France is the new tax hell in Europe and beyond

FILE PHOTO: A French flag is held by protesters in Paris, France © Reuters / Stephane Mahe
/ Free

While the dust has not yet settled in the streets of Paris, after sweeping protests against fuel tax hikes, it just so happens that France has taken the crown from Denmark as the most taxed country in 2017, the OECD found.

Among the 34 developed members of the Organization for Economic Cooperation and Development (OECD), Emmanuel Macron leads the nation with the highest tax-to-GDP ratio, the organization reported. France leads with 46.2 percent of GDP against the average of 34.2 percent of other members, thus dropping the long-standing leader in the rating, Denmark.

The Scandinavian country’s numbers, meanwhile, shrank to 46 percent, down by 0.2 since last year. Sweden, Italy, and Greece round out the top five, while Mexico is the last on the list at 16.2 percent.

© www.oecd.org / Free

Notably, tax revenues for OECD member states, on average, reached historically high levels in 2017, rising to 34.2 percent of GDP. It is up only slightly from 34 percent, the previous peak recorded by the organization in 2016.

France is currently in the midst of weeks of social unrest over proposed fuel tax hikes. The latest Yellow Vest mayhem in Paris resulted in nearly 100 injuries and more than 200 arrests, as protesters descended into street battles. The violent rallies finally pushed the French government to drop its plan for fuel tax hikes at least for the 2019 budget.

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[source: https://www.rt.com/business/445959-france-most-taxed-nation/?utm_source=flipboard&utm_medium=flipboard&utm_campaign=Flipboard]

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