Tax revenues bounced back in 2021 as OECD economies recovered from the initial impact of the COVID-19 pandemic, according to new OECD data released today.
The rise in revenues from VAT in 2021 comes after VAT revenues remained unchanged in 2020. Excise taxes declined slightly in 2020 and 2021, and property taxes remained unchanged as a share of GDP in both years.
Most OECD countries reduced specific VAT rates in 2020 to facilitate healthcare responses and to support businesses and households during the pandemic. Most of these reductions were withdrawn in 2021, except for those related to medical supplies used to respond to the pandemic.
Source: OECD
Latest Posts in "World"
- “How do I know if my Peppol e-invoice has arrived?” – A practical guide for entrepreneurs
- E-invoicing: putting taxation back at the heart of the system
- The Case for Adopting or Modernizing VAT Amid Economic Transformation
- VAT Report Guide: Understanding the Nine-Box Financial Document for Business Compliance
- What is a Standard Audit File for Tax (SAF-T)? A Global Compliance Overview
