Wednesday, 19 December, 2018

The Most Taxed Countries

France Has Highest Taxes of Any Wealthy Country, Says OECD France tops OECD list of most taxed countries
Priscilla Morrison | 08 December, 2018, 20:17

Greece is the last decade's tax hike champion among the 35 member-states of the Organization for Economic Cooperation and Development, according to a new OECD report.

France overtook Denmark as the most taxed country in 2017 as government tax revenues in developed countries hit a record high, the OECD said, data which may do little to help President Emmanuel Macron placate protesters angered over living costs.

Overall, tax-to-GDP ratio rose slightly last year to 34.2 percent, compared to 34 percent the year prior - a higher average than any other year since the global policy forum began tracking it, according to the OECD. The OECD's analysis includes federal, state and local taxes.

In particular, in the period 2007-17, the increase in taxes in Greece was of the order of 8.2 points of GDP, while during the Memorandums, tax revenues increased from 32% to 39.4% of GDP.

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Korea is also characteristic in terms of relatively lower tax burden related to income and social security taxes and higher burden on real estate taxation.

Denmark and Belgium followed France as the most taxed countries, while the USA came in at number six. In the meantime, GDP fell by 25% when tax revenue from USD 95.9 billion in 2010 was USD 71.6 billion in 2015 and skyrocketed to USD 78.9 billion in 2017. Other countries at the top were France (4.4 percent), the United Kingdom and the U.S.

That places Denmark at number two on the overall list, with Mexico at the opposite end of the scale with taxes at 16.2 percent of GDP.

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