovakia

IrelandPoland


FranceMalta


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AustriaItaly

GreeceBelgiumFrance

NetherlandsSlovakiaSweden

GermanySpain

Czech RepublicPortugal

DenmarkIrelandPoland

United KingdomLuxembourg

MaltaSwitzerland
















Net/cost ratio

Denmark 51,608.26 1,608.26 50,000.00 11,541.73 144.74 N/A 22,089.79 27,765.47 53.80%Belgium 66,726.61 16,726.61 50,000.00 1,332.82 6,502.14 N/A 15,474.48 28,023.38 42.00%Germany 60,027.39 10,027.39 50,000.00 3,753.60 10,151.14 N/A 11,611.33 28,237.53 47.04%Italy 65,567.92 15,567.92 50,000.00 TBD 5,007.87 N/A 15,824.49 29,167.64 44.48%Portugal 61,875.00 11,875.00 50,000.00 0.00 5,500.00 N/A 15,205.05 29,294.95 47.35%Austria 66,780.12 16,780.12 50,000.00 4,140.00 9,711.68 N/A 10,836.22 29,452.10 44.10%Greece 62,280.00 12,280.00 50,000.00 1,800.00 7,750.00 N/A 12,682.00 29,568.00 47.48%Netherlands 59,430.00 9,430.00 50,000.00 6,580.50 6,912.00 N/A 12,464.00 30,624.00 51.53%Ireland 56,180.61 6,180.61 50,000.00 7,494.00 2,300.00 N/A 16,107.00 31,593.00 56.23%France 74,639.00 24,639.00 50,000.00 2,250.00 11,361.00 N/A 5,808.00 32,831.00 43.99%Poland 56,884.34 6,884.34 50,000.00 2,862.87 8,644.12 N/A 8,075.81 33,280.06 58.50%Luxembourg 56,866.43 6,866.43 50,000.00 4,008.60 5,957.93 N/A 10,224.32 33,817.75 59.47%Slovakia 67,424.88 17,424.88 50,000.00 2,191.20 6,624.96 N/A 9,290.16 34,084.88 50.55%Spain 62,938.33 12,938.33 50,000.00 2,411.00 2,747.77 N/A 12,919.31 34,332.92 54.55%Sweden 66,896.73 16,896.73 50,000.00 3,777.00 3,509.00 N/A 11,749.00 34,742.00 51.93%Czech Republic 66,471.53 16,471.53 50,000.00 1,920.01 5,404.10 N/A 9,671.64 34,924.26 52.54%United Kingdom 56,103.00 6,103.00 50,000.00 5,583.00 4,645.00 N/A 8,148.00 37,207.00 66.32%Malta 52,175.16 2,175.16 50,000.00 2,875.00 2,175.16 N/A 10,494.00 37,330.84 71.55%Switzerland 54,567.00 4,567.00 50,000.00 2,545.00 3,305.00 N/A 4,645.00 42,050.00 77.06%







Belgium 66,726.61 16,726.61 50,000.00 1,332.82 6,502.14 N/A 15,474.48 28,023.38 42.00%France 74,639.00 24,639.00 50,000.00 2,250.00 11,361.00 N/A 5,808.00 32,831.00 43.99%Austria 66,780.12 16,780.12 50,000.00 4,140.00 9,711.68 N/A 10,836.22 29,452.10 44.10%Italy 65,567.92 15,567.92 50,000.00 TBD 5,007.87 N/A 15,824.49 29,167.64 44.48%Germany 60,027.39 10,027.39 50,000.00 3,753.60 10,151.14 N/A 11,611.33 28,237.53 47.04%Portugal 61,875.00 11,875.00 50,000.00 0.00 5,500.00 N/A 15,205.05 29,294.95 47.35%Greece 62,280.00 12,280.00 50,000.00 1,800.00 7,750.00 N/A 12,682.00 29,568.00 47.48%Slovakia 67,424.88 17,424.88 50,000.00 2,191.20 6,624.96 N/A 9,290.16 34,084.88 50.55%Netherlands 59,430.00 9,430.00 50,000.00 6,580.50 6,912.00 N/A 12,464.00 30,624.00 51.53%Sweden 66,896.73 16,896.73 50,000.00 3,777.00 3,509.00 N/A 11,749.00 34,742.00 51.93%Czech Republic 66,471.53 16,471.53 50,000.00 1,920.01 5,404.10 N/A 9,671.64 34,924.26 52.54%Denmark 51,608.26 1,608.26 50,000.00 11,541.73 144.74 N/A 22,089.79 27,765.47 53.80%Spain 62,938.33 12,938.33 50,000.00 2,411.00 2,747.77 N/A 12,919.31 34,332.92 54.55%Ireland 56,180.61 6,180.61 50,000.00 7,494.00 2,300.00 N/A 16,107.00 31,593.00 56.23%Poland 56,884.34 6,884.34 50,000.00 2,862.87 8,644.12 N/A 8,075.81 33,280.06 58.50%Luxembourg 56,866.43 6,866.43 50,000.00 4,008.60 5,957.93 N/A 10,224.32 33,817.75 59.47%United Kingdom 56,103.00 6,103.00 50,000.00 5,583.00 4,645.00 N/A 8,148.00 37,207.00 66.32%Malta 52,175.16 2,175.16 50,000.00 2,875.00 2,175.16 N/A 10,494.00 37,330.84 71.55%Switzerland 54,567.00 4,567.00 50,000.00 2,545.00 3,305.00 N/A 4,645.00 42,050.00 77.06%

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000

DenmarkMalta


IrelandLuxembourg

PolandNetherlands


SpainItaly


SwedenSlovakia

France

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000 € 45,000 € 50,000

DenmarkBelgium

GermanyItaly

PortugalAustriaGreece

NetherlandsIrelandFrancePoland

LuxembourgSlovakia

SpainSweden


MaltaSwitzerland

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

BelgiumFranceAustria

ItalyGermanyPortugalGreece

SlovakiaNetherlands

SwedenCzech Republic

DenmarkSpain

IrelandPoland


MaltaSwitzerland
















Net/cost ratio

Denmark 51,608.26 1,608.26 50,000.00 11,541.73 144.74 N/A 22,089.79 27,765.47 53.80%Belgium 66,726.61 16,726.61 50,000.00 1,332.82 6,502.14 N/A 14,298.21 29,199.65 43.76%Austria 66,780.12 16,780.12 50,000.00 4,140.00 9,711.68 N/A 10,836.22 29,452.10 44.10%Greece 62,280.00 12,280.00 50,000.00 1,800.00 7,750.00 N/A 12,682.00 29,568.00 47.48%Italy 65,567.92 15,567.92 50,000.00 TBD 5,007.87 N/A 15,281.56 29,710.57 45.31%Netherlands 59,430.00 9,430.00 50,000.00 6,580.50 6,912.00 N/A 12,464.00 30,624.00 51.53%Portugal 61,875.00 11,875.00 50,000.00 0.00 5,500.00 N/A 11,992.36 32,507.64 52.54%Germany 60,027.39 10,027.39 50,000.00 3,753.60 10,027.39 N/A 6,985.51 32,987.10 54.95%Luxembourg 56,866.43 6,866.43 50,000.00 4,008.60 5,957.93 N/A 10,224.32 33,817.75 59.47%Poland 56,884.34 6,884.34 50,000.00 2,862.87 8,644.12 N/A 7,537.12 33,818.76 59.45%France 74,639.00 24,639.00 50,000.00 2,250.00 11,361.00 N/A 4,300.00 34,339.00 46.01%Slovakia 67,424.88 17,424.88 50,000.00 2,191.20 6,624.96 N/A 8,776.32 34,598.72 51.31%Sweden 66,896.73 16,896.73 50,000.00 3,777.00 3,509.00 N/A 11,749.00 34,742.00 51.93%Spain 62,938.33 12,938.33 50,000.00 2,411.00 2,747.77 N/A 12,410.92 34,841.31 55.36%Czech Republic 66,471.53 16,471.53 50,000.00 1,920.01 5,404.10 N/A 8,592.46 36,003.44 54.16%Ireland 56,180.61 6,180.61 50,000.00 7,494.00 2,300.00 N/A 11,368.00 36,332.00 64.67%United Kingdom 56,103.00 6,103.00 50,000.00 5,583.00 4,645.00 N/A 8,148.00 37,207.00 66.32%Malta 52,175.16 2,175.16 50,000.00 2,875.00 2,175.16 N/A 10,168.00 37,656.84 72.17%Switzerland 54,567.00 4,567.00 50,000.00 2,545.00 3,305.00 N/A 6,163.00 40,532.00 74.28%







Belgium 66,726.61 16,726.61 50,000.00 1,332.82 6,502.14 N/A 14,298.21 29,199.65 43.76%Austria 66,780.12 16,780.12 50,000.00 4,140.00 9,711.68 N/A 10,836.22 29,452.10 44.10%Italy 65,567.92 15,567.92 50,000.00 TBD 5,007.87 N/A 15,281.56 29,710.57 45.31%France 74,639.00 24,639.00 50,000.00 2,250.00 11,361.00 N/A 4,300.00 34,339.00 46.01%Greece 62,280.00 12,280.00 50,000.00 1,800.00 7,750.00 N/A 12,682.00 29,568.00 47.48%Slovakia 67,424.88 17,424.88 50,000.00 2,191.20 6,624.96 N/A 8,776.32 34,598.72 51.31%Netherlands 59,430.00 9,430.00 50,000.00 6,580.50 6,912.00 N/A 12,464.00 30,624.00 51.53%Sweden 66,896.73 16,896.73 50,000.00 3,777.00 3,509.00 N/A 11,749.00 34,742.00 51.93%Portugal 61,875.00 11,875.00 50,000.00 0.00 5,500.00 N/A 11,992.36 32,507.64 52.54%Denmark 51,608.26 1,608.26 50,000.00 11,541.73 144.74 N/A 22,089.79 27,765.47 53.80%Czech Republic 66,471.53 16,471.53 50,000.00 1,920.01 5,404.10 N/A 8,592.46 36,003.44 54.16%Germany 60,027.39 10,027.39 50,000.00 3,753.60 10,027.39 N/A 6,985.51 32,987.10 54.95%Spain 62,938.33 12,938.33 50,000.00 2,411.00 2,747.77 N/A 12,410.92 34,841.31 55.36%Poland 56,884.34 6,884.34 50,000.00 2,862.87 8,644.12 N/A 7,537.12 33,818.76 59.45%Luxembourg 56,866.43 6,866.43 50,000.00 4,008.60 5,957.93 N/A 10,224.32 33,817.75 59.47%Ireland 56,180.61 6,180.61 50,000.00 7,494.00 2,300.00 N/A 11,368.00 36,332.00 64.67%United Kingdom 56,103.00 6,103.00 50,000.00 5,583.00 4,645.00 N/A 8,148.00 37,207.00 66.32%Malta 52,175.16 2,175.16 50,000.00 2,875.00 2,175.16 N/A 10,168.00 37,656.84 72.17%Switzerland 54,567.00 4,567.00 50,000.00 2,545.00 3,305.00 N/A 6,163.00 40,532.00 74.28%

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000

DenmarkMalta


IrelandLuxembourg

PolandNetherlands


SpainItaly


SwedenSlovakia

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000 € 45,000 € 50,000

DenmarkBelgiumAustriaGreece

ItalyNetherlands

PortugalGermany

LuxembourgPolandFrance

SlovakiaSweden

SpainCzech Republic


MaltaSwitzerland

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

BelgiumAustria

ItalyFranceGreece

SlovakiaNetherlands

SwedenPortugal

DenmarkCzech Republic

GermanySpain

PolandLuxembourg


MaltaSwitzerland

50,000

50,000

50,000

50,000




Total




Total


Copy paste table 1





€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkMalta



LuxembourgGermany



BelgiumSweden

ItalyFrance


€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkItaly

GreeceBelgium

NetherlandsAustria

PortugalIreland

GermanySweden

SpainLuxembourg


PolandSlovakia

MaltaCzech Republic

Switzerland


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


SwedenNetherlands


IrelandSpain

SlovakiaLuxembourg


PolandMalta

Switzerland









Denmark 76,608.26 1,608.26 75,000.00 16,071.84 144.74 N/A 35,187.03 39,668.23 51.78%Malta 77,175.16 2,175.16 75,000.00 6,014.00 2,175.16 N/A 18,450.00 54,374.84 70.46%Switzerland 81,828.00 6,828.00 75,000.00 3,573.00 4,943.00 N/A 211.00 69,846.00 85.36%Poland 82,990.81 7,990.81 75,000.00 4,580.59 11,500.46 N/A 10,519.32 52,980.22 63.84%Ireland 84,383.14 9,383.14 75,000.00 12,285.00 3,491.00 N/A 26,021.00 45,488.00 53.91%Netherlands 84,803.00 9,803.00 75,000.00 8,687.00 7,755.00 N/A 26,709.00 40,536.00 47.80%United Kingdom 84,999.00 9,999.00 75,000.00 8,814.00 6,080.00 N/A 18,690.00 50,230.00 59.09%Luxembourg 85,213.07 10,213.07 75,000.00 5,292.00 8,859.04 N/A 11,040.70 55,100.26 64.66%Germany 87,072.23 12,072.23 75,000.00 4,968.00 12,072.23 N/A 15,131.83 47,795.94 54.89%Spain 87,938.33 12,938.33 75,000.00 3,185.00 2,747.77 N/A 23,533.69 48,718.54 55.40%Slovakia 92,639.28 17,639.28 75,000.00 3,996.00 6,624.96 N/A 15,477.48 52,897.56 57.10%Portugal 92,812.50 17,812.50 75,000.00 0.00 8,250.00 N/A 18,753.60 47,996.40 51.71%Greece 93,420.00 18,420.00 75,000.00 2,700.00 11,625.00 N/A 23,694.50 39,680.50 42.48%Czech Republic 93,764.71 18,764.71 75,000.00 2,400.00 6,550.71 N/A 13,623.79 54,825.49 58.47%Austria 96,701.31 21,701.31 75,000.00 6,300.00 11,670.63 N/A 19,886.69 43,442.68 44.92%Belgium 99,941.69 24,941.69 75,000.00 1,935.00 9,753.21 N/A 21,673.23 43,573.56 43.60%Sweden 100,067.50 25,067.50 75,000.00 4,782.00 3,509.00 N/A 25,936.00 45,555.00 45.52%Italy 102,731.14 27,731.14 75,000.00 TBD 11,410.21 N/A 23,987.83 39,601.96 38.55%France 111,678.00 36,678.00 75,000.00 3,600.00 16,674.00 N/A 4,017.00 54,309.00 48.63%







Italy 102,731.14 27,731.14 75,000.00 TBD 11,410.21 N/A 23,987.83 39,601.96 38.55%Denmark 76,608.26 1,608.26 75,000.00 16,071.84 144.74 N/A 35,187.03 39,668.23 51.78%Greece 93,420.00 18,420.00 75,000.00 2,700.00 11,625.00 N/A 23,694.50 39,680.50 42.48%Netherlands 84,803.00 9,803.00 75,000.00 8,687.00 7,755.00 N/A 26,709.00 40,536.00 47.80%Austria 96,701.31 21,701.31 75,000.00 6,300.00 11,670.63 N/A 19,886.69 43,442.68 44.92%Belgium 99,941.69 24,941.69 75,000.00 1,935.00 9,753.21 N/A 21,673.23 43,573.56 43.60%Ireland 84,383.14 9,383.14 75,000.00 12,285.00 3,491.00 N/A 26,021.00 45,488.00 53.91%Sweden 100,067.50 25,067.50 75,000.00 4,782.00 3,509.00 N/A 25,936.00 45,555.00 45.52%Germany 87,072.23 12,072.23 75,000.00 4,968.00 12,072.23 N/A 15,131.83 47,795.94 54.89%Portugal 92,812.50 17,812.50 75,000.00 0.00 8,250.00 N/A 18,753.60 47,996.40 51.71%Spain 87,938.33 12,938.33 75,000.00 3,185.00 2,747.77 N/A 23,533.69 48,718.54 55.40%United Kingdom 84,999.00 9,999.00 75,000.00 8,814.00 6,080.00 N/A 18,690.00 50,230.00 59.09%Slovakia 92,639.28 17,639.28 75,000.00 3,996.00 6,624.96 N/A 15,477.48 52,897.56 57.10%Poland 82,990.81 7,990.81 75,000.00 4,580.59 11,500.46 N/A 10,519.32 52,980.22 63.84%France 111,678.00 36,678.00 75,000.00 3,600.00 16,674.00 N/A 4,017.00 54,309.00 48.63%Malta 77,175.16 2,175.16 75,000.00 6,014.00 2,175.16 N/A 18,450.00 54,374.84 70.46%Czech Republic 93,764.71 18,764.71 75,000.00 2,400.00 6,550.71 N/A 13,623.79 54,825.49 58.47%Luxembourg 85,213.07 10,213.07 75,000.00 5,292.00 8,859.04 N/A 11,040.70 55,100.26 64.66%Switzerland 81,828.00 6,828.00 75,000.00 3,573.00 4,943.00 N/A 211.00 69,846.00 85.36%







Italy 102,731.14 27,731.14 75,000.00 TBD 11,410.21 N/A 23,987.83 39,601.96 38.55%Greece 93,420.00 18,420.00 75,000.00 2,700.00 11,625.00 N/A 23,694.50 39,680.50 42.48%Belgium 99,941.69 24,941.69 75,000.00 1,935.00 9,753.21 N/A 21,673.23 43,573.56 43.60%Austria 96,701.31 21,701.31 75,000.00 6,300.00 11,670.63 N/A 19,886.69 43,442.68 44.92%Sweden 100,067.50 25,067.50 75,000.00 4,782.00 3,509.00 N/A 25,936.00 45,555.00 45.52%Netherlands 84,803.00 9,803.00 75,000.00 8,687.00 7,755.00 N/A 26,709.00 40,536.00 47.80%France 111,678.00 36,678.00 75,000.00 3,600.00 16,674.00 N/A 4,017.00 54,309.00 48.63%Portugal 92,812.50 17,812.50 75,000.00 0.00 8,250.00 N/A 18,753.60 47,996.40 51.71%Denmark 76,608.26 1,608.26 75,000.00 16,071.84 144.74 N/A 35,187.03 39,668.23 51.78%Ireland 84,383.14 9,383.14 75,000.00 12,285.00 3,491.00 N/A 26,021.00 45,488.00 53.91%Germany 87,072.23 12,072.23 75,000.00 4,968.00 12,072.23 N/A 15,131.83 47,795.94 54.89%Spain 87,938.33 12,938.33 75,000.00 3,185.00 2,747.77 N/A 23,533.69 48,718.54 55.40%Slovakia 92,639.28 17,639.28 75,000.00 3,996.00 6,624.96 N/A 15,477.48 52,897.56 57.10%Czech Republic 93,764.71 18,764.71 75,000.00 2,400.00 6,550.71 N/A 13,623.79 54,825.49 58.47%United Kingdom 84,999.00 9,999.00 75,000.00 8,814.00 6,080.00 N/A 18,690.00 50,230.00 59.09%Poland 82,990.81 7,990.81 75,000.00 4,580.59 11,500.46 N/A 10,519.32 52,980.22 63.84%Luxembourg 85,213.07 10,213.07 75,000.00 5,292.00 8,859.04 N/A 11,040.70 55,100.26 64.66%Malta 77,175.16 2,175.16 75,000.00 6,014.00 2,175.16 N/A 18,450.00 54,374.84 70.46%

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkMalta



LuxembourgGermany



BelgiumSweden

ItalyFrance

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000

ItalyDenmark

GreeceNetherlands

AustriaBelgium

IrelandSweden

GermanyPortugal

SpainUnited Kingdom

SlovakiaPolandFrance

MaltaCzech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

ItalyGreece

BelgiumAustria

SwedenNetherlands

FrancePortugal

DenmarkIreland

GermanySpain


PolandLuxembourg

MaltaSwitzerland















Net income (EUR) Net/cost ratio

Denmark 76,608.26 1,608.26 75,000.00 16,071.84 144.74 N/A 37,520.07 37,335.19 48.74%Belgium 99,941.69 24,941.69 75,000.00 1,935.00 9,753.21 N/A 27,461.39 37,785.40 37.81%Italy 102,731.14 27,731.14 75,000.00 TBD 11,410.21 N/A 24,951.87 38,637.92 37.61%Greece 93,420.00 18,420.00 75,000.00 2,700.00 11,625.00 N/A 23,694.50 39,680.50 42.48%Germany 87,072.23 12,072.23 75,000.00 4,968.00 12,195.98 N/A 22,627.64 40,176.38 46.14%Netherlands 84,803.00 9,803.00 75,000.00 8,687.00 7,755.00 N/A 26,709.00 40,536.00 47.80%Portugal 92,812.50 17,812.50 75,000.00 0.00 8,250.00 N/A 25,996.30 40,753.70 43.91%Ireland 84,383.14 9,383.14 75,000.00 12,285.00 3,491.00 N/A 30,281.00 41,228.00 48.86%Austria 96,701.31 21,701.31 75,000.00 6,300.00 11,670.63 N/A 20,555.69 42,773.68 44.23%Sweden 100,067.50 25067.5044 75,000.00 4782 3,509.00 N/A 25,936.00 45,555.00 45.52%Luxembourg 85,213.07 10,213.07 75,000.00 5,292.00 8,859.04 N/A 20,467.70 45,673.26 53.60%France 111,678.00 36,678.00 75,000.00 3,600.00 16,674.00 N/A 11,690.00 46,636.00 41.76%Spain 87,938.33 12,938.33 75,000.00 3,185.00 2,747.77 N/A 24,049.71 48,202.52 54.81%Poland 82,990.81 7,990.81 75,000.00 4,580.59 11,500.46 N/A 14,093.01 49,406.53 59.53%United Kingdom 84,999.00 9,999.00 75,000.00 8,814.00 6,080.00 N/A 18,690.00 50,230.00 59.09%Slovakia 92,639.28 17,639.28 75,000.00 3,996.00 6,624.96 N/A 15,991.32 52,383.72 56.55%Czech Republic 93,764.71 18,764.71 75,000.00 2,400.00 6,550.71 N/A 15,620.76 52,828.52 56.34%Malta 77,175.16 2,175.16 75,000.00 6,014.00 2,175.16 N/A 19,630.00 53,194.84 68.93%Switzerland 81,828.00 6828 75,000.00 3573 4,343.00 N/A 11,118.00 59,539.00 72.76%







Italy 102,731.14 27,731.14 75,000.00 TBD 11,410.21 N/A 24,951.87 38,637.92 37.61%Belgium 99,941.69 24,941.69 75,000.00 1,935.00 9,753.21 N/A 27,461.39 37,785.40 37.81%France 111,678.00 36,678.00 75,000.00 3,600.00 16,674.00 N/A 11,690.00 46,636.00 41.76%Greece 93,420.00 18,420.00 75,000.00 2,700.00 11,625.00 N/A 23,694.50 39,680.50 42.48%Portugal 92,812.50 17,812.50 75,000.00 0.00 8,250.00 N/A 25,996.30 40,753.70 43.91%Austria 96,701.31 21,701.31 75,000.00 6,300.00 11,670.63 N/A 20,555.69 42,773.68 44.23%Sweden 100,067.50 25,067.50 75,000.00 4,782.00 3,509.00 N/A 25,936.00 45,555.00 45.52%Germany 87,072.23 12,072.23 75,000.00 4,968.00 12,195.98 N/A 22,627.64 40,176.38 46.14%Netherlands 84,803.00 9,803.00 75,000.00 8,687.00 7,755.00 N/A 26,709.00 40,536.00 47.80%Denmark 76,608.26 1,608.26 75,000.00 16,071.84 144.74 N/A 37,520.07 37,335.19 48.74%Ireland 84,383.14 9,383.14 75,000.00 12,285.00 3,491.00 N/A 30,281.00 41,228.00 48.86%Luxembourg 85,213.07 10,213.07 75,000.00 5,292.00 8,859.04 N/A 20,467.70 45,673.26 53.60%Spain 87,938.33 12,938.33 75,000.00 3,185.00 2,747.77 N/A 24,049.71 48,202.52 54.81%Czech Republic 93,764.71 18,764.71 75,000.00 2,400.00 6,550.71 N/A 15,620.76 52,828.52 56.34%Slovakia 92,639.28 17,639.28 75,000.00 3,996.00 6,624.96 N/A 15,991.32 52,383.72 56.55%United Kingdom 84,999.00 9,999.00 75,000.00 8,814.00 6,080.00 N/A 18,690.00 50,230.00 59.09%Poland 82,990.81 7,990.81 75,000.00 4,580.59 11,500.46 N/A 14,093.01 49,406.53 59.53%Malta 77,175.16 2,175.16 75,000.00 6,014.00 2,175.16 N/A 19,630.00 53,194.84 68.93%

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkMalta



LuxembourgGermany



BelgiumSweden

ItalyFrance

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000

DenmarkBelgium

ItalyGreece

GermanyNetherlands


SwedenLuxembourg

FranceSpain

PolandUnited Kingdom


MaltaSwitzerland

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

ItalyBelgiumFranceGreece

PortugalAustria

SwedenGermany

NetherlandsDenmark

IrelandLuxembourg

SpainCzech Republic

SlovakiaUnited Kingdom

PolandMalta

Switzerland
















Denmark 76,608.26 1,608.26 75,000.00 16,071.84 144.74 N/A 37,520.07 37,335.19 48.74%Belgium 99,941.69 24,941.69 75,000.00 1,935.00 9,753.21 N/A 26,302.58 38,944.21 38.97%Italy 102,731.14 27,731.14 75,000.00 TBD 11,410.21 N/A 24,581.27 39,008.52 37.97%Greece 93,420.00 18,420.00 75,000.00 2,700.00 11,625.00 N/A 23,694.50 39,680.50 42.48%Netherlands 84,803.00 9,803.00 75,000.00 8,687.00 7,755.00 N/A 26,709.00 40,536.00 47.80%Austria 96,701.31 21,701.31 75,000.00 6,300.00 11,670.63 N/A 20,555.69 42,773.68 44.23%Sweden 100,067.50 25,067.50 75,000.00 4,782.00 3,509.00 N/A 25,936.00 45,555.00 45.52%Luxembourg 85,213.07 10,213.07 75,000.00 5,292.00 8,859.04 N/A 20,467.70 45,673.26 53.60%Portugal 92,812.50 17,812.50 75,000.00 0.00 8,250.00 N/A 21,003.61 45,746.39 49.29%Germany 87,072.23 12,072.23 75,000.00 4,968.00 12,072.23 N/A 15,131.83 47,795.94 54.89%Ireland 84,383.14 9,383.14 75,000.00 12,285.00 3,491.00 N/A 23,521.00 47,988.00 56.87%France 111,678.00 36,678.00 75,000.00 3,600.00 16,674.00 N/A 10,182.00 48,144.00 43.11%Spain 87,938.33 12,938.33 75,000.00 3,185.00 2,747.77 N/A 23,533.69 48,718.54 55.40%Poland 82,990.81 7,990.81 75,000.00 4,580.59 11,500.46 N/A 13,554.32 49,945.22 60.18%United Kingdom 84,999.00 9,999.00 75,000.00 8,814.00 6,080.00 N/A 18,690.00 50,230.00 59.09%Slovakia 92,639.28 17,639.28 75,000.00 3,996.00 6,624.96 N/A 15,477.48 52,897.56 57.10%Malta 77,175.16 2,175.16 75,000.00 6,014.00 2,175.16 N/A 19,305.00 53,519.84 69.35%Czech Republic 93,764.71 18,764.71 75,000.00 2,400.00 6,550.71 N/A 14,541.59 53,907.70 57.49%Switzerland 81,828.00 6,828.00 75,000.00 3,573.00 4,943.00 N/A 11,275.00 58,782.00 71.84%







Italy 102,731.14 27,731.14 75,000.00 TBD 11,410.21 N/A 24,581.27 39,008.52 37.97%Belgium 99,941.69 24,941.69 75,000.00 1,935.00 9,753.21 N/A 26,302.58 38,944.21 38.97%Greece 93,420.00 18,420.00 75,000.00 2,700.00 11,625.00 N/A 23,694.50 39,680.50 42.48%France 111,678.00 36,678.00 75,000.00 3,600.00 16,674.00 N/A 10,182.00 48,144.00 43.11%Austria 96,701.31 21,701.31 75,000.00 6,300.00 11,670.63 N/A 20,555.69 42,773.68 44.23%Sweden 100,067.50 25,067.50 75,000.00 4,782.00 3,509.00 N/A 25,936.00 45,555.00 45.52%Netherlands 84,803.00 9,803.00 75,000.00 8,687.00 7,755.00 N/A 26,709.00 40,536.00 47.80%Denmark 76,608.26 1,608.26 75,000.00 16,071.84 144.74 N/A 37,520.07 37,335.19 48.74%Portugal 92,812.50 17,812.50 75,000.00 0.00 8,250.00 N/A 21,003.61 45,746.39 49.29%Luxembourg 85,213.07 10,213.07 75,000.00 5,292.00 8,859.04 N/A 20,467.70 45,673.26 53.60%Germany 87,072.23 12,072.23 75,000.00 4,968.00 12,072.23 N/A 15,131.83 47,795.94 54.89%Spain 87,938.33 12,938.33 75,000.00 3,185.00 2,747.77 N/A 23,533.69 48,718.54 55.40%Ireland 84,383.14 9,383.14 75,000.00 12,285.00 3,491.00 N/A 23,521.00 47,988.00 56.87%Slovakia 92,639.28 17,639.28 75,000.00 3,996.00 6,624.96 N/A 15,477.48 52,897.56 57.10%Czech Republic 93,764.71 18,764.71 75,000.00 2,400.00 6,550.71 N/A 14,541.59 53,907.70 57.49%United Kingdom 84,999.00 9,999.00 75,000.00 8,814.00 6,080.00 N/A 18,690.00 50,230.00 59.09%Poland 82,990.81 7,990.81 75,000.00 4,580.59 11,500.46 N/A 13,554.32 49,945.22 60.18%Malta 77,175.16 2,175.16 75,000.00 6,014.00 2,175.16 N/A 19,305.00 53,519.84 69.35%

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkMalta



LuxembourgGermany



BelgiumSweden

ItalyFrance

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000

DenmarkBelgium

ItalyGreece

NetherlandsAustria

SwedenLuxembourg

PortugalGermany

IrelandFrance

SpainPoland


MaltaCzech Republic

Switzerland

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

ItalyBelgiumGreeceFranceAustria

SwedenNetherlands

DenmarkPortugal

LuxembourgGermany

SpainIreland


PolandMalta

Switzerland

75,000

75,000

75,000

75,000

14



Total


Copy paste table 1



Total


Copy paste table 1





€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

DenmarkMalta

NetherlandsPoland

SwitzerlandGermany

SpainLuxembourg


SlovakiaGreece


PortugalItaly

SwedenBelgiumFrance


€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

DenmarkBelgium

ItalyNetherlands


IrelandAustria

LuxembourgSpain

GermanyFrance


MaltaCzech Republic

SlovakiaSwitzerland


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

BelgiumItaly

SwedenFranceGreece

PortugalDenmark


LuxembourgSpain


PolandSlovakia

MaltaSwitzerland
















Denmark 126,608.26 1,608.26 125,000.00 20,910.00 144.74 N/A 65,243.58 59,611.68 47.08%Italy 162,171.56 37,171.56 125,000.00 TBD 15,776.47 N/A 48,835.30 60,388.23 37.24%Netherlands 134,803.00 9,803.00 125,000.00 12,380.00 8,278.00 N/A 54,785.00 61,937.00 45.95%Greece 145,422.44 20,422.44 125,000.00 3,600.00 12,888.75 N/A 48,841.41 63,269.84 43.51%Belgium 166,371.85 41,371.85 125,000.00 2,894.91 16,255.34 N/A 45,458.13 63,286.53 38.04%Sweden 166,211.41 41,211.41 125,000.00 6,163.00 3,509.00 N/A 55,298.00 66,193.00 39.82%Ireland 139,955.19 14,955.19 125,000.00 14,118.00 5,565.00 N/A 50,901.00 68,534.00 48.97%Austria 151,552.11 26,552.11 125,000.00 7,740.00 11,670.63 N/A 42,463.90 70,865.47 46.76%Portugal 154,687.50 29,687.50 125,000.00 0.00 13,750.00 N/A 39,276.10 71,973.90 46.53%Spain 137,938.33 12,938.33 125,000.00 4,090.00 2,747.77 N/A 47,453.48 74,798.75 54.23%United Kingdom 142,398.00 17,398.00 125,000.00 12,429.00 7,080.00 N/A 40,137.00 77,783.00 54.62%Germany 137,072.23 12,072.23 125,000.00 5,913.30 12,072.23 N/A 34,849.58 78,078.19 56.96%Luxembourg 139,733.76 14,733.76 125,000.00 7,020.00 12,749.25 N/A 31,491.53 80,759.22 57.80%France 184,808.00 59,808.00 125,000.00 4,230.00 26,883.00 N/A 14,338.00 83,779.00 45.33%Poland 135,165.80 10,165.80 125,000.00 4,580.59 17,115.21 N/A 22,347.10 85,537.69 63.28%Malta 127,175.16 2,175.16 125,000.00 7,776.00 2,175.16 N/A 36,567.00 86,257.84 67.83%Slovakia 143,048.64 18,048.64 125,000.00 5,160.00 6,624.96 N/A 28,268.52 90,106.52 62.99%Czech Republic 148,405.14 23,405.14 125,000.00 3,959.99 8,870.90 N/A 25,663.26 90,465.84 60.96%Switzerland 136,280.00 11,280.00 125,000.00 5,496.00 8,148.00 N/A 10,309.00 106,543.00 78.18%







Italy 162,171.56 37,171.56 125,000.00 TBD 15,776.47 N/A 48,835.30 60,388.23 37.24%Belgium 166,371.85 41,371.85 125,000.00 2,894.91 16,255.34 N/A 45,458.13 63,286.53 38.04%Sweden 166,211.41 41,211.41 125,000.00 6,163.00 3,509.00 N/A 55,298.00 66,193.00 39.82%Greece 145,422.44 20,422.44 125,000.00 3,600.00 12,888.75 N/A 48,841.41 63,269.84 43.51%France 184,808.00 59,808.00 125,000.00 4,230.00 26,883.00 N/A 14,338.00 83,779.00 45.33%Netherlands 134,803.00 9,803.00 125,000.00 12,380.00 8,278.00 N/A 54,785.00 61,937.00 45.95%Portugal 154,687.50 29,687.50 125,000.00 0.00 13,750.00 N/A 39,276.10 71,973.90 46.53%Austria 151,552.11 26,552.11 125,000.00 7,740.00 11,670.63 N/A 42,463.90 70,865.47 46.76%Denmark 126,608.26 1,608.26 125,000.00 20,910.00 144.74 N/A 65,243.58 59,611.68 47.08%Ireland 139,955.19 14,955.19 125,000.00 14,118.00 5,565.00 N/A 50,901.00 68,534.00 48.97%Spain 137,938.33 12,938.33 125,000.00 4,090.00 2,747.77 N/A 47,453.48 74,798.75 54.23%United Kingdom 142,398.00 17,398.00 125,000.00 12,429.00 7,080.00 N/A 40,137.00 77,783.00 54.62%Germany 137,072.23 12,072.23 125,000.00 5,913.30 12,072.23 N/A 34,849.58 78,078.19 56.96%Luxembourg 139,733.76 14,733.76 125,000.00 7,020.00 12,749.25 N/A 31,491.53 80,759.22 57.80%Czech Republic 148,405.14 23,405.14 125,000.00 3,959.99 8,870.90 N/A 25,663.26 90,465.84 60.96%Slovakia 143,048.64 18,048.64 125,000.00 5,160.00 6,624.96 N/A 28,268.52 90,106.52 62.99%Poland 135,165.80 10,165.80 125,000.00 4,580.59 17,115.21 N/A 22,347.10 85,537.69 63.28%Malta 127,175.16 2,175.16 125,000.00 7,776.00 2,175.16 N/A 36,567.00 86,257.84 67.83%

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

DenmarkMalta

NetherlandsPoland

SwitzerlandGermany

SpainLuxembourg


SlovakiaGreece


PortugalItaly

SwedenBelgiumFrance

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkItaly

NetherlandsGreece

BelgiumSweden

IrelandAustria

PortugalSpain


LuxembourgFrancePoland

MaltaSlovakia

Czech RepublicSwitzerland

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

ItalyBelgiumSwedenGreeceFrance

NetherlandsPortugal

AustriaDenmark

IrelandSpain



SlovakiaPoland

MaltaSwitzerland
















Denmark 126,608.26 1,608.26 125,000.00 20,910.00 144.74 N/A 67,576.49 57,278.77 45.24%Belgium 166,371.85 41,371.85 125,000.00 2,894.91 16,255.34 N/A 51,246.29 57,498.37 34.56%Italy 162,171.56 37,171.56 125,000.00 TBD 15,776.47 N/A 48,835.30 60,388.23 37.24%Netherlands 134,803.00 9,803.00 125,000.00 12,380.00 8,278.00 N/A 54,785.00 61,937.00 45.95%Portugal 154,687.50 29,687.50 125,000.00 0.00 13,750.00 N/A 49,297.55 61,952.45 40.05%Greece 145,422.44 20,422.44 125,000.00 3,600.00 12,888.75 N/A 48,841.41 63,269.84 43.51%Ireland 139,955.19 14,955.19 125,000.00 14,118.00 5,565.00 N/A 55,161.00 64,274.00 45.92%Sweden 166,211.41 41,211.41 125,000.00 6,163.00 3,509.00 N/A 55,298.00 66,193.00 39.82%Germany 137,072.23 12,072.23 125,000.00 5,913.30 12,195.98 N/A 45,201.48 67,602.54 49.32%Austria 151,552.11 26,552.11 125,000.00 7,740.00 11,670.63 N/A 43,132.90 70,196.47 46.32%Luxembourg 139,733.76 14,733.76 125,000.00 7,020.00 12,749.25 N/A 41,613.53 70,637.22 50.55%France 184,808.00 59,808.00 125,000.00 4,230.00 26,883.00 N/A 25,599.00 72,518.00 39.24%Spain 137,938.33 12,938.33 125,000.00 4,090.00 2,747.77 N/A 47,969.84 74,282.39 53.85%United Kingdom 142,398.00 17,398.00 125,000.00 12,429.00 7,080.00 N/A 40,137.00 77,783.00 54.62%Poland 135,165.80 10,165.80 125,000.00 4,580.59 17,115.21 N/A 25,920.79 81,964.00 60.64%Switzerland 136,280.00 11,280.00 125,000.00 5,496.00 15,079.00 N/A 25,981.00 83,940.00 61.59%Malta 127,175.16 2,175.16 125,000.00 7,776.00 2,175.16 N/A 37,747.00 85,077.84 66.90%Czech Republic 148,405.14 23,405.14 125,000.00 3,959.99 8,870.90 N/A 27,660.23 88,468.87 59.61%Slovakia 143,048.64 18,048.64 125,000.00 5,160.00 6,624.96 N/A 28,782.36 89,592.68 62.63%







Belgium 166,371.85 41,371.85 125,000.00 2,894.91 16,255.34 N/A 51,246.29 57,498.37 34.56%Italy 162,171.56 37,171.56 125,000.00 TBD 15,776.47 N/A 48,835.30 60,388.23 37.24%France 184,808.00 59,808.00 125,000.00 4,230.00 26,883.00 N/A 25,599.00 72,518.00 39.24%Sweden 166,211.41 41,211.41 125,000.00 6,163.00 3,509.00 N/A 55,298.00 66,193.00 39.82%Portugal 154,687.50 29,687.50 125,000.00 0.00 13,750.00 N/A 49,297.55 61,952.45 40.05%Greece 145,422.44 20,422.44 125,000.00 3,600.00 12,888.75 N/A 48,841.41 63,269.84 43.51%Denmark 126,608.26 1,608.26 125,000.00 20,910.00 144.74 N/A 67,576.49 57,278.77 45.24%Ireland 139,955.19 14,955.19 125,000.00 14,118.00 5,565.00 N/A 55,161.00 64,274.00 45.92%Netherlands 134,803.00 9,803.00 125,000.00 12,380.00 8,278.00 N/A 54,785.00 61,937.00 45.95%Austria 151,552.11 26,552.11 125,000.00 7,740.00 11,670.63 N/A 43,132.90 70,196.47 46.32%Germany 137,072.23 12,072.23 125,000.00 5,913.30 12,195.98 N/A 45,201.48 67,602.54 49.32%Luxembourg 139,733.76 14,733.76 125,000.00 7,020.00 12,749.25 N/A 41,613.53 70,637.22 50.55%Spain 137,938.33 12,938.33 125,000.00 4,090.00 2,747.77 N/A 47,969.84 74,282.39 53.85%United Kingdom 142,398.00 17,398.00 125,000.00 12,429.00 7,080.00 N/A 40,137.00 77,783.00 54.62%Czech Republic 148,405.14 23,405.14 125,000.00 3,959.99 8,870.90 N/A 27,660.23 88,468.87 59.61%Poland 135,165.80 10,165.80 125,000.00 4,580.59 17,115.21 N/A 25,920.79 81,964.00 60.64%Switzerland 136,280.00 11,280.00 125,000.00 5,496.00 15,079.00 N/A 25,981.00 83,940.00 61.59%Slovakia 143,048.64 18,048.64 125,000.00 5,160.00 6,624.96 N/A 28,782.36 89,592.68 62.63%

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

DenmarkMalta

NetherlandsPoland

SwitzerlandGermany

SpainLuxembourg


SlovakiaGreece


PortugalItaly

SwedenBelgiumFrance

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkBelgium

ItalyNetherlands

PortugalGreeceIreland

SwedenGermany

AustriaLuxembourg

FranceSpain


SwitzerlandMalta


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

BelgiumItaly

FranceSwedenPortugalGreece

DenmarkIreland

NetherlandsAustria

GermanyLuxembourg

SpainUnited KingdomCzech Republic

PolandSwitzerland

SlovakiaMalta
















Denmark 126,415.60 1,608.26 124,807.34 20,910.00 144.74 N/A 67,576.49 57,086.11 45.16%Belgium 166,371.85 41,371.85 125,000.00 2,894.91 16,255.34 N/A 50,087.48 58,657.18 35.26%Italy 162,171.56 37,171.56 125,000.00 TBD 15,776.47 N/A 48,835.30 60,388.23 37.24%Netherlands 134,803.00 9,803.00 125,000.00 12,380.00 8,278.00 N/A 54,785.00 61,937.00 45.95%Greece 145,422.44 20,422.44 125,000.00 3,600.00 12,888.75 N/A 48,841.41 63,269.84 43.51%Sweden 166,211.41 41,211.41 125,000.00 6,163.00 3,509.00 N/A 55,298.00 66,193.00 39.82%Portugal 154,687.50 29,687.50 125,000.00 0.00 13,750.00 N/A 42,326.11 68,923.89 44.56%Austria 151,552.11 26,552.11 125,000.00 7,740.00 11,670.63 N/A 43,132.90 70,196.47 46.32%Luxembourg 139,733.76 14,733.76 125,000.00 7,020.00 12,749.25 N/A 41,613.53 70,637.22 50.55%Ireland 139,955.19 14,955.19 125,000.00 14,118.00 5,565.00 N/A 48,401.00 71,034.00 50.75%Spain 137,938.33 12,938.33 125,000.00 4,090.00 2,747.77 N/A 49,079.00 73,173.23 53.05%France 184,808.00 59,808.00 125,000.00 4,230.00 26,883.00 N/A 24,091.00 74,026.00 40.06%United Kingdom 142,398.00 17,398.00 125,000.00 12,429.00 7,080.00 N/A 40,137.00 77,783.00 54.62%Germany 137,072.23 12,072.23 125,000.00 5,913.30 12,072.23 N/A 34,849.58 78,078.19 56.96%Poland 135,165.80 10,165.80 125,000.00 4,580.59 17,115.21 N/A 25,382.10 82,502.69 61.04%Malta 127,175.16 2,175.16 125,000.00 7,776.00 2,175.16 N/A 37,422.00 85,402.84 67.15%Czech Republic 148,405.14 23,405.14 125,000.00 3,959.99 8,870.90 N/A 26,581.05 89,548.05 60.34%Slovakia 143,048.64 18,048.64 125,000.00 5,160.00 6,624.96 N/A 28,268.52 90,106.52 62.99%Switzerland 136,280.00 11,280.00 125,000.00 5,496.00 8,148.00 N/A 24,951.00 91,901.00 67.44%







Belgium 166,371.85 41,371.85 125,000.00 2,894.91 16,255.34 N/A 50,087.48 58,657.18 35.26%Italy 162,171.56 37,171.56 125,000.00 TBD 15,776.47 N/A 48,835.30 60,388.23 37.24%Sweden 166,211.41 41,211.41 125,000.00 6,163.00 3,509.00 N/A 55,298.00 66,193.00 39.82%France 184,808.00 59,808.00 125,000.00 4,230.00 26,883.00 N/A 24,091.00 74,026.00 40.06%Greece 145,422.44 20,422.44 125,000.00 3,600.00 12,888.75 N/A 48,841.41 63,269.84 43.51%Portugal 154,687.50 29,687.50 125,000.00 0.00 13,750.00 N/A 42,326.11 68,923.89 44.56%Denmark 126,415.60 1,608.26 124,807.34 20,910.00 144.74 N/A 67,576.49 57,086.11 45.16%Netherlands 134,803.00 9,803.00 125,000.00 12,380.00 8,278.00 N/A 54,785.00 61,937.00 45.95%Austria 151,552.11 26,552.11 125,000.00 7,740.00 11,670.63 N/A 43,132.90 70,196.47 46.32%Luxembourg 139,733.76 14,733.76 125,000.00 7,020.00 12,749.25 N/A 41,613.53 70,637.22 50.55%Ireland 139,955.19 14,955.19 125,000.00 14,118.00 5,565.00 N/A 48,401.00 71,034.00 50.75%Spain 137,938.33 12,938.33 125,000.00 4,090.00 2,747.77 N/A 49,079.00 73,173.23 53.05%United Kingdom 142,398.00 17,398.00 125,000.00 12,429.00 7,080.00 N/A 40,137.00 77,783.00 54.62%Germany 137,072.23 12,072.23 125,000.00 5,913.30 12,072.23 N/A 34,849.58 78,078.19 56.96%Czech Republic 148,405.14 23,405.14 125,000.00 3,959.99 8,870.90 N/A 26,581.05 89,548.05 60.34%Poland 135,165.80 10,165.80 125,000.00 4,580.59 17,115.21 N/A 25,382.10 82,502.69 61.04%Slovakia 143,048.64 18,048.64 125,000.00 5,160.00 6,624.96 N/A 28,268.52 90,106.52 62.99%Malta 127,175.16 2,175.16 125,000.00 7,776.00 2,175.16 N/A 37,422.00 85,402.84 67.15%

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

DenmarkMalta

NetherlandsPoland

SwitzerlandGermany

SpainLuxembourg


SlovakiaGreece


PortugalItaly

SwedenBelgiumFrance

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkBelgium

ItalyNetherlands


AustriaLuxembourg

IrelandSpain


GermanyPoland

MaltaCzech Republic

SlovakiaSwitzerland

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

BelgiumItaly

SwedenFranceGreece

PortugalDenmark

NetherlandsAustria




SlovakiaMalta

Switzerland

125,000

125,000

125,000

125,000





Total





Total


Copy paste table 1






€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

PolandBelgium

MaltaDenmark


GermanySpain

LuxembourgIreland


ItalyGreece




€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

DenmarkBelgium

NetherlandsGreece

SwedenItaly


LuxembourgSpain


FranceMalta


SlovakiaSwitzerland


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

SwedenGreece

PortugalFrance

DenmarkNetherlands

ItalyAustria

BelgiumIreland

LuxembourgSpain


SlovakiaMalta

SwitzerlandPoland
















Denmark 126,608.26 1,608.26 125,000.00 20,910.00 144.74 N/A 65,243.58 59,611.68 47.08%Netherlands 134,803.00 9,803.00 125,000.00 12,380.00 8,278.00 N/A 54,785.00 61,937.00 45.95%Belgium 125,000.00 N/A 125,000.00 0.00 N/A 16,441.28 45,745.52 62,813.20 50.25%Greece 144,955.00 19,955.00 125,000.00 3,600.00 12,593.75 N/A 49,508.01 62,898.24 43.39%Sweden 166,211.41 41,211.41 125,000.00 6,163.00 3,509.00 N/A 55,298.00 66,193.00 39.82%Italy 144,252.92 19,252.92 125,000.00 TBD 8,556.89 N/A 49,839.82 66,603.29 46.17%Ireland 139,955.19 14,955.19 125,000.00 14,118.00 5,565.00 N/A 50,901.00 68,534.00 48.97%Austria 151,552.11 26,552.11 125,000.00 7,740.00 11,670.63 N/A 42,463.90 70,865.47 46.76%Portugal 154,687.50 29,687.50 125,000.00 0.00 13,750.00 N/A 39,276.10 71,973.90 46.53%Spain 137,938.33 12,938.33 125,000.00 4,090.00 2,747.77 N/A 47,763.30 74,488.93 54.00%United Kingdom 142,398.00 17,398.00 125,000.00 12,429.00 7,080.00 N/A 40,137.00 77,783.00 54.62%Germany 137,072.23 12,072.23 125,000.00 5,913.30 12,072.23 N/A 34,849.58 78,078.19 56.96%Luxembourg 139,733.76 14,733.76 125,000.00 7,020.00 12,749.25 N/A 31,491.53 80,759.22 57.80%Malta 125,000.00 N/A 125,000.00 7,776.00 N/A 3,262.00 36,567.00 85,171.00 68.14%France 179,252.00 54,252.00 125,000.00 4,230.00 23,782.00 N/A 15,176.00 86,042.00 48.00%Slovakia 143,048.64 18,048.64 125,000.00 5,160.00 6,624.96 N/A 28,268.52 90,106.52 62.99%Czech Republic 148,405.14 23,405.14 125,000.00 3,959.99 8,870.90 N/A 25,663.26 90,465.84 60.96%Poland 125,000.00 N/A 125,000.00 4,580.59 N/A N/A 33,659.92 91,340.08 73.07%Switzerland 136,280.00 11,280.00 125,000.00 5,496.00 8,148.00 N/A 10,309.00 106,543.00 78.18%







Sweden 166,211.41 41,211.41 125,000.00 6,163.00 3,509.00 N/A 55,298.00 66,193.00 39.82%Greece 144,955.00 19,955.00 125,000.00 3,600.00 12,593.75 N/A 49,508.01 62,898.24 43.39%Netherlands 134,803.00 9,803.00 125,000.00 12,380.00 8,278.00 N/A 54,785.00 61,937.00 45.95%Italy 144,252.92 19,252.92 125,000.00 TBD 8,556.89 N/A 49,839.82 66,603.29 46.17%Portugal 154,687.50 29,687.50 125,000.00 0.00 13,750.00 N/A 39,276.10 71,973.90 46.53%Austria 151,552.11 26,552.11 125,000.00 7,740.00 11,670.63 N/A 42,463.90 70,865.47 46.76%Denmark 126,608.26 1,608.26 125,000.00 20,910.00 144.74 N/A 65,243.58 59,611.68 47.08%France 179,252.00 54,252.00 125,000.00 4,230.00 23,782.00 N/A 15,176.00 86,042.00 48.00%Ireland 139,955.19 14,955.19 125,000.00 14,118.00 5,565.00 N/A 50,901.00 68,534.00 48.97%Belgium 125,000.00 N/A 125,000.00 0.00 N/A 16,441.28 45,745.52 62,813.20 50.25%Spain 137,938.33 12,938.33 125,000.00 4,090.00 2,747.77 N/A 47,763.30 74,488.93 54.00%United Kingdom 142,398.00 17,398.00 125,000.00 12,429.00 7,080.00 N/A 40,137.00 77,783.00 54.62%Germany 137,072.23 12,072.23 125,000.00 5,913.30 12,072.23 N/A 34,849.58 78,078.19 56.96%Luxembourg 139,733.76 14,733.76 125,000.00 7,020.00 12,749.25 N/A 31,491.53 80,759.22 57.80%Czech Republic 148,405.14 23,405.14 125,000.00 3,959.99 8,870.90 N/A 25,663.26 90,465.84 60.96%Slovakia 143,048.64 18,048.64 125,000.00 5,160.00 6,624.96 N/A 28,268.52 90,106.52 62.99%Malta 125,000.00 N/A 125,000.00 7,776.00 N/A 3,262.00 36,567.00 85,171.00 68.14%Poland 125,000.00 N/A 125,000.00 4,580.59 N/A N/A 33,659.92 91,340.08 73.07%Switzerland 136,280.00 11,280.00 125,000.00 5,496.00 8,148.00 N/A 10,309.00 106,543.00 78.18%

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

BelgiumPoland

MaltaDenmark


GermanySpain

LuxembourgIreland


ItalyGreece



€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkNetherlands

BelgiumGreece

SwedenItaly

IrelandAustria

PortugalSpain


LuxembourgMalta

FranceSlovakia


Switzerland

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

SwedenGreece

NetherlandsItaly

PortugalAustria


BelgiumSpain



SlovakiaMalta

PolandSwitzerland
















Belgium 125,000.00 N/A 125,000.00 0.00 N/A 16,441.28 51,533.68 57,025.04 45.62%Denmark 126,608.26 1,608.26 125,000.00 20,910.00 144.74 N/A 67,576.49 57,278.77 45.24%Netherlands 134,803.00 9,803.00 125,000.00 12,380.00 8,278.00 N/A 54,785.00 61,937.00 45.95%Portugal 154,687.50 29,687.50 125,000.00 0.00 13,750.00 N/A 49,297.55 61,952.45 40.05%Greece 144,955.00 19,955.00 125,000.00 3,600.00 12,593.75 N/A 49,508.01 62,898.24 43.39%Ireland 139,955.19 14,955.19 125,000.00 14,118.00 5,565.00 N/A 55,161.00 64,274.00 45.92%Sweden 166,211.41 41,211.41 125,000.00 6,163.00 3,509.00 N/A 55,298.00 66,193.00 39.82%Italy 144,252.92 19,252.92 125,000.00 TBD 8,556.89 N/A 49,839.82 66,603.29 46.17%Germany 137,072.23 12,072.23 125,000.00 5,913.30 12,195.98 N/A 45,201.48 67,602.54 49.32%Austria 151,552.11 26,552.11 125,000.00 7,740.00 11,670.63 N/A 43,132.90 70,196.47 46.32%Luxembourg 139,733.76 14,733.76 125,000.00 7,020.00 12,749.25 N/A 41,613.53 70,637.22 50.55%France 179,252.00 54,252.00 125,000.00 4,230.00 23,782.00 N/A 26,743.00 74,475.00 41.55%Spain 137,938.33 12,938.33 125,000.00 4,090.00 2,747.77 N/A 47,763.30 74,488.93 54.00%United Kingdom 142,398.00 17,398.00 125,000.00 12,429.00 7,080.00 N/A 40,137.00 77,783.00 54.62%Switzerland 136,280.00 11,280.00 125,000.00 5,496.00 15,079.00 N/A 25,981.00 83,940.00 61.59%Malta 125,000.00 N/A 125,000.00 7,776.00 N/A 3,262.00 37,747.00 83,991.00 67.19%Poland 125,000.00 N/A 125,000.00 4,580.59 N/A N/A 37,233.62 87,766.38 70.21%Czech Republic 148,405.14 23,405.14 125,000.00 3,959.99 8,870.90 N/A 27,660.23 88,468.87 59.61%Slovakia 143,048.64 18,048.64 125,000.00 5,160.00 6,624.96 N/A 28,782.36 89,592.68 62.63%







Sweden 166,211.41 41,211.41 125,000.00 6,163.00 3,509.00 N/A 55,298.00 66,193.00 39.82%Portugal 154,687.50 29,687.50 125,000.00 0.00 13,750.00 N/A 49,297.55 61,952.45 40.05%France 179,252.00 54,252.00 125,000.00 4,230.00 23,782.00 N/A 26,743.00 74,475.00 41.55%Greece 144,955.00 19,955.00 125,000.00 3,600.00 12,593.75 N/A 49,508.01 62,898.24 43.39%Denmark 126,608.26 1,608.26 125,000.00 20,910.00 144.74 N/A 67,576.49 57,278.77 45.24%Belgium 125,000.00 N/A 125,000.00 0.00 N/A 16,441.28 51,533.68 57,025.04 45.62%Ireland 139,955.19 14,955.19 125,000.00 14,118.00 5,565.00 N/A 55,161.00 64,274.00 45.92%Netherlands 134,803.00 9,803.00 125,000.00 12,380.00 8,278.00 N/A 54,785.00 61,937.00 45.95%Italy 144,252.92 19,252.92 125,000.00 TBD 8,556.89 N/A 49,839.82 66,603.29 46.17%Austria 151,552.11 26,552.11 125,000.00 7,740.00 11,670.63 N/A 43,132.90 70,196.47 46.32%Germany 137,072.23 12,072.23 125,000.00 5,913.30 12,195.98 N/A 45,201.48 67,602.54 49.32%Luxembourg 139,733.76 14,733.76 125,000.00 7,020.00 12,749.25 N/A 41,613.53 70,637.22 50.55%Spain 137,938.33 12,938.33 125,000.00 4,090.00 2,747.77 N/A 47,763.30 74,488.93 54.00%United Kingdom 142,398.00 17,398.00 125,000.00 12,429.00 7,080.00 N/A 40,137.00 77,783.00 54.62%Czech Republic 148,405.14 23,405.14 125,000.00 3,959.99 8,870.90 N/A 27,660.23 88,468.87 59.61%Switzerland 136,280.00 11,280.00 125,000.00 5,496.00 15,079.00 N/A 25,981.00 83,940.00 61.59%Slovakia 143,048.64 18,048.64 125,000.00 5,160.00 6,624.96 N/A 28,782.36 89,592.68 62.63%Malta 125,000.00 N/A 125,000.00 7,776.00 N/A 3,262.00 37,747.00 83,991.00 67.19%Poland 125,000.00 N/A 125,000.00 4,580.59 N/A N/A 37,233.62 87,766.38 70.21%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

SwedenPortugal

FranceGreece

DenmarkBelgiumIreland

NetherlandsItaly

AustriaGermany

LuxembourgSpain

United KingdomCzech Republic

SwitzerlandSlovakia

MaltaPoland

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

BelgiumPoland

MaltaDenmark


GermanySpain

LuxembourgIreland


ItalyGreece



€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

BelgiumDenmark

NetherlandsPortugalGreeceIreland

SwedenItaly

GermanyAustria

LuxembourgFranceSpain


MaltaPoland

















Denmark 126,608.26 1,608.26 125,000.00 20,910.00 144.74 N/A 67,576.49 57,278.77 45.24%Belgium 125,000.00 N/A 125,000.00 0.00 N/A 16,441.28 50,374.87 58,183.85 46.55%Netherlands 134,803.00 9,803.00 125,000.00 12,380.00 8,278.00 N/A 54,785.00 61,937.00 45.95%Greece 144,955.00 19,955.00 125,000.00 3,600.00 12,593.75 N/A 49,508.01 62,898.24 43.39%Sweden 166,211.41 41,211.41 125,000.00 6,163.00 3,509.00 N/A 55,298.00 66,193.00 39.82%Italy 144,252.92 19,252.92 125,000.00 TBD 8,556.89 N/A 49,839.82 66,603.29 46.17%Portugal 154,687.50 29,687.50 125,000.00 0.00 13,750.00 N/A 42,326.11 68,923.89 44.56%Austria 151,552.11 26,552.11 125,000.00 7,740.00 11,670.63 N/A 43,132.90 70,196.47 46.32%Luxembourg 139,733.76 14,733.76 125,000.00 7,020.00 12,749.25 N/A 41,613.53 70,637.22 50.55%Ireland 139,955.19 14,955.19 125,000.00 14,118.00 5,565.00 N/A 48,401.00 71,034.00 50.75%Spain 137,938.33 12,938.33 125,000.00 4,090.00 2,747.77 N/A 47,763.30 74,488.93 54.00%France 179,252.00 54,252.00 125,000.00 4,230.00 23,782.00 N/A 25,236.00 75,982.00 42.39%United Kingdom 142,398.00 17,398.00 125,000.00 12,429.00 7,080.00 N/A 40,137.00 77,783.00 54.62%Germany 137,072.23 12,072.23 125,000.00 5,913.30 12,072.23 N/A 34,849.58 78,078.19 56.96%Malta 125,000.00 N/A 125,000.00 7,776.00 N/A 3,262.00 37,422.00 84,316.00 67.45%Poland 125,000.00 N/A 125,000.00 4,580.59 N/A N/A 36,694.93 88,305.07 70.64%Czech Republic 148,405.14 23,405.14 125,000.00 3,959.99 8,870.90 N/A 26,581.05 89,548.05 60.34%Slovakia 143,048.64 18,048.64 125,000.00 5,160.00 6,624.96 N/A 28,268.52 90,106.52 62.99%Switzerland 136,280.00 11,280.00 125,000.00 5,496.00 8,148.00 N/A 24,951.00 91,901.00 67.44%







Sweden 166,211.41 41,211.41 125,000.00 6,163.00 3,509.00 N/A 55,298.00 66,193.00 39.82%France 179,252.00 54,252.00 125,000.00 4,230.00 23,782.00 N/A 25,236.00 75,982.00 42.39%Greece 144,955.00 19,955.00 125,000.00 3,600.00 12,593.75 N/A 49,508.01 62,898.24 43.39%Portugal 154,687.50 29,687.50 125,000.00 0.00 13,750.00 N/A 42,326.11 68,923.89 44.56%Denmark 126,608.26 1,608.26 125,000.00 20,910.00 144.74 N/A 67,576.49 57,278.77 45.24%Netherlands 134,803.00 9,803.00 125,000.00 12,380.00 8,278.00 N/A 54,785.00 61,937.00 45.95%Italy 144,252.92 19,252.92 125,000.00 TBD 8,556.89 N/A 49,839.82 66,603.29 46.17%Austria 151,552.11 26,552.11 125,000.00 7,740.00 11,670.63 N/A 43,132.90 70,196.47 46.32%Belgium 125,000.00 N/A 125,000.00 0.00 N/A 16,441.28 50,374.87 58,183.85 46.55%Luxembourg 139,733.76 14,733.76 125,000.00 7,020.00 12,749.25 N/A 41,613.53 70,637.22 50.55%Ireland 139,955.19 14,955.19 125,000.00 14,118.00 5,565.00 N/A 48,401.00 71,034.00 50.75%Spain 137,938.33 12,938.33 125,000.00 4,090.00 2,747.77 N/A 47,763.30 74,488.93 54.00%United Kingdom 142,398.00 17,398.00 125,000.00 12,429.00 7,080.00 N/A 40,137.00 77,783.00 54.62%Germany 137,072.23 12,072.23 125,000.00 5,913.30 12,072.23 N/A 34,849.58 78,078.19 56.96%Czech Republic 148,405.14 23,405.14 125,000.00 3,959.99 8,870.90 N/A 26,581.05 89,548.05 60.34%Slovakia 143,048.64 18,048.64 125,000.00 5,160.00 6,624.96 N/A 28,268.52 90,106.52 62.99%Switzerland 136,280.00 11,280.00 125,000.00 5,496.00 8,148.00 N/A 24,951.00 91,901.00 67.44%Malta 125,000.00 N/A 125,000.00 7,776.00 N/A 3,262.00 37,422.00 84,316.00 67.45%

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

BelgiumPoland

MaltaDenmark


GermanySpain

LuxembourgIreland


ItalyGreece



€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkBelgium

NetherlandsGreece

SwedenItaly

PortugalAustria



GermanyMalta


SlovakiaSwitzerland

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

SwedenFranceGreece

PortugalDenmark

NetherlandsItaly

AustriaBelgium




SwitzerlandMalta

Poland

125,000

125,000

125,000

125,000

Chapter 1Sorted on employer cost


25.000

25.000

25.000

25.000



Total




Total






€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000


SwitzerlandMalta


GermanyPoland

PortugalGreece

ItalySpain



France


€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000

PolandDenmark

GreecePortugal

ItalyAustria

GermanySlovakia


BelgiumSweden

MaltaNetherlands

SpainLuxembourg


Switzerland


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

FranceSlovakia

AustriaItaly


PortugalPoland

SwedenGermany

SpainNetherlands

DenmarkMalta

LuxembourgIreland






Total

Denmark 19,803.86 5,051.40 144.74 1,608.26 26,608.26United Kingdom 21,619.00 1,735.00 1,646.00 1,883.00 26,883.00Switzerland 23,427.00 0.00 1,573.00 2,173.00 27,173.00Malta 20,479.84 2,345.00 2,175.16 2,175.16 27,175.16Ireland 23,105.00 895.00 1,000.00 2,687.50 27,687.50Luxembourg 22,261.35 -23.85 2,762.50 3,192.50 28,192.50Netherlands 19,893.00 1,388.00 3,719.00 4,715.00 29,715.00Germany 19,492.75 676.00 4,831.25 4,831.25 29,831.25Poland 18,285.93 1,345.04 5,369.03 5,152.50 30,152.50Portugal 19,781.44 2,468.56 2,750.00 5,937.50 30,937.50Greece 18,281.75 2,843.25 3,875.00 6,140.00 31,140.00Italy 19,759.12 2,868.38 2,372.50 7,465.00 32,465.00Spain 20,230.00 3,182.50 1,587.50 7,475.00 32,475.00Austria 19,068.74 1,449.46 4,481.80 7,747.10 32,747.10Sweden 19,782.00 3,463.00 1,755.00 7,855.00 32,855.00Belgium 21,560.04 188.89 3,251.07 8,171.70 33,171.70Czech Republic 20,140.14 2,109.81 2,750.05 8,500.06 33,500.06Slovakia 19,408.36 2,241.96 3,349.68 8,799.32 33,799.32France 19,485.00 0.00 5,515.00 11,458.00 36,458.00




Total

Denmark 17,470.95 7,384.31 144.74 1,608.26 26,608.26United Kingdom 21,323.00 2,031.00 1,646.00 1,883.00 26,883.00Switzerland 23,427.00 0.00 1,573.00 2,173.00 27,173.00Malta 19,299.84 3,525.00 2,175.16 2,175.16 27,175.16Ireland 21,405.00 2,595.00 1,000.00 2,687.50 27,687.50Luxembourg 20,965.35 1,272.15 2,762.50 3,192.50 28,192.50Netherlands 19,893.00 1,388.00 3,719.00 4,715.00 29,715.00Germany 17,198.67 2,907.58 4,893.75 4,831.25 29,831.25Poland 17,538.20 2,092.77 5,369.03 5,152.50 30,152.50Portugal 16,964.57 5,285.43 2,750.00 5,937.50 30,937.50Greece 18,281.75 2,843.25 3,875.00 6,140.00 31,140.00Italy 17,560.14 5,067.36 2,372.50 7,465.00 32,465.00Spain 20,997.01 2,415.49 1,587.50 7,475.00 32,475.00Austria 18,399.74 2,118.46 4,481.80 7,747.10 32,747.10Sweden 19,782.00 3,463.00 1,755.00 7,855.00 32,855.00Belgium 17,473.18 4,275.75 3,251.07 8,171.70 33,171.70Czech Republic 18,143.17 4,106.78 2,750.05 8,500.06 33,500.06Slovakia 18,171.88 3,478.44 3,349.68 8,799.32 33,799.32France 18,297.00 1,188.00 5,515.00 11,458.00 36,458.00

Situation c: Married (working spouse), 2 dependent children Country Net income Taxes Employee social


Total

Denmark 17,470.95 7,384.31 144.74 1,608.26 26,608.26United Kingdom 21,323.00 2,031.00 1,646.00 1,883.00 26,883.00Switzerland 23,427.00 0.00 1,573.00 2,173.00 27,173.00Malta 19,624.84 3,200.00 2,175.16 2,175.16 27,175.16Ireland 21,405.00 2,595.00 1,000.00 2,687.50 27,687.50Luxembourg 20,965.35 1,272.15 2,762.50 3,192.50 28,192.50Netherlands 19,893.00 1,388.00 3,719.00 4,715.00 29,715.00Germany 19,492.75 676.00 4,831.25 4,831.25 29,831.25Poland 18,076.65 1,554.32 5,369.03 5,152.50 30,152.50Portugal 18,381.41 3,868.59 2,750.00 5,937.50 30,937.50Greece 18,281.75 2,843.25 3,875.00 6,140.00 31,140.00Italy 18,314.63 4,312.87 2,372.50 7,465.00 32,465.00Spain 20,230.00 3,182.50 1,587.50 7,475.00 32,475.00Austria 18,399.74 2,118.46 4,481.80 7,747.10 32,747.10Sweden 19,782.00 3,463.00 1,755.00 7,855.00 32,855.00Belgium 18,647.41 3,101.52 3,251.07 8,171.70 33,171.70Czech Republic 19,222.35 3,027.60 2,750.05 8,500.06 33,500.06Slovakia 18,685.72 2,964.60 3,349.68 8,799.32 33,799.32France 19,400.00 85.00 5,515.00 11,458.00 36,458.00

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000


SwitzerlandMalta


GermanyPoland

PortugalGreece

ItalySpain



France


€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000


SwitzerlandMalta


GermanyPoland

PortugalGreece

ItalySpain



France


€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000


SwitzerlandMalta


GermanyPoland

PortugalGreece

ItalySpain



France






Total





Total




Total


€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000


SwitzerlandMalta


GermanyPoland

PortugalGreece

ItalySpain



France


€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000


SwitzerlandMalta


GermanyPoland

PortugalGreece

ItalySpain



France


€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000


SwitzerlandMalta


GermanyPoland

PortugalGreece

ItalySpain



France






Total





Total




Total


€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000


SwitzerlandMalta


GermanyPoland

PortugalGreece

ItalySpain



France


€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000


SwitzerlandMalta


GermanyPoland

PortugalGreece

ItalySpain



France


€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000


SwitzerlandMalta


GermanyPoland

PortugalGreece

ItalySpain



France


18



Total




Total







€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000

DenmarkMalta


IrelandLuxembourg

PolandNetherlands


SpainItaly


SwedenSlovakia

France


€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000


ItalyBelgium


IrelandPolandSpain

SwedenFrance


MaltaSwitzerland


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AustriaBelgium

ItalyFranceGreece

SlovakiaNetherlands

PortugalSweden


SpainDenmark

PolandIreland


MaltaSwitzerland

Scenario 2: EXCHANGE RATES- Employee 1 EUR 0.852361 GBP- Annual gross income: 50.000,00 EUR 1 SEK 0.1111618 EUR

23560 price € 102 1 PLN 0.2422187 EUR1 CZK 0.0369481 EUR

a: Married (non-working spouse), 2 dependent children 1 DKK 0.1340213 EUR1 ZWF 0.9542895 EUR

Country Net income Taxes Employee social security Employer social security

Total

Denmark 30,098.37 19,756.89 144.74 1,608.26 51,608.26Malta 38,510.84 9,314.00 2,175.16 2,175.16 52,175.16Switzerland 46,695.00 0.00 3,305.00 4,567.00 54,567.00United Kingdom 37,504.00 7,851.00 4,645.00 6,103.00 56,103.00Ireland 35,853.00 11,847.00 2,300.00 6,180.61 56,180.61Luxembourg 39,987.75 4,054.32 5,957.93 6,866.43 56,866.43Poland 36,853.76 4,502.12 8,644.12 6,884.34 56,884.34Netherlands 30,624.00 12,464.00 6,912.00 9,430.00 59,430.00Germany 32,987.10 6,985.51 10,027.39 10,027.39 60,027.39Portugal 34,478.16 10,021.84 5,500.00 11,875.00 61,875.00Greece 29,568.00 12,682.00 7,750.00 12,280.00 62,280.00Spain 34,841.31 12,410.92 2,747.77 12,938.33 62,938.33Italy 30,820.53 14,171.60 5,007.87 15,567.92 65,567.92Czech Republic 36,921.23 7,674.67 5,404.10 16,471.53 66,471.53Belgium 33,419.78 10,078.08 6,502.14 16,726.61 66,726.61Austria 30,121.10 10,167.22 9,711.68 16,780.12 66,780.12Sweden 34,742.00 11,749.00 3,509.00 16,896.73 66,896.73Slovakia 34,890.56 8,484.48 6,624.96 17,424.88 67,424.88France 37,965.00 674.00 11,361.00 24,639.00 74,639.00



Total




Total


- Company car: type: Volkswagen Golf Variant 1.6 TDI 105, CO2 emission and price changed compared to last year (99g/km & €21.650 last year); now:

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000

DenmarkMalta


IrelandLuxembourg

PolandNetherlands


SpainItaly


SwedenSlovakia

France


€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000

DenmarkMalta


IrelandLuxembourg

PolandNetherlands


SpainItaly


SwedenSlovakia

France


€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000

DenmarkMalta


IrelandLuxembourg

PolandNetherlands


SpainItaly


SwedenSlovakia

France






Total




Total




Total



€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000

DenmarkMalta


IrelandLuxembourg

PolandNetherlands


SpainItaly


SwedenSlovakia

France


€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000

DenmarkMalta


IrelandLuxembourg

PolandNetherlands


SpainItaly


SwedenSlovakia

France


€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000

DenmarkMalta


IrelandLuxembourg

PolandNetherlands


SpainItaly


SwedenSlovakia

France






Total




Total




Total



€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000

DenmarkMalta


IrelandLuxembourg

PolandNetherlands


SpainItaly


SwedenSlovakia

France


€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000

DenmarkMalta


IrelandLuxembourg

PolandNetherlands


SpainItaly


SwedenSlovakia

France


€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000

DenmarkMalta


IrelandLuxembourg

PolandNetherlands


SpainItaly


SwedenSlovakia

France


50,000

50,000

50,000

50,000




Total




Total


Copy paste table 1





€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkMalta



LuxembourgGermany



BelgiumSweden

ItalyFrance


€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkItaly

GreeceBelgium

NetherlandsAustria

PortugalIreland

GermanySweden

SpainLuxembourg


PolandSlovakia

MaltaCzech Republic

Switzerland


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


SwedenNetherlands


IrelandSpain

SlovakiaLuxembourg


PolandMalta

Switzerland

Scenario 3:- Employee- Annual gross income: 75.000,00 EUR

106




Total

Denmark 39,668.23 35,187.03 144.74 1,608.26 76,608.26Malta 54,374.84 18,450.00 2,175.16 2,175.16 77,175.16Switzerland 69,846.00 211.00 4,943.00 6,828.00 81,828.00Poland 52,980.22 10,519.32 11,500.46 7,990.81 82,990.81Ireland 45,488.00 26,021.00 3,491.00 9,383.14 84,383.14Netherlands 40,536.00 26,709.00 7,755.00 9,803.00 84,803.00United Kingdom 50,230.00 18,690.00 6,080.00 9,999.00 84,999.00Luxembourg 55,100.26 11,040.70 8,859.04 10,213.07 85,213.07Germany 47,795.94 15,131.83 12,072.23 12,072.23 87,072.23Spain 48,718.54 23,533.69 2,747.77 12,938.33 87,938.33Slovakia 52,897.56 15,477.48 6,624.96 17,639.28 92,639.28Portugal 47,996.40 18,753.60 8,250.00 17,812.50 92,812.50Greece 39,680.50 23,694.50 11,625.00 18,420.00 93,420.00Czech Republic 54,825.49 13,623.79 6,550.71 18,764.71 93,764.71Austria 43,442.68 19,886.69 11,670.63 21,701.31 96,701.31Belgium 43,573.56 21,673.23 9,753.21 24,941.69 99,941.69Sweden 45,555.00 25,936.00 3,509.00 25,067.50 100,067.50Italy 39,601.96 23,987.83 11,410.21 27,731.14 102,731.14France 54,309.00 4,017.00 16,674.00 36,678.00 111,678.00




Total





Total


- Company car: type: BMW 318d, CO2 emission and price changed compared to last year; (last year: 116 g/km & 31.200 €), now:

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkMalta



LuxembourgGermany



BelgiumSweden

ItalyFrance


€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkMalta



LuxembourgGermany



BelgiumSweden

ItalyFrance


€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkMalta



LuxembourgGermany



BelgiumSweden

ItalyFrance



106




Total





Total





Total



€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkMalta



LuxembourgGermany



BelgiumSweden

ItalyFrance


€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkMalta



LuxembourgGermany



BelgiumSweden

ItalyFrance


€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkMalta



LuxembourgGermany



BelgiumSweden

ItalyFrance



106




Total





Total





Total



€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkMalta



LuxembourgGermany



BelgiumSweden

ItalyFrance


€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkMalta



LuxembourgGermany



BelgiumSweden

ItalyFrance


€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkMalta



LuxembourgGermany



BelgiumSweden

ItalyFrance


75,000

75,000

75,000

75,000

20



Total


Copy paste table 1



Total


Copy paste table 1





€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

DenmarkMalta

NetherlandsPoland

SwitzerlandGermany

SpainLuxembourg


SlovakiaGreece


PortugalItaly

SwedenBelgiumFrance


€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

DenmarkBelgium

ItalyNetherlands


IrelandAustria

LuxembourgSpain

GermanyFrance


MaltaCzech Republic

SlovakiaSwitzerland


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

BelgiumItaly

SwedenFranceGreece

PortugalDenmark


LuxembourgSpain


PolandSlovakia

MaltaSwitzerland

Scenario 4: - Employee- Annual gross income 125.000,00 EUR

114 g/km price € 43300




Total





Total





Total


- Company car: type: BMW 520d business line, CO2 emission and price changed compared to last year (last year: 125 g/km and price € 42.950, now:

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

DenmarkMalta

NetherlandsPoland

SwitzerlandGermany

SpainLuxembourg


SlovakiaGreece


PortugalItaly

SwedenBelgiumFrance


€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

DenmarkMalta

NetherlandsPoland

SwitzerlandGermany

SpainLuxembourg


SlovakiaGreece


PortugalItaly

SwedenBelgiumFrance


€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

DenmarkMalta

NetherlandsPoland

SwitzerlandGermany

SpainLuxembourg


SlovakiaGreece


PortugalItaly

SwedenBelgiumFrance



114 g/km price € 43300




Total





Total





Total



€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

DenmarkMalta

NetherlandsPoland

SwitzerlandGermany

SpainLuxembourg


SlovakiaGreece


PortugalItaly

SwedenBelgiumFrance


€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

DenmarkMalta

NetherlandsPoland

SwitzerlandGermany

SpainLuxembourg


SlovakiaGreece


PortugalItaly

SwedenBelgiumFrance


€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

DenmarkMalta

NetherlandsPoland

SwitzerlandGermany

SpainLuxembourg


SlovakiaGreece


PortugalItaly

SwedenBelgiumFrance



114 g/km price € 43300




Total





Total





Total



€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

DenmarkMalta

NetherlandsPoland

SwitzerlandGermany

SpainLuxembourg


SlovakiaGreece


PortugalItaly

SwedenBelgiumFrance


€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

DenmarkMalta

NetherlandsPoland

SwitzerlandGermany

SpainLuxembourg


SlovakiaGreece


PortugalItaly

SwedenBelgiumFrance


€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

DenmarkMalta

NetherlandsPoland

SwitzerlandGermany

SpainLuxembourg


SlovakiaGreece


PortugalItaly

SwedenBelgiumFrance


125,000

125,000

125,000

125,000





Total





Total


Copy paste table 1






€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

PolandBelgium

MaltaDenmark


GermanySpain

LuxembourgIreland


ItalyGreece




€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

DenmarkBelgium

NetherlandsGreece

SwedenItaly


LuxembourgSpain


FranceMalta


SlovakiaSwitzerland


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

SwedenGreece

PortugalFrance

DenmarkNetherlands

ItalyAustria

BelgiumIreland

LuxembourgSpain


SlovakiaMalta

SwitzerlandPoland

Scenario 5:- Self-employed director- Annual gross income 125.000,00 EUR

114 g/km price € 43300





Total

Belgium 62,813.20 45,745.52 N/A N/A 16,441.28 125,000.00Malta 85,171.00 36,567.00 N/A N/A 3,262.00 125,000.00Poland 91,340.08 33,659.92 N/A N/A N/A 125,000.00Denmark 59,611.68 65,243.58 144.74 1,608.26 N/A 126,608.26Netherlands 61,937.00 54,785.00 8,278.00 9,803.00 N/A 134,803.00Switzerland 106,543.00 10,309.00 8,148.00 11,280.00 N/A 136,280.00Germany 78,078.19 34,849.58 12,072.23 12,072.23 N/A 137,072.23Spain 74,488.93 47,763.30 2,747.77 12,938.33 N/A 137,938.33Luxembourg 80,759.22 31,491.53 12,749.25 14,733.76 N/A 139,733.76Ireland 68,534.00 50,901.00 5,565.00 14,955.19 N/A 139,955.19United Kingdom 77,783.00 40,137.00 7,080.00 17,398.00 N/A 142,398.00Slovakia 90,106.52 28,268.52 6,624.96 18,048.64 N/A 143,048.64Italy 66,603.29 49,839.82 8,556.89 19,252.92 N/A 144,252.92Greece 62,898.24 49,508.01 12,593.75 19,955.00 N/A 144,955.00Czech Republic 90,465.84 25,663.26 8,870.90 23,405.14 N/A 148,405.14Austria 70,865.47 42,463.90 11,670.63 26,552.11 N/A 151,552.11Portugal 71,973.90 39,276.10 13,750.00 29,687.50 N/A 154,687.50Sweden 66,193.00 55,298.00 3,509.00 41,211.41 N/A 166,211.41France 86,042.00 15,176.00 23,782.00 54,252.00 N/A 179,252.00





Total






Total



€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

BelgiumMalta

PolandDenmark


GermanySpain

LuxembourgIreland


ItalyGreece




€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

BelgiumMalta

PolandDenmark


GermanySpain

LuxembourgIreland


ItalyGreece




€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

BelgiumMalta

PolandDenmark


GermanySpain

LuxembourgIreland


ItalyGreece





114 g/km price € 43300





Total






Total






Total



€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

BelgiumMalta

PolandDenmark


GermanySpain

LuxembourgIreland


ItalyGreece




€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

BelgiumMalta

PolandDenmark


GermanySpain

LuxembourgIreland


ItalyGreece




€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

BelgiumMalta

PolandDenmark


GermanySpain

LuxembourgIreland


ItalyGreece





114 g/km price € 43300





Total






Total






Total



€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

BelgiumMalta

PolandDenmark


GermanySpain

LuxembourgIreland


ItalyGreece




€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

BelgiumMalta

PolandDenmark


GermanySpain

LuxembourgIreland


ItalyGreece




€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

BelgiumMalta

PolandDenmark


GermanySpain

LuxembourgIreland


ItalyGreece




125,000

125,000

125,000

125,000

22

Summary of highest tax ratesCountry Any changes compared to

last year?Highest tax rate From an income higher than

Czech Republic Yes – Level of income on which the Solidarity tax of 7% is applicable, was slightly increased.

Fixed rate of 15% (in practice effective tax rate is 20.1% as the tax base is increased with SSHI contributions made by the employer). The highest tax rate incl. Solidarity tax is 23.35%

On the full income. Additionally the Solidarity tax of 7% is due on annual income that exceeds the threshold of 1,277,328 CZK or +/- 47,194.83 EUR. The solidarity tax of 7% is also applied on monthly income exceeding the threshold of 106,444 CZK or +/- 3,932.90 EUR

Slovakia No 25% 35,022.36 EUR (below this threshold, the tax rate is 19%)

Poland No 32% 85,528 PLN (+/- 20,716.48 EUR)

Malta Yes, changes to the tax rates were made in the intermediate rates.

35% (and income between 28,701 EUR – 60,000 EUR is now taxable at 25%, previously at 29%)

60,000 EUR

Ireland Yes 40% (plus social contribution of 3.5%, 7% or 8% depending on income levels)

33,800 EUR (for an unmarried person) and 42,800 EUR (for a married person with 1 working partner)

Greece Yes 42% (plus solidarity contribution of 8%)

42,000 EUR but the solidarity contribution is only due on income above 500,000 EUR

Italy Yes 43% (plus regional tax 1.73 – 3.33% and municipal tax 0 - 0.9%)

75,000 EUR

Luxembourg No 42.80% or 43.60% (depending on whether the income exceeds the limit or not)

150,000 EUR (unmarried taxpayers)300,000 EUR (couples who are taxed together)

France Yes, one bracket of progressive sc ale has been abolished (5.5%).

45%*plus special solidarity contributions amounting to approximately 15.5% on investment income**plus 4% of contribution on high income

150,000 EUR* As from the 1st euro**As from 500,000 EUR for single taxpayers (1,000,000 EUR for married taxpayers)

Germany Yes 45% (plus solidarity contribution of 5.5%, church tax if applicable)

250,731 EUR

United Kingdom Yes – increased tax free personal allowance (£10,600) and impact of exchange rate

45% £ 150,000 (+/- 210,000 EUR)

Switzerland Depending on both the canton and the municipality of the person's residence

Canton of Geneva, city of Geneva:46.6% (top marginal rate)

715,690 EUR

Austria No 50% 60,000 EUR


Summary of highest tax rates Netherlands Yes – increase of the tax rate in the first bracket and increase of amount as of which the marginal tax rate applies

52% 57,586 EUR

Belgium Yes – rise in the scale to which the marginal rate applies

53.5% (including municipal tax: 0 – 9%)

37,870 EUR

Denmark Yes 55.79% 66,894EUR

Spain Yes – tax rates have been reduced since 1 January 2015

47% for withholding purposes. Final tax rate depends on the region where the person lives.

47% in Catalonia

43.5% in Madrid

60,000 EUR

Portugal No 56.5% (including 3.5% surtax applicable on all taxable income exceeding 6,790 EUR)

250,000 EUR

Sweden Yes – rise in the limit on which the marginal rate applies and impact of the exchange rate

59,7% (which relates to a specific municipality and includes the church fee)

On income above 430,200 SEK (+/- 46,027 EUR) national tax of 20% is charged. On income above 616,100 SEK or +/- 65,916 EUR, an additional 5% national tax is charged.

24

Country Any changes compared to last year?

Social security: limited or unlimited

On a maximum gross annual income of …

Denmark No Limited Employees: fixed contribution of 145 EUR per yearEmployers: fixed contribution of +/- 1,610 EUR per year

Malta Yes – increased limit Limited Employers and employees each pay 10% of the basic weekly wage subject to a maximum income of 343.12 EUR per week (max contribution 34.31 EUR per week or 1,781 EUR per year) for persons born before 1/1/1962 and 418.26 EUR per week (max contribution 41.83 EUR per week or 2,141.92 EUR per year) for persons born after 31/12/1961

Netherlands Same limit for employee contributions and decreased exemption. Increased limit for employer contributions, and increased contribution %.

Limited Employees: 28.15% on maximum earnings of 33,589 EUR and a maximum exemption of 1,175 EUR Employers: 18.86% on maximum earnings of 51,976 EUR

Spain Yes – increased limit for employee and employer contributions

Limited Employees: 6.35% on a maximum income of 43,272 EUR

Employers: approximately 29.9% (an additional percentage has to be added, which depends on the activity of the employer) on a maximum income of 43,272 EUR

Slovakia Yes – increased limit Limited Employees: 13.4% with a limit for contributions to 49,440 EUR per annumEmployers: 35.2% (same limit). However there is no limit for accident insurance (0,8%).

Sweden Yes – further increased limit maximum employee contributions (and impact of exchange rate)

Limited for employees

Unlimited for employers

Employees: 7% on a maximum income of 468,571 SEK or +/- 50,167 EUR i.e. maximum contribution of 32,800 SEK or +/- 3,509 EUR. As a tax reduction with a corresponding amount is granted, it is generally at no cost to the employee

Employers: 31.42% (employees born between 1948 – 1986).

Germany Yes – increased limit Limited Employees and employers pay together (about 50/50) approximately 33.26% on a maximum income of 72,600 EUR for pension and unemployment and on a maximum income of 49,500 EUR for sickness and disability.

Austria Yes – increased limit and decreased percentage for employers

Limited Employees and employers pay together approximately 39.7% (18.07% for employees and 21.63% for employers) on a maximum income of 4,650 EUR p.m. for ordinary payments and 38.2 % (17.07% for employees and 21.13% for employers) on a maximum income of 9,300 EUR p.a. for extraordinary payments

Summary of social security rates





Czech Republic Yes – increased limit for Social Security (SS) (and impact of exchange rate)

Limited, but contribution to HI is uncapped

Employees: 6.5% on a maximum income of 1,277,328 CZK or +/- 47,194.83 EUR (SS) 4.5% on the full income (HI)

Employers: 25% on a maximum income of 1,277,328 CZK or +/- 47,194.83 EUR (SS) 9% on the full income (HI)

Ireland No Unlimited Employees: approximately 4% but with certain exemptions

Employers: either 8.5% or 10.75% with no exemptions depending on weekly wage of the employee

Switzerland Yes Unlimited Employees and Employers both pay: • 5.15% (AHV); • 1.1% on max. 126,000 CHF (+/- 120,000 EUR) (ALV 1) • 0.5% (ALV 2: salary - 126,000 CHF) • 4% or more pension (2nd pillar) (% depending on type of contract)

Poland Yes – increased limits for employee and employer contributions for pension and disability and the work accident rate changed as of April 2015

Unlimited but some contributions are capped (pension and disability)

Employees: 2.45% unlimited (sickness) + maximum contribution 13,373.50 PLN or +/- 3,239.31 EUR (pension and disability) + 9% unlimited (health contribution) Employers: maximum pension and disability contribution 19,312 PLN or +/- 4,677.72 EUR + <0.4% -3.60%> unlimited (work accidents) + 2.45% unlimited (employment fund) + 0.1% unlimited (fund for guaranteed employee benefits).

Luxembourg Yes, introduction of a temporary tax of 0.5%

Limited Employees: 11.05% on a maximum income of 115,377.84 EUR + 1.4% of dependence contribution + 0.5% of temporary tax which are not cappedEmployers: 12.52% - 15.30% on a maximum income of 115,377.84 EUR

United Kingdom Yes – very small changes in the thresholds

Unlimited Employees: 12% on income between 8,060 GBP and 42,385 GBP or +/- 59,339 EUR and 2% aboveEmployers: 13.8% on all income above 8,112 GBP or +/- 11,357 EUR

Portugal No Unlimited Employees: 11%Employers: 23.75%

Greece No Limited Employees and employers together pay 40.06% of which employees pay 15.5% and employers 24.56%, on a maximum annual gross income of 83,153.25 EUR

26




Italy Yes – increased limit Limited for employees hired after 31/12/1995Unlimited for employees hired prior to 31/12/1995

Employees approximately 10% (on a maximum income of 100,324 EUR if the limit applies) Employers approximately 30 to 38% (on a maximum income of 100,324 EUR if the limit applies)

Belgium No Unlimited Employees: 13.07%Employers: approximately 35%

France Yes – Employee and employer retirement contributions increased by 0.05%. Employee complementary retirement contributions for executives increased by 0.05% and employer complementary retirement contributions increased by 0.07%.

Unlimited Employees: approximately 20%Employers: approximately 45%

Summary of statutory gross minimum wage

Country Statutory gross minimum wage

Luxembourg 1,921.03 EUR per month for unskilled employees and 2,305.23 EUR per month for skilled employees

1,922.96 EUR per month for unskilled employees and 2,307.56 EUR per month for skilled employees

Belgium From age 21: 1,501.82 EUR per month

From 21 years and 6 months’ service: 1,541.67 EUR per month

From age 22 + 12 months’ service: 1,559.38 EUR per month

Netherlands From age 15: 452 EUR per month

From age 16: 520 EUR per month





From age 21: 1,093 EUR per month

From age 22: 1,282 EUR per month

From age 23 and older: 1,508 EUR per month

Germany 1,360 EUR per month (based on a 40-hour week) Since January 2015 a minimum wage of 8.50 EUR/hour has been imposed

France 1,457.52 EUR per month (based on a statutory 35-hour week)

Ireland 1,384 EUR per month (based on a 40-hour week)

United Kingdom From October 1, 2015, current rate is GBP 6.70 per hour for people aged 21 and more or approximately 1,165.35 GBP per month

(based on a 40 hour week) (+/- 1,631.40 EUR)

Malta Under 17 years old – 156.64 EUR per week or 678.77 EUR per month

17 years old – 159.48 EUR per week or 691.08 EUR per month

As of 18 years old – 166.26 EUR per week or 720.46 EUR per month

Spain 648.60 EUR per month

Greece Under 25 years old: 510.95 EUR per month

As of 25 years old: 586.08 EUR per month

Portugal 485 EUR per month

Poland 1,750 PLN (+/- 423,88 EUR) per month

Slovakia 380 EUR per month

Czech Republic 9,200 CZK (+/- 339.92 EUR) per month.

Austria No statutory minimum wage; fixed in collective contracts for most industries

Denmark No statutory minimum wage;

Italy No statutory minimum wage;

Sweden No statutory minimum wage; Minimum wages are established by collective bargaining agreements between employers and

unions without any involvement of the government. The collective agreements have strong positions in Sweden and may not be

deviated from.

Switzerland No statutory minimum wage

Chapter 2Sorted on net spendable income


25.000

25.000

25.000

25.000

Net income21,421.6723,427.0019,060.6718,248.5919,782.0018,544.6321,971.6719,893.0021,397.3519,226.8718,622.7418,728.0618,375.8118,281.7518,755.3219,801.5117,966.9320,485.6719,168.56

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000


FranceDenmarkSweden

ItalyIreland


BelgiumAustria


SlovakiaMalta

PolandSpain

Czech Republic

Net income Net disposable income

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


FranceSweden

DenmarkItaly

BelgiumNetherlands

AustriaIreland

LuxembourgGermanySlovakiaPortugalGreece

Czech RepublicSpain

PolandMalta

Ratio Net/cost

67.85%16.58%28.96%

105.45%82.28%85.94%74.11%87.39%93.93%90.90%88.01%67.24%92.80%77.90%59.28%76.31%91.23%84.54%39.54%

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000


FranceDenmarkSweden

ItalyNetherlands

IrelandLuxembourg

BelgiumAustria

GermanyGreece

PortugalPoland

SlovakiaMaltaSpain

Czech Republic

Net income Net Disposable income

0% 20% 40% 60% 80% 100% 120%


FranceSweden

ItalyDenmark

NetherlandsBelgiumAustriaIreland

SlovakiaLuxembourg

GermanyGreece

PortugalCzech Republic

SpainPoland

Malta

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000


SwitzerlandMalta


GermanyPoland

PortugalGreece

ItalySpain



France

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000


SwitzerlandMalta


GermanyPoland

PortugalGreece

ItalySpain



France

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000


FranceDenmark

LuxembourgBelgiumSweden

GermanyItaly

IrelandNetherlands

AustriaPortugalSlovakia

SpainMalta

PolandGreece

Czech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


FranceDenmarkBelgiumSweden

ItalyLuxembourg

AustriaGermany

NetherlandsIreland

SlovakiaPortugal

SpainCzech Republic

GreecePoland

Malta

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000


SwitzerlandMalta


GermanyPoland

PortugalGreece

ItalySpain



France

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000


FranceDenmarkSweden

ItalyIreland

NetherlandsBelgium

LuxembourgAustria


MaltaSlovakia


Spain


0% 20% 40% 60% 80% 100% 120%


FranceDenmarkSweden

ItalyBelgium


LuxembourgSlovakiaPortugal

GermanyGreece

Czech RepublicSpain

PolandMalta

30

50.000

50.000

50.000

50.000

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000


DenmarkFrance

NetherlandsItaly

IrelandBelgiumSweden

LuxembourgAustria

GermanyGreece

PortugalSpain

SlovakiaPoland

MaltaCzech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

United KingdomFrance

SwitzerlandDenmarkBelgiumSweden

ItalyAustria

NetherlandsIreland

LuxembourgGermany

GreeceSlovakiaPortugal

SpainCzech Republic

PolandMalta

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000

DenmarkMalta


IrelandLuxembourg

PolandNetherlands


SpainItaly


SwedenSlovakia

France

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000


DenmarkFrance

NetherlandsSweden

ItalyIreland

BelgiumAustria

GermanyLuxembourg

GreecePortugal

SpainSlovakia

MaltaPoland

Czech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


SwitzerlandSweden

ItalyDenmark

NetherlandsBelgiumAustriaIrelandGreece

GermanySlovakia

LuxembourgSpain


PolandMalta

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000

DenmarkMalta


IrelandLuxembourg

PolandNetherlands


SpainItaly


SwedenSlovakia

France

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000


DenmarkFrance

BelgiumIreland

LuxembourgGermany

NetherlandsItaly

SwedenAustria

PortugalGreece

SpainSlovakia

PolandMalta

Czech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


SwitzerlandBelgium

DenmarkItaly

SwedenAustriaIreland

GermanyLuxembourgNetherlands

PortugalGreece

SpainSlovakia


Malta

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000

DenmarkMalta


IrelandLuxembourg

PolandNetherlands


SpainItaly


SwedenSlovakia

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000


DenmarkFrance

ItalyNetherlands

BelgiumSweden

LuxembourgIrelandAustria

GermanyGreece

PortugalSpain

SlovakiaPoland

MaltaCzech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


FranceDenmarkBelgium

ItalySweden

NetherlandsAustria

LuxembourgIrelandGreece

GermanySlovakiaPortugal

SpainCzech Republic

PolandMalta


75.000

75.000

75.000

75.000

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000

United KingdomDenmark

SwitzerlandFranceIreland

NetherlandsItaly

BelgiumSweden

LuxembourgAustria

GermanyGreece

PortugalSpainMalta

PolandSlovakia

Czech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


ItalyBelgium

DenmarkSweden

SwitzerlandNetherlands

IrelandAustria

LuxembourgGreece

GermanyPortugal

SpainSlovakia


Malta

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkMalta



LuxembourgGermany



BelgiumSweden

ItalyFrance

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000



ItalyIreland

SwedenFrance

BelgiumAustriaGreece

LuxembourgGermanyPortugal

SpainMalta

SlovakiaPoland

Czech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


ItalySweden

DenmarkBelgium

NetherlandsIreland

SwitzerlandAustriaGreece

GermanyLuxembourg

PortugalSpain


PolandMalta

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkMalta



LuxembourgGermany



BelgiumSweden

ItalyFrance

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000


SwitzerlandIreland

BelgiumFrance

LuxembourgNetherlands

ItalySweden

GermanyAustriaGreece

PortugalSpainMalta

PolandSlovakia

Czech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


BelgiumItaly

DenmarkSweden

SwitzerlandIreland

LuxembourgAustria

NetherlandsGermany

GreecePortugal

SpainSlovakia


Malta

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkMalta



LuxembourgGermany



BelgiumSweden

ItalyFrance

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000


DenmarkFrance

ItalyBelgium

NetherlandsSweden

LuxembourgIrelandAustriaGreece

GermanyPortugal

SpainMalta

PolandSlovakia

Czech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


SwitzerlandItaly

DenmarkBelgiumSweden

NetherlandsAustria


PortugalGermany

SpainSlovakia


Malta

32

125.000

125.000

125.000

125.000

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000


SwitzerlandBelgiumSweden

NetherlandsIreland

ItalyFrance

LuxembourgAustriaGreece

GermanyPortugal

SpainMalta

PolandSlovakia

Czech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


BelgiumSweden

ItalyDenmark

SwitzerlandIreland


AustriaPortugalGreece

GermanySpain


PolandMalta

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

DenmarkMalta

NetherlandsPoland

SwitzerlandGermany

SpainLuxembourg


SlovakiaGreece


PortugalItaly

SwedenBelgiumFrance

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

United KingdomDenmarkSweden

NetherlandsItaly

IrelandBelgium

SwitzerlandFrance


GermanyPortugal

SpainMalta

PolandSlovakia

Czech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

United KingdomSwedenFrance

ItalyBelgium

DenmarkIreland


AustriaGreece

LuxembourgPortugal

GermanySpain


PolandMalta

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

DenmarkMalta

NetherlandsPoland

SwitzerlandGermany

SpainLuxembourg


SlovakiaGreece


PortugalItaly

SwedenBelgiumFrance

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000


SwitzerlandBelgiumIreland

SwedenNetherlands

FranceLuxembourg

ItalyGermany


SpainMalta

PolandSlovakia

Czech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


BelgiumSweden

SwitzerlandDenmark

ItalyIreland


PortugalAustria

GermanyGreece

SpainCzech Republic

SlovakiaPoland

Malta

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

DenmarkMalta

NetherlandsPoland

SwitzerlandGermany

SpainLuxembourg


SlovakiaGreece


PortugalItaly

SwedenBelgiumFrance

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000


SwitzerlandBelgiumFrance

SwedenNetherlands

ItalyIreland


PortugalGermany

SpainMalta

PolandSlovakia

Czech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


BelgiumSweden

DenmarkItaly


IrelandLuxembourg

AustriaGreece

PortugalGermany

SpainCzech Republic

SlovakiaPoland

Malta


125.000

125.000

125.000

125.000

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000



NetherlandsIrelandFrance

LuxembourgItaly

AustriaGreece

GermanyPortugal

SpainMalta

SlovakiaPoland

Czech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


DenmarkSwitzerland

IrelandNetherlands

ItalyBelgium

LuxembourgAustria

PortugalGreece

GermanySpain


MaltaPoland

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

BelgiumPoland

MaltaDenmark


GermanySpain

LuxembourgIreland


ItalyGreece



€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000


NetherlandsIreland

BelgiumItaly

SwitzerlandFrance

LuxembourgGreeceAustria

GermanyPortugal

SpainMalta


Poland


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

United KingdomSweden


NetherlandsItaly

SwitzerlandAustria

BelgiumGreece

LuxembourgPortugal

GermanySpain


MaltaPoland

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


SwedenSwitzerland

DenmarkIreland

LuxembourgBelgium

NetherlandsItaly

PortugalAustria

GermanyGreece

SpainCzech Republic

SlovakiaMalta

Poland

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

BelgiumPoland

MaltaDenmark


GermanySpain

LuxembourgIreland


ItalyGreece



€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000



SwedenNetherlandsLuxembourg

FranceItaly

GermanyAustria

PortugalGreece

SpainMalta

SlovakiaPoland

Czech Republic

Net income Net disposable income€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

BelgiumPoland

MaltaDenmark


GermanySpain

LuxembourgIreland


ItalyGreece



€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000



NetherlandsFranceIreland

LuxembourgItaly

AustriaGreece

PortugalGermany

SpainMalta

SlovakiaPoland

Czech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


SwedenDenmark


IrelandItaly

LuxembourgBelgiumAustriaGreece

PortugalGermany

SpainCzech Republic

SlovakiaMalta

Poland

Chapter 2Sorted on net spendable/cost ratio


Net income21,421.6723,427.0019,060.6718,248.5919,782.0018,544.6321,971.6719,893.0021,397.3519,226.8718,622.7418,728.0618,375.8118,281.7518,755.3219,801.5117,966.9320,485.6719,168.56

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000


FranceDenmarkSweden

ItalyIreland


BelgiumAustria


SlovakiaMalta

PolandSpain

Czech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


FranceSweden

DenmarkItaly

BelgiumNetherlands

AustriaIreland

LuxembourgGermanySlovakiaPortugalGreece

Czech RepublicSpain

PolandMalta

Ratio Net/cost

67.85%16.58%28.96%

105.45%82.28%85.94%74.11%87.39%93.93%90.90%88.01%67.24%92.80%77.90%59.28%76.31%91.23%84.54%39.54%

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000


FranceDenmarkSweden

ItalyNetherlands

IrelandLuxembourg

BelgiumAustria

GermanyGreece

PortugalPoland

SlovakiaMaltaSpain

Czech Republic

Net income Net Disposable income

0% 20% 40% 60% 80% 100% 120%


FranceSweden

ItalyDenmark

NetherlandsBelgiumAustriaIreland

SlovakiaLuxembourg

GermanyGreece


SpainPoland

Malta

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000


SwitzerlandMalta


GermanyPoland

PortugalGreece

ItalySpain



France

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000


SwitzerlandMalta


GermanyPoland

PortugalGreece

ItalySpain



France

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000


FranceDenmark

LuxembourgBelgiumSweden

GermanyItaly

IrelandNetherlands

AustriaPortugalSlovakia

SpainMalta

PolandGreece

Czech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


FranceDenmarkBelgiumSweden

ItalyLuxembourg

AustriaGermany

NetherlandsIreland

SlovakiaPortugal

SpainCzech Republic

GreecePoland

Malta

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000 € 40,000


SwitzerlandMalta


GermanyPoland

PortugalGreece

ItalySpain



France

€ 0 € 5,000 € 10,000 € 15,000 € 20,000 € 25,000 € 30,000 € 35,000


FranceDenmarkSweden

ItalyIreland

NetherlandsBelgium

LuxembourgAustria


MaltaSlovakia


Spain


0% 20% 40% 60% 80% 100% 120%


FranceDenmarkSweden

ItalyBelgium


LuxembourgSlovakiaPortugal

GermanyGreece

Czech RepublicSpain

PolandMalta

25.000

25.000

25.000

25.000

36

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000


DenmarkFrance

NetherlandsItaly

IrelandBelgiumSweden

LuxembourgAustria

GermanyGreece

PortugalSpain

SlovakiaPoland

MaltaCzech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


SwitzerlandDenmarkBelgiumSweden

ItalyAustria

NetherlandsIreland

LuxembourgGermany

GreeceSlovakiaPortugal

SpainCzech Republic

PolandMalta

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000

DenmarkMalta


IrelandLuxembourg

PolandNetherlands


SpainItaly


SwedenSlovakia

France

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000


DenmarkFrance

NetherlandsSweden

ItalyIreland

BelgiumAustria

GermanyLuxembourg

GreecePortugal

SpainSlovakia

MaltaPoland

Czech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


SwitzerlandSweden

ItalyDenmark

NetherlandsBelgiumAustriaIrelandGreece

GermanySlovakia

LuxembourgSpain


PolandMalta

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000

DenmarkMalta


IrelandLuxembourg

PolandNetherlands


SpainItaly


SwedenSlovakia

France

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000


DenmarkFrance

BelgiumIreland

LuxembourgGermany

NetherlandsItaly

SwedenAustria

PortugalGreece

SpainSlovakia

PolandMalta

Czech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


SwitzerlandBelgium

DenmarkItaly

SwedenAustriaIreland

GermanyLuxembourgNetherlands

PortugalGreece

SpainSlovakia


Malta

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000

DenmarkMalta


IrelandLuxembourg

PolandNetherlands


SpainItaly


SwedenSlovakia

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000


DenmarkFrance

ItalyNetherlands

BelgiumSweden

LuxembourgIrelandAustria

GermanyGreece

PortugalSpain

SlovakiaPoland

MaltaCzech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


FranceDenmarkBelgium

ItalySweden

NetherlandsAustria


GermanySlovakiaPortugal

SpainCzech Republic

PolandMalta

50.000

50.000

50.000

50.000


€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000


SwitzerlandFranceIreland

NetherlandsItaly

BelgiumSweden

LuxembourgAustria

GermanyGreece

PortugalSpainMalta

PolandSlovakia

Czech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


ItalyBelgium

DenmarkSweden


IrelandAustria

LuxembourgGreece

GermanyPortugal

SpainSlovakia


Malta

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkMalta



LuxembourgGermany



BelgiumSweden

ItalyFrance

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000



ItalyIreland

SwedenFrance

BelgiumAustriaGreece

LuxembourgGermanyPortugal

SpainMalta

SlovakiaPoland

Czech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


ItalySweden

DenmarkBelgium

NetherlandsIreland

SwitzerlandAustriaGreece

GermanyLuxembourg

PortugalSpain


PolandMalta

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkMalta



LuxembourgGermany



BelgiumSweden

ItalyFrance

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000


SwitzerlandIreland

BelgiumFrance


ItalySweden

GermanyAustriaGreece

PortugalSpainMalta

PolandSlovakia

Czech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


BelgiumItaly

DenmarkSweden

SwitzerlandIreland

LuxembourgAustria

NetherlandsGermany

GreecePortugal

SpainSlovakia


Malta

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000

DenmarkMalta



LuxembourgGermany



BelgiumSweden

ItalyFrance

€ 0 € 10,000 € 20,000 € 30,000 € 40,000 € 50,000 € 60,000 € 70,000 € 80,000


DenmarkFrance

ItalyBelgium

NetherlandsSweden

LuxembourgIrelandAustriaGreece

GermanyPortugal

SpainMalta

PolandSlovakia

Czech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


SwitzerlandItaly

DenmarkBelgiumSweden

NetherlandsAustria


PortugalGermany

SpainSlovakia


Malta

75.000

75.000

75.000

75.000

38

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000



NetherlandsIreland

ItalyFrance


GermanyPortugal

SpainMalta

PolandSlovakia

Czech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


BelgiumSweden

ItalyDenmark

SwitzerlandIreland



GermanySpain


PolandMalta

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

DenmarkMalta

NetherlandsPoland

SwitzerlandGermany

SpainLuxembourg


SlovakiaGreece


PortugalItaly

SwedenBelgiumFrance

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000


NetherlandsItaly

IrelandBelgium

SwitzerlandFrance


GermanyPortugal

SpainMalta

PolandSlovakia

Czech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


ItalyBelgium

DenmarkIreland


AustriaGreece

LuxembourgPortugal

GermanySpain


PolandMalta

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

DenmarkMalta

NetherlandsPoland

SwitzerlandGermany

SpainLuxembourg


SlovakiaGreece


PortugalItaly

SwedenBelgiumFrance

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000



SwedenNetherlands

FranceLuxembourg

ItalyGermany


SpainMalta

PolandSlovakia

Czech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


BelgiumSweden

SwitzerlandDenmark

ItalyIreland


PortugalAustria

GermanyGreece

SpainCzech Republic

SlovakiaPoland

Malta

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

DenmarkMalta

NetherlandsPoland

SwitzerlandGermany

SpainLuxembourg


SlovakiaGreece


PortugalItaly

SwedenBelgiumFrance

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000


SwitzerlandBelgiumFrance

SwedenNetherlands

ItalyIreland


PortugalGermany

SpainMalta

PolandSlovakia

Czech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


BelgiumSweden

DenmarkItaly


IrelandLuxembourg

AustriaGreece

PortugalGermany

SpainCzech Republic

SlovakiaPoland

Malta

125.000

125.000

125.000

125.000


€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000



NetherlandsIrelandFrance

LuxembourgItaly

AustriaGreece

GermanyPortugal

SpainMalta

SlovakiaPoland

Czech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


DenmarkSwitzerland

IrelandNetherlands

ItalyBelgium

LuxembourgAustria

PortugalGreece

GermanySpain


MaltaPoland

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

BelgiumPoland

MaltaDenmark


GermanySpain

LuxembourgIreland


ItalyGreece



€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000


NetherlandsIreland

BelgiumItaly

SwitzerlandFrance

LuxembourgGreeceAustria

GermanyPortugal

SpainMalta


Poland


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

United KingdomSweden


NetherlandsItaly

SwitzerlandAustria

BelgiumGreece

LuxembourgPortugal

GermanySpain


MaltaPoland

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


SwedenSwitzerland

DenmarkIreland

LuxembourgBelgium

NetherlandsItaly

PortugalAustria

GermanyGreece

SpainCzech Republic

SlovakiaMalta

Poland

€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

BelgiumPoland

MaltaDenmark


GermanySpain

LuxembourgIreland


ItalyGreece



€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000


SwitzerlandBelgium

IrelandSweden


FranceItaly

GermanyAustria

PortugalGreece

SpainMalta

SlovakiaPoland

Czech Republic


€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000 € 140,000 € 160,000 € 180,000 € 200,000

BelgiumPoland

MaltaDenmark


GermanySpain

LuxembourgIreland


ItalyGreece



€ 0 € 20,000 € 40,000 € 60,000 € 80,000 € 100,000 € 120,000



NetherlandsFranceIreland

LuxembourgItaly

AustriaGreece

PortugalGermany

SpainMalta

SlovakiaPoland

Czech Republic


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


SwedenDenmark


IrelandItaly

LuxembourgBelgiumAustriaGreece

PortugalGermany

SpainCzech Republic

SlovakiaMalta

Poland

125.000

125.000

125.000

125.000

40


Belgium

InterestInterest and other yields from loans, claims on debt and cash deposits are in principle taxed at a flat rate of 25%. The due taxes are withheld via an advance levy at source (following which, Belgian movable income should in principle not be mentioned in a Belgian income tax return).

As an exception to this general rule, a flat tax rate of 15% applies to:• Interests from state bonds issued between 24 November and 2 December 2011 (the so called “Leterme-bons”);

and• Interests from a regulated savings deposit exceeding an amount of EUR 1,880 per person per year (income year

2015 – tax year 2016). The amount up to EUR 1.880 is exempt from taxes.

DividendsBelgian dividends are in principle subject to taxes that are levied at source, at a flat rate of 25%. However:• Dividends from residential real estate investment companies (“vastgoedbevaks”) are taxed at a flat rate of 15%; and• Dividends originating from so called “VVPR-shares” issued as of 1 July 2013, are – provided certain conditions are

met - subject to a withholding tax rate of either 15 or 20%. Further to a debate on budget measures in light of the “tax shift”, the standard withholding tax rate for dividends, interests and royalties would be increased from 25 to 27% for all income paid or attributed as of 1 January 2016.

The existing reduced rates for dividends from real estate vehicles (“vastgoedbevaks”) would be abolished. The draft explanatory memorandum confirms that the following (existing) reduced rates would remain applicable:• Interest from regulated savings deposits;• Interest from the 2011 “Leterme bonds”; and• Dividends from new shares in SMEs, issued since 1 July 2013 (VVPR – SME).

Capital gainsCapital gains received by individuals in light of the “normal management” of their private (movable) estate, are in principle not taxable in Belgium.However, in light of the Belgian “tax shift”, a so called “speculation tax” will most likely be introduced.

Based on the currently available information, this tax would be due on the capital gains realised on quoted shares which have been acquired for consideration less than 6 months before the alienation for consideration. Only shares or financial instruments acquired as of 1 January 2016 are currently envisaged. The shares should be quoted either on a stock exchange compliant with EU Directive 2001/32/EU or on a stock exchange of a third country of which the legislation provides for similar admission conditions as the Directive. Taxes would be due at a flat rate of 33% and would in principle be withheld at source by the Belgian intermediary that intervenes “in any manner” in the transaction. If no such Belgian intermediary could be identified, the speculation gain should be reported in the individual’s tax return.

Limited exemptions would be available (i.e. in case of a “squeeze-out”, employee incentive plans, etc.).

Wealth taxDuring the pre-election period (May 2014), there was often talk of introducing a general wealth tax (mostly by the socialist and green parties).

However, up to now no Belgian wealth tax has been introduced.

Taxation of capital

42

Cayman taxIn light of the Belgian “tax shift”, a budgetary measure has been adopted, i.e. the so called “look-through- tax” or “Cayman-tax”. This tax includes a new tax treatment with respect to “legal arrangements” (like for example trusts and foundations), and applies as of 1 January 2015. This new Belgian tax treatment entails that a Belgian tax resident who is considered a “founder” of this legal arrangement, becomes taxable in Belgium further to a fictitious attribution of income from the assets owned by the legal arrangement. No taxation on behalf of the founder occurs in case he can prove that the beneficiary 1) has been granted or paid income from the legal arrangement, and 2) qualifies as a resident of an EEA-state, or, a state with which Belgium has concluded a double tax treaty or an agreement (or similar juridical instrument) relating to the exchange of information in tax matters.Only the third beneficiary that qualifies as a Belgian tax resident, is taxable on the income received from the legal arrangement.

Limited exemptions are available.

AustriaInterest - dividends - capital gainsInterests, dividends and capital gains in Austria are generally collected in the form of withholding taxes retained at source at a fixed rate of 25 % (i.e. the capital gains tax “KESt”) or taxed at a special tax rate of 25%.

Wealth taxThere is no wealth tax in Austria.

Czech Republic

Interest - dividendsInterest and dividends are subject to a Czech tax rate of 15% (advance levy).

Capital gainsIn principle, capital gains are also taxed at a fixed taxation rate of 15%, although there are various exceptions to this:• Capital gains made from the sale of shares acquired before 1st January 2008 are tax-exempt if the shares have

been owned by the taxpayer for at least 6 months.• Capital gains on shares acquired after 1st January 2008 and that have been owned by the taxpayer for more than 6

months are tax-exempt if the taxpayer has not held more than 5% of the capital or the related voting rights in the company during the previous 24 months.

• Capital gains on shares that do not meet the conditions set out above are exempt if the period between the acquisition and sale of the securities is longer than 5 years.

• Capital gains on shares acquired after 1st January 2014 are tax-exempt if the shares have been owned by the taxpayer for at least 3 years.

• No tax is payable if the income (not the capital gain itself) from such sales of shares does not cumulatively exceed CZK 100,000 in a tax year.

• Capital gains made from the sale of a property owned by the Czech taxpayer for more than 5 years (2 years if the taxpayer was living in the property) are also tax-exempt unless the property is being used for business purposes.

• Capital gains on moveable assets are exempt from tax unless they are used for business purposes, with the exception of gains made on cars, aircraft and boats, which are always exempt from tax if the individual has owned the property for at least 1 year.

• Wealth tax• There is currently no wealth tax in the Czech Republic. However, it seems appropriate to repeat that, as from 2013,

there is a solidarity contribution of 7% due on income that exceeds the threshold of 47,194.83 EUR (1,277,328 CZK) and that this solidarity tax of 7% is also applied on monthly income that exceeds the threshold of 106,444 CZK (or +/- 3,932.90 EUR).


Denmark InterestIncome from interest is subject to a maximum tax rate of approximately 35.88% if the thresholds of 41,400 DKK or 5,548 EUR per year for unmarried individuals and 82,800 DKK or 11,096 EUR per year for married individuals are not exceeded. For interest income above this threshold, sliding scale rates apply up to +/- 42%.

DividendsDividends are taxed in Denmark at a rate of 27% if the threshold of 49,900 DKK or 6,688 EUR per year is not exceeded. The portion of income above 6,688 EUR per year is taxed at a fixed rate of 42%.

Capital gainsGains on shares in Denmark are taxed at a rate of 27% if the threshold of 49,900 DKK or 6,688 EUR per year is not exceeded. The portion of income above 6,688 EUR per year is taxed at sliding scale rates up to +/- 42%.

Wealth taxThere is no wealth tax in Denmark.

GermanyInterest - dividends - capital gains Interest, dividends and capital gains in Germany have been taxed at a fixed rate of 26.375% on the gross income received (26.375% = 25% income tax, plus a solidarity contribution of 5.5%). If applicable, a ‘church tax’ of 8 to 9% is also levied (depending on the taxpayer’s place of residence). In this regard, a tax-free amount of 801 EUR per year is taken into consideration for a single taxpayer, while the tax-free amount for married taxpayers is 1,602 EUR per year.

Wealth taxGermany used to have a wealth tax, but it has not been levied since 1997. There are currently no signs that a new wealth tax might be introduced in Germany.

GreeceInterestThe interest income in Greece is taxed at a tax rate of 15%.

DividendsIn Greece, dividends are taxed at a decreased rate of 10%.

Capital gainsCapital gains are effectively taxed at a rate of 15%.

Wealth taxThere is no wealth tax in Greece.

FranceInterestInterest is subject to the progressive French personal income tax rates. However, interest is subject to a withholding tax of 24% plus 15.5% special solidarity contributions. This is an advance payment on the progressive personal income tax.

DividendsDividends received are subject to the progressive French personal income tax rates, after deducting 40%. However, dividends are subject to a withholding tax of 21% plus 15.5% special solidarity contributions. This is an advance payment on the progressive personal income tax.

44

Capital gainsCapital gains on the sale of shares made by individuals are subject to the progressive French personal income tax rates. The taxable basis is equivalent to the difference between the selling price and purchase price (or the market value if the property was obtained free of charge), plus any costs and expenditure. The capital gain could be reduced by a deduction related to the holding period.Capital gains on the sale of real estate property are taxed at a fixed rate of 19% plus 15.5% special solidarity contributions. Certain capital gains on the sale of real estate property are fully tax exempt (example: gains realised on the sale of the person’s principal place of residence).Wealth taxFrance applies a wealth tax on the value of a person’s assets exceeding 1.3 million EUR on 1st January of the assessment year concerned. If the net wealth is above 1.3 million EUR, wealth tax is calculated as follows:

Net wealth Applicable tax rateUp to 800,000 EUR 0%From 800,000 EUR to 1,300,000 EUR 0.50%From 1,300,000 EUR to 2,570,000 EUR 0.70%From 2,570,000 EUR to 5,000,000 EUR 1%From 5,000,000 EUR to 10,000,000 EUR 1.25%Over 10,000,000 EUR 1.50%

The actual wealth tax and income tax to be paid is limited again, in this instance to a maximum of 75% of the taxpayer’s total annual income.

IrelandInterestIn Ireland, interest is subject to a fixed tax rate of 41% from 1st January 2014 (33% in 2013, 30% in 2012, 27% in 2011 and 25% in 2010). The Universal social charge (3.5%, 7% or 8% depending on income levels) will be due on the earned interest and an additional social insurance contribution is also levied on income from interest.

DividendsWhen dividends are paid out, a 20% levy is retained in Ireland. The recipient’s dividend income is taxable at the marginal income tax rate (either 20% or 40%) in which regard a tax credit is granted in relation to the levy already retained. The Universal social charge (3.5%, 7% or 8%) will be due on the dividend and an additional social insurance contribution may also be due on this income.

Capital gainsCapital gains realised from the sale of the taxpayer’s own assets are subject to a tax rate of 33% as from 6th December 2012 (previously 30% in 2012, 25% in 2011 and only 22% in 2010). To calculate the taxable base of the gain on a specific asset, the following costs may be deducted: the indexed purchase price, the indexed expenditure made to improve the value of the asset and any incidental costs related to acquiring and/or selling the item in question.

Wealth taxThere is no actual wealth tax as such in Ireland, but note that a “restriction for high-earners” was introduced as from 1 January 2010 in Ireland. This means that individuals with an annual income of at least 125,000 EUR are subject to a minimum effective tax rate of 30% (instead of minimum 20%, which was the case previously) by limiting or rejecting certain personal allowances and reductions on their behalf.This restriction is being applied gradually for incomes between 125,000 EUR and 400,000 EUR per year and the total restriction applies to annual incomes in excess of 400,000 EUR.


ItalyWith respect to taxation of capital, the Italian legislation makes a distinction depending on whether the income relates to a qualified participation or an unqualified participation. In the event of listed companies, qualified participations must represent more than 2% of the voting rights at the general meeting of shareholders, or more than 5% of shareholder capital. If it concerns a non-quoted company, a qualified participation needs to represent more than 20% of the voting rights at the general meeting of shareholders or more than 25% of shareholder capital.

InterestFrom 1st July 2014, income from interest is taxed at a fixed rate of 26% (previously 20%).

DividendsSimilarly, dividends from non-qualified participations are taxed at 26% since 1st July 2014 (previously at 20%). Dividends from qualified participations are subject to the sliding scale rates of Italian income tax (up to 49.72% of the gross dividend).

Capital gainsCapital gains realised from the sale of shares of qualified participations are also subject to the sliding scale rates of Italian income tax (up to 49.72% of the gross capital gain). Capital gains on the sale of shares in view of non-qualified participations are taxed at 26% since 1st July 2014 (instead of 20% in 2013 and 12.5% in 2012).

Wealth taxItaly has no wealth tax as such, but there are various tax systems for high-wealth taxpayers.For example, there is an additional tax of 10% on certain types of income (bonuses and stock options) paid to managers and company directors working in the financial sector. There is also an additional solidarity contribution owed by every Italian taxpayer with a total gross annual income in excess of 300,000 EUR. An Italian “wealth tax” is since 2011 also due on foreign financial assets and on real estate of Italian resident individuals.

LuxembourgInterestIn principle, interest in Luxembourg is subject to the sliding scale rates, with a tax exemption for interest and dividends up to 1,500 EUR (3,000 EUR for couples taxed jointly). A final 10% withholding tax rate is only applicable for interest income paid by a Luxembourg paying agent to a Luxembourg individual tax resident. A 10% tax rate is also applicable if the interest income is received by a Luxembourg resident and comes from a paying agent established in the EEA or in a State with which Luxembourg concluded a tax treaty including measures equivalent to the EC Savings Directive. If one wants to opt for this scenario, a specific declaration needs to be filed at the latest by March 31 after the end of the calendar year in which the interest income was received. If not, the income is taxable upon filing at the progressive tax rates. Note that interest income and dividends are tax free up to an amount of € 1.500 (and € 3.000 for jointly taxed couples).

DividendsA tax rate of 15% applies to dividends received from an entity that under Luxembourg regulations is described as being fully taxable in Luxembourg. Also, if certain conditions are met, 50% of dividends can be considered as being tax-free. In any event, a tax-free amount of 1,500 EUR (3,000 EUR for couples taxed jointly) applies to dividends.

Capital gainsIn principle, the marginal tax rate of 42.80% (equal to 2013 (if income is less than 150,000 EUR for unmarried taxpayers and less than 300,000 EUR for individuals taxed jointly) or 43.60% (if the above mentioned limit is exceeded) only applies to capital gains made on the sale of moveable assets in the short term (i.e. within 6 months). However, if there is a substantial participation in capital (i.e. a direct or indirect participation of more than 10% in the capital of an entity) capital gains realised in specific circumstances may also be taxed if they have already been held for more than 6 months, in which case they are then taxed at a lower rate.

Wealth taxLuxembourg legislation makes no provision for a wealth tax.

46

MaltaInterestInterest income derived in Malta is subject to a fixed tax rate of 15% which is due by means of a final withholding tax levied at source.

DividendsDividends are taxed at the highest tax rate of 35%.

Capital gainsIn principle, capital gains arising in Malta are subject to the marginal tax rate ranging between 0 to 35%.However, capital gains realised in view of the sale of a real estate property are taxed at a final tax rate of 12% if the property was purchased more than 12 years ago. As from first January, 2015 the 12% final withholding tax on transfer value and 35% tax on the profit or gain, was replaced by an 8% final withholding tax on the value of the property transferred. • There are four exceptions as follows:

1. Transfer of property not forming part of a project, the applicable final withholding tax rate shall be 5% on the value of the property transferred if the property is transferred before five years from the date of its acquisition.

2. Properties acquired before the 1st January 2004 in respect of which a notice of a promise of sale or transfer relating to that property had not been given to the Commissioner before the 17th November, 2014, the applicable final withholding tax rate shall be 10% of the value of the property transferred.

3. 2% final withholding tax applies on a transfer of property acquired as a residence and sold not later than three years after the date of acquisition.

4. 5% final withholding tax applies when it is a transfer of property situated in Valletta, that was acquired by the transfer or before the 31st December 2018, and such property has been restored and/or rehabilitated. The said transfer of property has to be made not later than five years from the 31st December 2018.

The above are the various rates of Final Withholding Tax in relation to the sale of immovable property in Malta. These rates are correct as at today. As today is the Budget Day, changes may be announced to the current Capital Gains Tax regime which could be effective as from tomorrow or from 01/01/2016. However, we are not aware of such changes as yet.

Wealth taxThere is no wealth tax imposed by Maltese legislation.

NetherlandsInterest - dividends - capital gains - wealth taxSavings and investments in the Netherlands are assumed to generate an annual yield of 4% of the investment. Based on this statutory assumption, this deemed yield of 4% is the taxable base which is subject to a tax rate of 30%. The actual value of interest, dividends or profits from savings and investments is not taxed.

In principle, the taxable base of this tax on assets consists of the positive value of the total savings and investments, minus the individual’s debts. There are a number of exceptions and the Dutch tax administration takes account of certain tax-free amounts.

Given that not the actual yield is taxed but a fixed amount of 4% of the deposit, this system is still the cause of much debate in the Netherlands. In recent years, a savings account in Holland has only generated average interest income of 1.5% - 2.5% while inflation has been approximately 2% - 3%. For this reason, many people in the Netherlands consider this fixed appraisal of 4% to be too high. In response to this criticism, the Dutch tax authorities have specifically stated that the current appraisal will not be lowered, because 4% was also applied in better economic times and was rather on the low side at the time.


Wealth taxThere is no actual wealth tax in the Netherlands, only the deemed annual yield is taxed.

PolandInterest - dividendsIn Poland, interest income and dividends are taxed at a fixed rate of 19% at the moment of arising of income. The taxable base equals the gross income.

Capital gainsCapital gains realised following the sale of assets are also taxed at a fixed rate of 19%. Here, the taxable base equals the sale price minus the costs incurred to obtain or retain the income/asset. In case it concerns capital gains realised in view of the sale of shares, the taxable base can be lowered by the purchase price and any transactional costs incurred (including brokerage costs). Capital gains become taxable in the annual tax return for the given tax year (no tax paid in advance during the year).

Wealth taxThere is no wealth tax applicable in Poland and there are no signals there would be a wealth tax installed in the future.

PortugalInterest - dividends - capital gainsIn Portugal, interest income, dividends and capital gains are currently all taxed at a fixed rate of 28%.

Wealth taxPortugal has no wealth tax.

SlovakiaDividendsDividends are not taxable in Slovakia. Dividends are however subject to health insurance contributions of 14%.

Interest - capital gainsInterest and capital gains are taxed in Slovakia at 19% or 25% depending on the amount of income. A non-taxable amount of 500 EUR can be claimed on capital gains.

Wealth taxSlovakian legislation does not impose any wealth tax. SpainInterest — dividendsAs of January 1st, 2015 interest and dividends tax rates have been reduced. Income from interest and dividends below 6,000 EUR now is taxed at 20%, at 22% when the income exceeds the threshold of 6,000 EUR but remains below 50,000 EUR and at 24% for the portion above 50,000 EUR. However, as from 12th July 2015, the above-mentioned tax rates were decreased to 19.50%, 21.50% and 23.50% but with retroactive effects on January 1st, 2015. Before that date the tax rates were 19%, 21% and 23%. The exemption on the first 1,500 euros of dividends has been removed since January 1st, 2015. Despite tax on interest and dividends being collected by way of an advance levy, Spanish taxpayers must declare this income in their annual tax return in order to be taxed properly.

Capital gainsThe same tax rates for interest and dividends apply to capital gains. As of January 1st, 2015, capital gains made from the sale of assets are taxed at the tax rate of 20% if the income is lower than 6,000 EUR, at 22% if the income is more than 6,000 EUR but less than 50,000 EUR, and at 24% if the capital gain exceeds the threshold of 50,000 EUR. From 12th July 2015 on, the tax rates has decreased to 19.50%, 21.50% and 23.50%. In principle there is no advance levy.

48

Wealth taxUp to and including 2007, a wealth tax was levied annually in Spain. As from tax year 2008, this tax was neutralised by applying a 100% discount. With the goal to improve the current financial situation, Spain decided on 16th September 2011 to reactivate the wealth tax temporarily, specifically for the period from 1st January 2011 to 31st December 2012. Meanwhile it has been extended yearly, for 2013, 2014 and 2015. A number of major changes were introduced in relation to the system that was previously in effect. For example, a higher earnings threshold was introduced meaning that in principle a taxpayer’s main place of residence is not subject to wealth tax (the new threshold is 300,000 EUR, compared to 150,000 EUR in the past). An increased limit has been introduced in relation to the personal exemption to which taxpayers are entitled, resulting in net assets under 700,000 EUR being exempted from wealth tax (previously the threshold was 108,182 EUR). The Spanish wealth tax entails sliding scale rates ranging from 0% to 2.5%.

SwedenInterest - dividendsSwedish residents are taxable in Sweden on their worldwide investment income. This income includesinterest from bank accounts, dividends from listed shares and capital gains made from the sale of financial instruments, property and other assets. Investment income is taxed at a fixed percentage of 30% without any personal deductions on that income being eligible. However, normally speaking, interest paid can be deducted (at least partly) from the income.

Capital gainsIn general, capital gains are taxed as income from capital and hence at 30%. A capital gain is equivalent to the difference between the selling price and the acquisition price of the asset in question. Capital gains realized from the sale of a permanent residence is taxed at an effective tax rate of 22% and capital gains/dividends from the sale of unlisted non-qualified shares are taxed effectively at 25%.

Wealth taxIn 2007, the Swedish wealth tax was abolished. For the time being, the Swedish government has not expressed any intention of reintroducing a wealth tax.

SwitzerlandInterest - dividendsIn Switzerland, interest and dividends are taxable at sliding scale rates (depending on where the recipient lives, the highest rate is approximately 45.5%). There are no (partial) exemptions. However, a tax credit applies to take account of the advance levy (of 35%) already deducted and paid. For individuals who are not required to submit a Swiss income tax return (i.e. people who only pay tax at source and have an annual income of less than 120,000 CHF or +/- 100,000 EUR), the at-source levy of 35% on interest and dividends is the final tax and no adjustment is possible.

Capital gainsCapital gains are free of tax in Switzerland.

Wealth taxSwiss legislation imposes a wealth tax with low rates and slow progression: for married individuals who live in the canton of Geneva and in the city of Geneva, the wealth tax rate rises to 1% on net wealth above the threshold of 3,817,158 EUR (4,000,000 CHF).

United KingdomInterestIn the United Kingdom interest income is taxed in the same way as other income and hence is subject to the progressive tax rates. In practice, this means that there are 3 different rates that apply to interest income and that, depending on the total income, the interest is subject to a tax rate of 20%, 40% or 45%. When interest is paid, 20% is taken as an advance levy and any adjustments have to be made at the time the tax return is filed. Residents of the United Kingdom can subscribe to a number of smaller investment schemes for which any interest is tax-exempt.


DividendsDividends are treated as the top slice of income (apart from capital gains). The rate that applies to dividends is determined taking account of the effective tax rate that applies to the taxpayer’s other income. This results in 3 different categories: someone with an annual income below 42,385 GBP will owe 10% on dividends received but receive a credit of that amount, so there is nothing more to pay; someone with an annual income exceeding 42,385 GBP will owe a tax at 32.5% on gross dividends but after the 10% tax credit must pay tax at 22,5% on the gross dividend (25% on net dividend received); and someone with an annual income in excess of 150,000 GBP will owe at 37.5% on the gross dividend or 27.5% after the 10% tax credit (30.6% on the net dividend received).Note that the dividend tax credit will be abolished for 2016/2017 and a dividend tax allowance of 5,000 GBP per year will be introduced. The rates of tax on dividend income over this allowance will be 7.5% for basic rate taxpayers, 32.5% for higher rate taxpayers, and 38.1% for additional rate taxpayers.

Capital gainsThe British tax system with respect to capital gains is highly complex. Each individual has an annual exempt amount (11,100 GBP in 2015-2016) and only gains in excess of this are taxed. Capital gains (less capital losses) in excess of this amount are taxed as the top part of income. If the taxpayer receives an annual income ranging between 10,600 GBP and 42,385 GBP (the basis rate limit), he will owe 18% on any capital gains up to the basic rate limit and 28% on gains in excess of that.

Wealth taxThere is no wealth tax in the United Kingdom.

50

Summary of taxation of capital - Income derived in 2015

Country Tax rate on interest Tax rate on dividends Tax rate on capital gains Wealth tax

Austria 25% 25% 25% N/A

Belgium 15 or 25% 25%1 N/A N/A

Czech Republic 15% 15% 15% N/A

Denmark 35.88% (< threshold) -

42% (> threshold)

27% (< threshold) -

42% (> threshold)

27% (< threshold) –

42% (> threshold)

N/A

France 24%2 21%2 Progressive French

personal income tax rates2

YES

Germany 26.375% 26.375% 26.375% N/A

Greece 15% 10% 15% N/A

Ireland 41%3 20% or 40%3 33% N/A

Italy 26% 26% 26% N/A

Luxembourg 10% (in principle progressive

rates, but 10% if certain

conditions are met)

15% 42.80% (< threshold) -

43.60% (> threshold)4

N/A

Malta 15% (final withholding) 35% 0%-35% N/A

Netherlands 30%5 30%5 30%5 N/A (the wealth itself

is not taxed, only the

deemed annual yield)

Poland 19% 19% 19% N/A

Portugal 28% 28% 28% N/A

Slovakia 19% or 25% 14%6 19% or 25% N/A

Spain 19.50% (< 6,000 EUR),

21.50% (< 6,000-24,000 EUR),

23.50% (> 24,000 EUR)

19,50%, 21.50% or 23.50% 19,50%, 21.50% or 23.50% YES

Sweden 30% 30% 30% N/A

Switzerland 35% 35% N/A YES

United Kingdom 20, 40% or 45% 10%, 32.50% or 37.50% 18% or 28% N/A

1 Belgium: 15% or 20% in case of capital contributions made after July 1, 2013.

2 France: Additionally, this income is subject to special solidarity contributions totalling 15.5%.

3 Ireland: Additionally, this income is subject to the Universal social charge (3.5%, 7% or 8%) and may be subject to an additional social insurance

contribution

4 Luxembourg: The above mentioned tax rates for capital gains only apply if the capital gain is realised in the short term (less than 6 months) OR in case

it concerns a (direct or indirect) substantial participation in capital (>10% of the capital of an entity).

5 Netherlands: The income is presumed to amount to an annual yield of 4% of the investment and this 4% of the investment is the taxable base (the

actual income is not considered).

6 Slovakia: Dividends are not taxable but are however subject to health insurance contributions of 14%.

Summary of taxation of capital


Patrick DerthooPartner+32 9 393 75 [email protected]

Laurence DebartSenior Manager+ 32 2 600 61 [email protected]

Evy TempelaereSenior+32 9 393 74 [email protected]

Charlyne GeldhofC & M Coordinator+32 3 800 86 [email protected]

ContactFor more information, please contact:

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.

Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte has in the region of 200,000 professionals, all committed to becoming the standard of excellence.

This publication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively, the “Deloitte Network”) is, by means of this publication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this publication.

© December 2015, Deloitte Belastingconsulenten / Conseils FiscauxDesigned and produced by the Creative Studio at Deloitte, Belgium.

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