OECD: High taxes in Greece a break on economic growth

17 January 2019
84 Views

The OECD was the latest international body this week to sound the “warning bells” over the heavy tax rates now imposed on thrice bailed-out Greece, in two separate studies, one on corporate tax rates and the other indications of weakened growth prospects on the part of its member-states.

In terms of Greece, the Organisation for Economic Co-operation and Development (OECD) reminded that the corporate/business tax rate in Greece is still at a “west European” level of 29 percent, with the member-state average is 21.4 percent. Only advanced industrial and economic countries such as France (34.4 percent), Germany (29.8 percent) and Belgium (29.6 percent) have higher rates in the EU.

Conversely, regional EU partners but also business and investment-attraction rivals Bulgaria and Romania feature corporate tax rates of 10 and 16 percent, respectively.
Outside the EU, but next door, Turkey has a rate reaching 19 percent.

Another unenviable “top spot” for Greece is that it recorded the greatest increase in taxes between 2007 and 2017, while over the two-year period of 2016-17, the country was seventh in terms of overall tax increases – worldwide.

A veritable “tax tsunami” was unleashed on the country in 2016 by the Tsipras coalition government in order to meeting creditor-mandated fiscal targets, all part of the third bailout memorandum hatched out in 2015.

You may be interested

Central bank seeks clarifications from Attica Bank over minister’s 100K loan
FINANCE
shares18 views
FINANCE
shares18 views

Central bank seeks clarifications from Attica Bank over minister’s 100K loan

Panos - Feb 19, 2019

Two top Attica Bank executives - its deputy CEO and managing director - met urgently on Monday with Bank of…

Many worldwide oppose more migration
GREECE
shares18 views
GREECE
shares18 views

Many worldwide oppose more migration

Panos - Feb 19, 2019

As the number of international migrants reaches new highs, people around the world show little appetite for more migration –…

Four bodies recovered in car swept away by flood waters in Crete on Sun.
GREECE
shares25 views
GREECE
shares25 views

Four bodies recovered in car swept away by flood waters in Crete on Sun.

Panos - Feb 19, 2019

The bodies of four people, missing after the car they were riding in was swept away in a flash flood…

Leave a Comment

Your email address will not be published.