RIA-Analysis Center for Economic Research released the results of a ranking for income tax rate among 37 European states, with Armenia listed 22nd.

Malta leads the ranking with a 35% income tax rate, followed by France (34.4%) and Belgium (34%).

Russia, with a 20% income tax rate shares 21-26 positions with Armenia, Kazakhstan, Slovenia, Island and Azerbaijan.

Belarus has the highest income rate among post-Soviet countries (24%), while Moldova has the lowest (0%), yet no significant business progress has been observed in the republic.

As a whole, the ranking results prove that income tax does not act as a brake on state economy, its rate being higher in developed European countries as compared to weaker economies.