Bloomberg Law for HR Professionals is a complete, one-stop resource, continuously updated, providing HR professionals with fast answers to a wide range of domestic and international human resources...
July 22--Labor taxes remain the major source of tax revenue for many European Union member states, and the EU tax-to-gross domestic product ratio is likely to continue rising, according to the latest edition of Taxation Trends in the EU, recently released by Eurostat, the EU statistical office.
The overall tax-to-GDP ratio for the EU's 28 member nations stood at 39.4 percent in 2012, up from 38.8 percent in 2011, Eurostat reported, and the overall tax ratio in the euro zone--which calculates the collective GDP of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, Slovakia and Spain--increased to 40.4 percent in 2012, up from 39.5 percent in 2011.
The report, which Eurostat jointly published with the European Commission's Directorate-General for Taxation and Customs, also found that the tax burden varied significantly between member states. The largest gap was between Lithuania and Austria in 2012, Lithuania's tax-to-GDP ratio standing at 27.2 percent, Austria's at 43.1 percent.
Labor taxes represented more than 50 percent of the total tax receipts in 2012 for the 28 EU nations and accounted for the largest source of tax revenue in 24 and more than half of all tax revenues in 13.
Labor taxes accounted for the highest proportion of tax revenues in Sweden (58.6 percent) with the Netherlands, Austria and Germany close behind. Bulgaria, Malta, Cyprus and the U.K. were the only countries where labor taxes accounted for less than 40 percent of all revenues.
According to Algirdas Semeta, EU commissioner for taxation, the Eurostat report confirms the EC's concerns about labor taxes still being too high.
“The tax shift away from labor, which we have consistently called for to allow our businesses to regain competitiveness, still has to materialize,” Semeta said. “Our recent recommendations to member states stressed the need to lower labor taxes in order to create jobs in Europe.”
The Eurostat report is available at http://europa.eu/rapid/press-release_STAT-14-92_en.htm.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)