Tax revenues continued to rise in 2014 and the ratio of tax revenue to GDP in the EU remains the highest in a comparison to other advanced economies, a European Commission report published on Friday 11 November reveals.
In 2014, the ratio of tax and social contributions to GDP in the 28 member states of the EU stood at 38.8%, or nearly 13% of GDP more than the US and 8% more than Japan. The ratio is virtually the same for Iceland and Norway, whilst the Swiss ratio stands at 27%.
However,...