France's Tax Burden Now the Highest of Any OECD Country

Chart of the Day The Most Taxed Countries                 

     

     Wikimedia Commons

In an OECD study released on Wednesday, Korea ranked 32 out of the 36 member states in tax revenue against total gross domestic product (GDP) in 2017.

Another interesting element is that most countries in the world have been reducing their tax rates since 2014, in terms of both direct and indirect taxation, maintaining high revenues.

Though up only slightly from 34.0 percent in 2016, the figure was the highest average overall tax take since the worldwide policy forum's records began in 1965, it said.

France is now the most heavily taxed developed nation, according to the latest annual review by the Organization for Economic Cooperation and Development.

Greece is also a leader in indirect taxation: The various levies on goods and services amounted to 15.4 percent of GDP past year, and to 39.1 percent of all tax revenues. This compares with 26.2 percent of revenues in Germany, 29.1 percent in Spain and 24.4 percent in France. Korea paid relatively less tax on income and profits, with the tax-to-GDP ratio standing at 8.6 percent to finish 25th.

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 worldwide policy forum began tracking it, according to the OECD.

Beyond that, in 2010 real estate taxes accounted for only 0.2% of GDP or close to Euro 600 million. Korea's social security contributions to GDP were also low, coming in 23rd at 6.9 percent. Twenty years later, in 1995, it was again below the average of the 34 OECD countries (25.2% vs. 31.9%).

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