OECD: Greece has highest rate of tax hikes for 2016
According to data by the OECD, Greece has the highest rate of tax hikes in 2016. The organisation’s report reveals that Greece recorded the largest increase in the tax share as a percentage of tax revenues and social security contributions on GDP, with the Netherlands coming in second.
The data showed that VAT, the special property tax (ENFIA) and social security contributions accounted for the bulk of the rise in taxes, with income tax appearing lower than the average of the other OECD members.
In more detail, tax revenues in Greece increased by 2.2%, from 35.4% of GDP to 38.6% of GDP in 2016 when the average increase in OECD countries was 0.3%, from 34% to 34.3% over the same period. The average rate in OECD countries is marginally higher than in 2000 (34.3% compared to 33.9% in 2000) when in Greece the lowest percentage of the period was in 2004 when it stood at 29.9%.
As a percentage of GDP, Greece ranks tenth with Denmark, France and Belgium taking the top three spots, with rates ranging from 44.2% to 45.9% of GDP, with Ireland, Chile, and Mexico occupying the last 3 spots with rates from 17.2% to 23%.
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