Overall tax-to-GDP ratio reaches 41.6% in Cyprus

The overall tax-to-Gross Domestic Product ratio in Cyprus was 41.6% in 2007, marking an increase of 5% compared to 2006, according to Eurostat. The overall tax-to-GDP ratio measures the tax burden as the total amount of taxes and compulsory actual social security contributions as a percentage of GDP.
According to the data of Eurostat, the Statistical Service of the European Communities, in the countries of the Euro zone, the overall tax ratio was 40.4% and in the EU27 was 39.8% in 2007. In Greece the tax-to-GDP ratio reached 32.1%.
The top personal income tax rate in Euro zone was 42.1% in 2008 and in the EU27 was 37.7%. The highest top rates on 2008 personal income are found in Denmark (59.0%), Sweden (56.4%) and Belgium (53.7%), and the lowest in Bulgaria (10.0%), the Czech Republic (15.0%) and Romania (16.0%). In Cyprus the top personal income tax rate was 30% and in Greece 40%.
As regards the tax on corporate income, in the Euro zone was 25.9% and in EU27 23.5%, in Cyprus 10% and in Greece 25%.
The overall tax revenue as a ratio to the GDP of the Euro zone countries are as follow: Cyprus 41.6%, Greece 32.1%, Belgium 44.0%, Germany 39.5%, Spain 37.1%, France 43.3%, Ireland 31.2%, Italy 43.3%, Luxembourg 36.7%, Netherland 38.9%, Austria 42.1%, Finland 43.0%, Malta 34.7%, Slovenia 38.2%, and Slovakia 29.4%.