ECONOMY

Tax burden eats corporate profits in Greece

Some 44.6 percent of the earnings of Greek companies goes toward taxes and social security contributions, compared with a European average of 42.6 percent, according to the Paying Tax 2013 survey by the World Bank and the International Finance Corporation in association with PricewaterhouseCoopers.

Greece ranks 23rd among 30 European countries in the list, topped by Luxembourg, Cyprus and Ireland, where the tax and social security burden on firms is close to half the percentage their Greek counterparts must fork out.

Greek enterprises are in that respect on the same level as those in France, Germany and Austria. The survey has also found that despite the global financial crisis, governments continued to improve their tax systems in the June 2011 to May 2012 period.