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%).
Press Release from Guernsey Finance, Monday 13 May, 2024. Guernsey Finance has opened an office in central London to facilitate the work it does promoting and connecting the island’s finance services
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
The Bahamas must “avoid stumbling into the pitfalls of the past” by upholding regulatory standards to maintain its perfect rating on anti-financial crime compliance, the Prime Minister says. Philip
Minimum corporate taxation: moving forward with cooperation and exchange of information between member states. The EU Council tightens the screws on taxation and business by approving the directive