The latest edition of the OECD’s annual publication, Revenue Statistics, shows a trend across OECD countries toward higher tax levels, mainly in corporate taxes, VAT and social security contributions, while personal income taxes fell slightly.
The OECD average tax-to-GDP ratio rose slightly in 2017 to 34.2%, up from 34.0% in 2016. The OECD average is now at a record high.
The UK was one of 19 countries to see a rise in tax-to-GDP ratio, while the other 15 countries who provided data saw their ratio fall.
VAT continues to account for the largest slice of consumption tax revenues in the OECD, reaching an all-time high of 6.8% of GDP. This represents 20.2% of total tax revenue based on the 2016 average.
The latest edition of the OECD’s annual publication, Revenue Statistics, shows a trend across OECD countries toward higher tax levels, mainly in corporate taxes, VAT and social security contributions, while personal income taxes fell slightly.
The OECD average tax-to-GDP ratio rose slightly in 2017 to 34.2%, up from 34.0% in 2016. The OECD average is now at a record high.
The UK was one of 19 countries to see a rise in tax-to-GDP ratio, while the other 15 countries who provided data saw their ratio fall.
VAT continues to account for the largest slice of consumption tax revenues in the OECD, reaching an all-time high of 6.8% of GDP. This represents 20.2% of total tax revenue based on the 2016 average.
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