General rise in taxation

29^th May 2012

On 21st May, Eurostat indicated that taxation levels had generally increased throughout the European Union over the past year. The average standard VAT rate has been increased, and ranges from 15% in Luxembourg to 27% in Hungary. The maximum income tax rate for private individuals reaches or exceeds 50% in 7 countries. It is lowest in Bulgaria, at 10%. The taxation rate on businesses exceeds 30% in France, Malta and Belgium. However, the ratio of the overall tax burden compared to GDP remains unchanged in the European Union, at 38.4% and fell slightly in the euro zone, at 38.9%.

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