Greece’s total tax revenues in 2017 reached 39.4 pct of GDP, up from 38.8 pct of GDP in 2016, according to the Revenue Statistics 2018 report issued by the Organisation for Economic Cooperation and Development (OECD) on Wednesday.
Tax revenues for all 19 OECD countries rose to a historic high of 34.2 pct of GDP in 2017, up from 34 pct the previous year. They were highest in France (46.2 pct) and lowest in Mexico (16.2 pct). The biggest spikes in total tax revenue was experienced by Israel (up 1.3 percentage points) and the United States (1.3 pct), while 15 OECD countries had reduced tax revenue.
For the 10-year period between 2007 and 2017, Greece saw the greatest increase in tax revenues among all OECD countries, with revenues rising from 31.2 pct of GDP in 2007 to 39.4 pct of GDP in 2017. In the same period, the greatest reduction in tax revenues was in Ireland, which dropped from 30.4 pct of GDP to 22.8 pct of GDP due to a sharp increase in GDP in 2015.
Of tax revenues collected in Greece, the greatest amount (15.4 pct) came from taxation of goods and services (VAT and related consumption taxes), 11.7 pct represented social insurance contributions, 9 pct came from direct taxation of income and profits and 3.2 pct from property taxes. In comparison with other OECD countries, Greece collects more revenues from taxes on goods and services, social insurance contributions and property than the OECD average, which stands at 11.1 pct, 9.3 pct and 1.9 pct, respectively.