According to Eurostat\u2019s latest report, Cyprus recorded the highest growth in tax-to-GDP ratio among European Union member states in 2023, despite remaining under the EU average. This increase came as the EU\u2019s overall tax-to-GDP ratio declined slightly over the year.<\/p>\n
In 2023, the tax-to-GDP ratio, which includes total taxes and net social contributions as a share of the gross domestic product (GDP), fell to 40.0% across the EU, down from 40.7% in 2022. A similar trend was seen in the eurozone, where the ratio dropped from 41.4% in 2022 to 40.6% in 2023.<\/p>\n
Out of all member states, 11 experienced an uptick in their tax-to-GDP ratios compared to 2022, with Cyprus showing the largest increase, rising from 35.9% to 38.8%. Luxembourg followed closely with an increase from 40.2% to 42.8%. On the other end of the spectrum, 12 EU nations saw declines in their ratios. Greece and France marked the most significant decreases, with Greece\u2019s ratio falling from 42.8% to 40.7% and France\u2019s from 47.6% to 45.6%.<\/p>\n
In absolute terms, the EU saw an increase in total revenue from taxes and social contributions, adding \u20ac308 billion from 2022 to reach \u20ac6.883 trillion in 2023.<\/p>\n
The data also revealed considerable variation among countries. France, Belgium, and Denmark recorded the highest tax-to-GDP ratios, standing at 45.6%, 44.8%, and 44.1%, respectively. Meanwhile, Ireland (22.7%), Romania (27.0%), and Malta (27.1%) registered the lowest ratios.<\/p>\n
Source: www.stockwatch.com.cy<\/em><\/p>","protected":false},"excerpt":{"rendered":" According to Eurostat\u2019s latest report, Cyprus recorded the highest growth in tax-to-GDP ratio among European Union member states in 2023, despite remaining under the EU average. This increase came as the EU\u2019s overall tax-to-GDP ratio declined slightly over the year. In 2023, the tax-to-GDP ratio, which includes total taxes and net social contributions as a […]<\/p>","protected":false},"author":9,"featured_media":106635,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[211],"tags":[],"_links":{"self":[{"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/posts\/106634"}],"collection":[{"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/comments?post=106634"}],"version-history":[{"count":1,"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/posts\/106634\/revisions"}],"predecessor-version":[{"id":106636,"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/posts\/106634\/revisions\/106636"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/media\/106635"}],"wp:attachment":[{"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/media?parent=106634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/categories?post=106634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/tags?post=106634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}