Tax Freedom Day came earlier
Households have this year covered their tax and social security obligations through their work by July 1, which is their Tax Freedom Day for 2022, according to the annual survey by the Center for Liberal Studies (KEFiM).
In 2022 Greeks worked 181 days, compared to 183 last year to pay off taxes and contributions of 76.2 billion euros. This amount is almost double what households need to cover their basic needs.
According to the KEFiM survey, the numerous days Greeks work for the state, i.e. the days when a large part of the income workers generate goes towards taxes and insurance contributions, seem to be relative neither to an economic policy for growth nor to an efficient social policy. The tax policy mix followed by Greece seems to have meager growth results and relatively little social efficiency, compared to developed European economies.
Greece has a high tax burden with seven more working days than the average of the 29 developed European economies examined, and at the same time one of the largest shadow economies.
In 2019, the International Monetary Fund had estimated the size of the Greek shadow economy at 29.4% of gross domestic product, the seventh highest among those 29 European economies.
