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%).
Today, the EU Council adopted the 15th package of economic and individual sanctions to further limit Russia’s ability to wage an illegal, unprovoked and unjustified war of aggression against Ukraine,
The General Pension and Social Security Authority (GPSSA) has launched a new media campaign under the slogan “Plan – Save – Invest” as part of its “Proactive Financial Planning”
Castries, Saint Lucia: In a historic move, the government of Saint Lucia has decided to sign the Memorandum of Agreement (MOA) which was already signed by other four CBI jurisdictions in OECS in March.
The European Commission has proposed amendments to the European Union (“EU”) Directive on administrative cooperation in taxation (“DAC9”). These changes aim to facilitate the exchange of top-up