ECONOMY

OECD: Hungary, Greece, New Zealand, Italy saw biggest tax hikes in 2012

Greece, Hungary, Italy and New Zealand had the largest increases in their tax take ratio last year among the member states of the Organization for Economic Cooperation and Development, as tax revenues in the world’s top economies rose to the highest levels since the global downturn in 2008-09.

The average tax revenue-to-output ratio in the 30 leading economies measured by the OECD was 34.6 percent in 2012, compared to 34.1 percent and 33.8 percent in the two years before that, the organization said on Tuesday, suggesting a gradual recovery.

The tax take ratio rose in 21 of the 30 countries surveyed.

[AFP]