The total ratio of taxes and social contributions to GDP in the European Union in 2023 was 40%, down from 40.7% in the previous year, according to the EU Statistical Office.
In the euro area, this figure also decreased to 40.6% last year, compared to 41.4% in 2022.
In absolute terms, in 2023, revenues from taxes and social contributions in the EU increased by €308 billion to €6.883 trillion.
The tax-to-GDP ratio varies significantly by country, with the highest shares recorded in France (45.6%), Belgium (44.8%), and Denmark (44.1%). The lowest rates are in Ireland (22.7%), Romania (27.0%), and Malta (27.1%).
Last year, 11 EU countries saw an increase in the indicator, with the most significant growth in Cyprus (to 38.8% from 35.9% in 2022) and Luxembourg (to 42.8% from 40.2%). In 12 countries, a decrease was recorded, the most significant in Greece (to 40.7% from 42.8%) and France (to 45.6% from 47.6%).
£12M commitment for disaster risk finance will enable faster responses to climate shocks in vulnerable countries and reduce recovery costs.UK financial institutions mobilised to channel private investment
More than half of wealth advisers in the United States surveyed by Bitwise say they’re more open to investing in cryptocurrency after Trump won the US election in November. Bitwise’s latest survey
Press Release from Carey Olsen, Friday 3 January, 2024. Carey Olsen is pleased to announce the promotion of five lawyers across the firm’s Guernsey, Hong Kong, Jersey and London offices. In Guernsey,
The world’s biggest multilateral climate fund said it will make its largest ever series of investments and speed up dealmaking as it looks to help poorer nations respond to global warming. The