OECD: Greece the only country to raise VAT in 2016
Tax Policy Reform report showed Greece had the highest rate of social security contributions
Greece is the only member of the nations in the Organisation for Economic Cooperation and Development (OECD) that hiked taxes in 2016, according to the body’s Tax Policy Reform report. The data revealed that Greece was the only nation to raise the basic VAT coefficient from 23% to 24%, while also burdening single employees by an average of 1%. The report stressed that all European countries included in the report had budgeted lower tax revenues with the exception of Greece. Greece also came first in terms of social security contributions due to the Katrougalos law.
The report recorded changes in personal income tax, social security contributions, corporate income tax, Value Added Tax, excise duties, environmental taxes and property taxes per country.
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