Print
Category: Financial Advisory
Hits: 627

Taxation rose to the highest level in six years, with the governments of Denmark and France extracting the most from their economies, a report by the Organization for Economic Cooperation and Development showed.

Tax receipts collected by OECD countries jumped to 34.1 percent of gross domestic product in 2013 from 33.7 percent the year before, marking the fourth straight annual increase, the organization said in a report published in Paris today. The ratio reached 34.3 percent in 2000.

The figures underline how governments around the world have used tax increases to narrow their budget deficits in the wake of the financial crisis that triggered the worst recession in more than half a century.