Denmark still has world's highest taxes
A new survey from the OECD economic think tank puts Denmark at the top of all the countries included, based on the criteria used by OECD.
When income taxes, social security contributions, taxes on property, goods and services are all added together they account for 45.9 percent of Denmark's overall earnings in 2016 – the same as the proportion recorded in 2015, but still below the peak of 48.6 percent reached in 2014.
Perhaps surprisingly, France was the second-highest taxing country. Here, all taxes combined were worth 45.9 percent of the country's wealth.
One big difference between the two countries is budget deficit: Denmark had a budget deficit of 0.6 percent in 2016, while in France it was 3.4 percent.
In third place came Belgium, where the tax to GDP ratio was 44.2 percent in 2016.
Denmark’s Nordic neighbours Norway and Sweden earned 38 and 44.1 percent of their incomes from taxes respectively.
In the United States, the measure was far lower, with 26 percent of the country's GDP coming from direct taxes. In the UK it was 33.2 percent.
The OECD average stands at 34.3 percent. ■