€110 million increase in tax revenues last year

The largest rise was in direct taxes, an increase of €86.8 million.

Total tax revenues in 2012 amounted to €2,304.2 million, an increase of €110 million over the previous year.

This implied a tax burden of 33.7%, NSO said. The overall tax burden denotes the total amount of taxes and actual social contributions expressed as a percentage of GDP. 

Tax revenue includes indirect taxes, direct taxes and social security contributions.

All three main categories of tax revenue registered a yearly increase. The largest rise was in direct taxes, an increase of €86.8 million.

In the year under review, direct taxes made up 41.3% of total tax revenues, amounting to €951 million.

The rise in direct taxes was mainly the result of additional revenues from corporate and personal income tax. Revenues from other taxes in this category also increased.

Social contributions are compulsory actual contributions paid by the employees, employers, as well as self-employed and non-employed persons. This category represents 18% of total tax revenue, or €414.4 million, and translating into a €14 million increase over the preceding year.

Indirect taxes, usually linked with production and imports, amounted to €939 million, making up almost 41% of total tax revenue in 2012.

Higher returns from VAT, of €16.2 million, were partially offset by lower proceeds from other taxes on production and from taxes on products including excise duties.

More in Business News