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%).
In a move aimed at modernising tax regulations, the European Parliament has approved updates to the VAT (Value-Added Tax) Directive, ensuring that VAT applies to services provided through online platforms.This
Three Swiss banks have successfully conducted the first binding cross-bank payment using tokenized deposits on a public blockchain, marking a significant milestone in traditional finance’s adoption
HMRC has intensified investigations into inheritance tax evasion, launching 2,029 inquiries between April and November 2023. The frozen inheritance tax threshold and rising property prices have led
HMRC to offer ‘life-changing’ cash rewards for employees who grass tax dodging bosses. In an effort to cut the UK’s ‘tax gap’ by targeting large firms and wealthy individuals, HM Revenue and