Iceland is ranked 27th in the 2012 Index of Economic Freedom, lower than in prior years but still among the freest in the world. , it ranks 29th in the World Economic Forum's Global Competitive Index, one place lower than in 2015. According to INSEAD's Global Innovation Index, Iceland is the 11th most innovative country in the world. Unlike most Western European countries, Iceland has a flat tax system: the main personal income tax rate is a flat 22.75%, and combined with municipal taxes, the total tax rate equals no more than 35.7%, not including the many deductions that are available. The corporate tax rate is a flat 18%, one of the lowest in the world. There is also a value added tax, whereas a net wealth tax was eliminated in 2006. Employment regulations are relatively flexible and the labour market is one of the freest in the world. Property rights are strong and Iceland is one of the few countries where they are applied to fishery management. Like other welfare states, taxpayers pay various subsidies to each other, but with spending being less than in most European countries.