OECD: Increased taxes, contributions burdening Greek households
A latest Organisation for Economic Co-operation and Development (OECD) report for 2017 shows increased taxes on the average Greek household, with a four-member family in the country – one of two parents employed and two dependent children – facing the second highest tax burden rate, with only advanced Sweden coming in first.
On average, the OECD said income taxes and contributions by wage-earners in Greece take 26 percent of their annual income, while if employers’ contributions – for the wage-earner – are included, then the figures reaches the “Scandinavian” level of 40.8 percent.
According to the organization’s report, rising tax burdens in Greece are mostly due to increases in social insurance contributions and, of course, income tax. The tax load, in fact, will rise if the IMF’s demand for a lowering of the annual tax-free income threshold is implemented on Jan. 1, 2019.
In 35 OECD member-states, the tax burden increased in 18 last week, whereas it decreased in 16, with Luxembourg leading the pack. The rate remained the same in Chile.
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