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%).
Chancellor Rachel Reeves has rejected a wealth tax to plug a £50 billion ($76.7 billion) fiscal deficit, defying Labour MPs pushing for levies on the ultra-rich. Her decision, announced on 9 September
Press Release from Carey Olsen, Friday 5 September, 2025. Carey Olsen’s Guernsey corporate team has advised privately owned financial services group Opera Group Limited (“Opera”) on
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced two countries have been added to the Financial Action Task Force (FATF) watchlist, while another has been removed.
According to a Feb. 19 article from Nikkei Asia, Zann Kwan, the managing partner and chief investment officer at Revo Digital Family Office, has highlighted a growing trend among family offices in crypto.