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Home BUSINESSTax ratio increases to 44.1 % in 2012
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Sun, 14 Jul, 2013 02:57:52 AM
FTimes Report, July 14
 
The tax ratio has increased for the second year in a row and stood at 44.1 per cent in 2012, according to the revised national accounts data for 2012.
 
The tax ratio, which describes the ratio of taxes and compulsory social security contributions to gross domestic product, was 43.7 per cent in 2011.
 
The accrual of taxes and compulsory social security contributions grew by 3.0 per cent in 2012. The total accrual amounted to EUR 84.9 billion.
 
The tax ratio for 2012 went up by 0.5 percentage points with the revision of the Gross Domestic Product from the preliminary data released in March. The data on the accrual of taxes did not get significantly revised from previously released data.
 
The revenue from households' income tax rose by 3.2 per cent and totalled approximately EUR 24.8 billion. The value added tax revenue grew by 3.6 per cent and was EUR 17.6 billion. The revenue from employers' employment pension contributions has increased by 4.0 per cent.
 
Employment pension contributions by the insured grew by 12.7 per cent.
 
The corporation tax revenue decreased by EUR 0.9 billion from last year. The decrease in corporation tax revenue was affected by a drop in the tax rate in 2012.
 
The tax revenue of the state totalled EUR 40.1 billion, which is 2.0 per cent more than the previous year. The tax accrual of municipalities grew by one per cent and was EUR 19.4 billion.
 
Net tax ratio decreased to 18.3 per cent from 18.8 per cent the year before.
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