Korea’s tax burden ranked 32nd out of 36 OECD nations

Tax Burden in France Now Highest in the World OECD                 

     

     PHILIPPE WOJAZER

Tax Burden in France Now Highest in the World OECD PHILIPPE WOJAZER

France took the top spot away from Denmark in 2017 in the OECD's annual review of taxes in its 36 member countries. In the meantime, GDP fell by 25% when tax revenue from USD 95.9 billion in 2010 was USD 71.6 billion in 2015 and skyrocketed to USD 78.9 billion in 2017.

The Organisation for Economic Cooperation and Development (OECD) said on Wednesday overall government tax revenue on average reached 34.2 percent of gross domestic product (GDP) previous year among 34 developed countries for which the Paris-based body compiled data.

The French government's tax revenues were equivalent to 46.2% of its economic output, up from 45.5% in 2016 and 43.4% in 2000.

France is now in the midst of weeks of social unrest over high living costs. A public rebellion dubbed the "yellow vest" movement erupted in mid-November in anger at high fuel taxes and the punishing cost of living. French Prime Minister Edouard Philippe on Tuesday postponed a proposed hike in the country's tax on gas and diesel fuel, meant to encourage more usage of electric vehicles.

CHAOS ON STREETS as Macron protests SPIRAL out of control
Since then the movement has snowballed into a wider revolt against Macron's economic policies and his top-down approach to power. But the "yellow vests", who have become increasingly radicalised, are holding out for more.

Taxes in Korea were found to be relatively less burdensome a year ago compared to other OECD countries.

In particular, in the period 2007-17, the increase in taxes in Greece was of the order of 8.2 points of GDP, while during the Memorandums, tax revenues increased from 32% to 39.4% of GDP. Korea's tax burden stood at 26.9 percent, lower than the OECD average of 34.2 percent.

Mexico had the lowest overall tax burden at 16.2 percent, the OECD said.

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